Redhook Brewery In Woodinville Might Sell For $24.5M

WOODINVILLE, WA - Redhook owner the Craft Brew Alliance (CBA) has agreed to sell the Woodinville brewery site to a local real estate investment company. The deal hasn't closed yet, but the agreed selling price is $24.5 million.

CBA is selling the site to Sound Commercial Holdings, LLC. That company is managed by David Yuchasz, who is a real estate agent and property investor in the Seattle area. Yuchasz is one of a group of investors building the Crosby Capitol Hill building in Seattle.

As previously announced, the sale of CBA’s Woodinville property, which includes a production facility, office space, and restaurant, will complete a key phase in the company’s ongoing efforts to optimize its brewery footprint, reduce costs and improve gross margins. While CBA will provide more information on the financial and operational benefits of the sale at closing, the company anticipates a negative impact on 2017 earnings per share in the range of $0.02 to $0.03 as a result of contingencies and transaction costs directly related to the sale.

After mostly shuttering the Woodinville brewery over the summer, CBA built a new Redhook brewpub in the Pike-Pine area of Capitol Hill. Anheuser Busch-owned CBA is a consortium of once-independent beer and cider brands including Omission, Kona Brewing, and Widmer Brothers.

The Forecaster's Pub in Woodinville remains open. Most Redhook beer is brewed at CBA's Portland brewery.

CBA expects the Woodinville sale to be complete by the end of 2017.

Clarification: The Woodinville brewery is not completely closed, but was only operating at about 30 percent of capacity. The brewery terminated a contract with Pabst to brew Rainier Pale Ale in Woodinville.

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