More than six years after the HomeBase Inc. store closed in Spokane Valley, the 100,000-square-foot building and the land it sits on is set to be disposed of in a foreclosure action.


The property is scheduled to be sold at auction at 10 a.m. May 11 at the Bank of America Financial Center, at 601 W. Riverside in downtown Spokane, says David C. Neu, the trustee in the case and a Seattle-based attorney with Kirkpatrick & Lockhart Preston Gates Ellis LLP.


The building has had no retail tenants since Irvine, Calif.-based HomeBase closed it in 2001. Falcos Inc., of Spokane Valley, is leasing about 25,000 square feet of space in the building, where it stores stoves and parks delivery trucks for the Falcos Home Resort store, located at 9310 E. Sprague.


Falcos owner Louie Falco says he has about a year left on the lease.


Representatives of Tomlinson Black Commercial Inc., which has been listing the building for sale, declined to comment about the status of the property, citing the pending foreclosure action. Falco, who had received notices of the pending sale, says the sale was delayed from March 30 to give listing agents more time to develop a plan for a potential sale of the building.


I think they are trying to come up with a plan to divide it into four sections, he says. I wish somebody would buy it.


The foreclosure action is against an entity called H.B. Spokane. Representatives of that company couldnt be reached for comment.


Neu says the obligation on the property was $5.8 million as of Feb. 21, but Falco says he doesnt believe the building is worth that much.


Its not even close, he says. There have been no takers for a number of years.


HomeBase opened the Spokane Valley store in 1988. The store sold home-improvement items, including building, lighting, and plumbing materials, and window, floor, and wall coverings. Succumbing to competition from home-improvement giants Lowes Cos. and Home Depot Inc., HomeBase closed 47 of its stores, including all eight in Washington. It converted its remaining 42 stores into House2Home stores, which focused on home dcor. House2Home filed for bankruptcy protection in late 2001 and liquidated its assets a few months later.


Contact Mike McLean at (509) 344-1266 or via e-mail at [email protected].