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Ivar’s sells Seattle waterfront property for $39.5 million to LA developer

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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.