Wells & Co., of Spokane, has sold four floors of the seven-level main building at the Freeman Center complex downtown.
The center, also known as the old Display Block, is located at the northwest corner of Second Avenue and Lincoln Street, and space there is being sold as office condominiums.
Wells & Co. co-owner Ron Wells says the company has sold two floors to an investor and two floors to people who own businesses that will occupy those floors.
The combined value of the three transactions is about $1.4 million, and about $350,000 in remodeling work is under way or nearing completion on the two floors that the business owners bought. The transactions all have occurred in recent months.
The response has exceeded our expectations, Wells says. We didnt expect to have half of it sold before the first one (office condo) was finished remodeling.
An investor from Mendocino, Calif., bought the basement level and first floor of the building as a long-term investment, Wells says. Both levels already have tenants; Peters & Sons Flowers leases the first floor, and The Wine Cellar occupies the basement.
Wells declines to disclose the California buyers name, but says that investor paid a total of $575,000 for the two levels.
Forever Jung LLC, formed by a group of Spokane psychiatrists, has bought the sixth floor of the building, which is its top floor, for $425,000. Jeff Hedge, one of the partners in Forever Jung, says a $200,000 remodel is under way in the 4,700-square-foot space. The group plans to move there in mid-May from the Sacred Heart Doctors Building.
Hedge says the group has shared office space for some time and is in the process of incorporating as Inland Psychiatry & Psychology. The group includes two adult psychiatrists, two child psychiatrists, and a therapist. While there currently arent any psychologists involved in the group, it will consider bringing in one or more psychologists.
Mark and Valerie Wilkerson, of Spokane, have bought the buildings fourth floor and plan later this month to move two companies they own to that 4,700-square-foot space.
Those companies include Wilkerson & Associates Inc. financial planning and VEBA Services Group LLC, which helps government agencies set up medical-reimbursement accounts.
Remodeling work on that floor is wrapping up, and Wilkerson says the companies plan to move there this week from smaller quarters at the Courtyard Office Center, at 827 W. First downtown.
That condo cost $375,000, and the remodel will cost about $150,000.
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