SEATTLE -- Ivar's Restaurants has sold off its flagship Seattle waterfront property at Pier 54.
Our news partner The Seattle Times reports Ivar's sold the property to a Los Angeles developer for nearly $40 million.
But Ivar's is not going away. The company has a 29-year lease to stay on the pier where it's been since 1946.
The site is also home to Ye Olde Curiosity Shop, Cherry Street Coffee, a Harley-Davidson Shop and the Simply Seattle store.
Ivar's reportedly plans to use the cash to pay down construction debt and open new locations.