Spalding concern acquires former furniture store site
New owner envisions ground floor retail space, upper-level living unitsJanuary 17th, 2013
Richmond & Bickett LLC, a development company headed by Spokane artist and commercial property owner Dan Spalding, has bought for $400,000 two downtown buildings that had been occupied by furniture stores for more than 75 years.
The structures, which are listed on the National Register of Historic Places and the Spokane register, are the three-story, 11,700-square foot Richmond building, at 228 W. Sprague, and the adjacent three-story, 9,900-square-foot Bickett building, at 225 W. Riverside.
Spalding says he envisions reopening the ground floor as retail space and renovating the upper floors into about 16 apartments, similar in concept to the historic four-story Longbotham building, at 22 W. Main, and an adjacent two-story building at 18 W. Main, both of which he bought in 1993 and later renovated.
Such mixed uses had been planned by longtime Spokane developer Rob Brewster, who owned the Richmond and Bickett buildings before Spokane-based AmericanWest Bank acquired them in a "repo situation," Spalding says.
"We hope to have things rolling around there by midsummer," Spalding says. "Rob Brewster did a lot of the preliminary work."
Commercial real estate agents James S. Black III, and Mark Pinch, both of NAI Black, handled the transaction. The buildings currently are vacant.
The Richmond and Bickett buildings originally were single-occupancy hotels. They collectively were named the Mearow Block in 1928 when Spokane merchant Joseph Mearow joined the structures and operated Bell Furniture Co. on the first floor of both buildings. Sylvan Furniture, founded by Spokane merchant Sylvan Dreifus in 1945, operated there until it moved in 2003 to 1233 N. Division. The furniture retailer went out of business in 2007.
Bruchi's Cheesesteaks & Subs, the Medical Lake-based sandwich chain, has leased 1,500 square feet of space at 2804 E. 29th for a new restaurant. Chris Bell and Darren Slackman, both of NAI Black, handled the transaction.
Artemis Vintage Shop, a new specialty clothing, furniture, and accessories store, has leased 1,900 square feet of space at 1021 W. First. Jeff Ottmar and Mathew Byrd, both of Cornerstone Property Advisors LLC, negotiated the lease.
Creative Ink LLC, a new tattoo and body-piercing shop, has leased 2,100 square feet of floor space at 2500 N. Fourth, in Coeur d'Alene, and plans to open there this month. Craig Hunter and Rob Kannapien, both of Coldwell Banker Commercial Schneidmiller Realty, handled the transaction.
Dance Emporium/Defense Arts Academy, a Spokane dance and fitness concern, has leased 5,200 square feet of space in the Ash & Rowan Shopping Center, at 1620 W. Rowan, and plans to move there from leased space at 7410 N. Division. Jeff McGougan, of NAI Black, handled the transaction.
Spokane Ballet Studio, a new ballet-instruction concern, has leased 2,100 square feet of space at 1017 W. First. Jeff Ottmar, of Cornerstone Property Advisors LLC, and Mike Craven, of Regulus Properties LLC, handled the transaction.
Boulder Creek Inc., of Spangle, has bought as an investment the 55-unit Regal Village Apartments complex, at 3005 E. 53rd, for $2.2 million. Hank Seipp, of Cornerstone Property Advisors LLC, handled the transaction.
Pacifico Properties LLC, of Spokane, has bought as an investment a 4,100-square-foot industrial building at 2819 N. Martin. Sam Morse, of Cantu Commercial Properties LLC, and Matthew Byrd, of Cornerstone Property Advisors LLC, handled the transaction.