Thursday, October 16, 2014

Former Shipyard Land Up for Sale

By Mark Edward Nero

The land that formerly housed the JM Martinac Shipbuilding Co., which operated in the Tacoma area for 90 years until it was foreclosed on last summer, is now up for sale.

The nearly seven-acre property was bought at an auction in July by a limited liability corporation led by Alaskan Leader Fisheries, which then put the property on the market in mid-September for about $8 million.

The property, which includes two shipbuilding ways, multiple boat sheds, an office building and several storage buildings, saw the production of boats ranging from giant tuna clippers to tugs. More than a year ago, the yard’s owner began to have financial problems and was unable to pay off a $6 million loan from Alaskan Leader, a fishing company with offices in Lynden, Wash. and Anchorage, Alaska.

Alaskan Leader moved forward with last summer’s foreclosure action after the overdue payments and failure to pay taxes on the property put Martinac in default of its loan agreement.

The JM Martinac Shipbuilding Corp. was founded in 1924 on the Thea Foss Waterway in Tacoma and is believed to have built more than 250 vessels during its 90-year history.

The sale of the property is being handled by commercial real estate company Colliers International.