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Tuesday, July 8, 2014

Several large real estate transactions hit Downtown Spokane

The commercial real estate market in Spokane seems to be really hitting it's stride. With several renovation projects already underway in Downtown Spokane a few high profile Downtown buildings have also changed hands recently.

And with those new owners will surely come new investment in these buildings and the Downtown area as a whole. Here is the most recent sales-

1889 Building
120 N. Stevens ( corner of W. Main and Stevens )

The three story historic 1889 Building located not far south of Walt Worthy's Convention Center Hotel high rise project has been sold.

The building was acquired by Spokane based CitiBrokers who will move their own offices into the currently empty 3rd floor. Along with the move by CitiBrokers to open a office in the building, the company also promises to hire more staff to keep up with the demand at the local real estate / real estate investment firm.

The building was sold for 1.02 million and will have some renovations done. However current tenants which include the popular Nectar Tasting Room will stay in the building.

Holley Mason Building
157 S. Howard St. 

Located nearby Spokane's up and coming SoDo business district the historic six story Holley Mason Building has also been sold. The new owners are a company called Holley Mason-20,LLC who is led by local real estate investors Bobby Brett , George Brett ,Chris Batten and John Pariseau.

The building was purchased for about $4 million dollars and will also receive some upgrades as part of the new ownership's plans. The building will retain it's current use as prime Downtown office space.

Most of the lower floors of the Holley Mason are used as call center for the Omaha,Neb. based West Corporation.

Rock Pointe Corporate Center
N. Washington St.

Located just north of Downtown Spokane is the sprawling campus of the Rock Pointe Corporate Center. Which has also now been sold to new owners.

Rock Pointe's four large office buildings on 11 acres of prime land are now under the operations of Unico Properties, a Seattle based real estate investment firm. Unico is also already a recognizable name in the Spokane marketplace. That's because , Unico also owns the Bank of America Financial Center which offers 18 floors of office space in the Downtown core at Howard & Riverside.

The sale price for the buildings was not announced. Unico plans to make some renovations to the property as some of the property has struggled lately due to the former owner's bankruptcy that was filed a couple of years ago.

Several large companies call Rock Pointe home and more tenants will likely be recruited under the new ownership.