David Coombs, president and owner of Downtown Toyota/Lexus Inc., of Spokane, has bought the former Safeway Inc. store site at the southwest corner of Third Avenue and Maple Street, says a real estate broker who was involved in the purchase.
The broker, Guy D. Byrd, co-owner of Spokane-based Cornerstone Property Advisors LLC, handled the transaction, along with Ed Hogan, of the Seattle office of CB Richard Ellis Inc.
Byrd declines to disclose the selling price for the 1.8-acre parcel and 23,000-square-foot building, but says about two dozen offers were submitted for the property, which was listed at $2 million.
Im glad its a user who bought it, rather than a speculator who would let it sit there, he says. Its healthy when local people buy local real estate and put their own uses in.
Coombs couldnt be reached for comment on his intentions for the property.
The former Safeway site, at 1617 W. Third, is a few blocks west of Coombs Toyota and Lexus dealerships, which are at 1208 W. Third and 1105 W. Third, respectively. Coombs added a Scion dealership at Downtown Toyota in 2003.
In late 2005, Downtown Toyota announced plans for a major expansion and renovation that would add 24,000 square feet of space onto its 40,000-square-foot facility there. That project, which the dealership says is still in the works, would include adding second-floor space on the main structure, building an adjoining one- or two-level parking facilit, and remodeling the 20,000-square-foot service building thats behind the main building.
Coombs also is president of Downtown Honda, at 1125. W. Second, which he owns with his brother Steve Coombs. They renovated that dealership in 2003 at a reported cost of $550,000.
Safeway closed the store at Third and Maple last November.
Contact Mike McLean at (509) 344-1266 or via e-mail at email@example.com.
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