Diamond Parking Inc., the big Seattle-based parking and real estate concern, has bought as an investment the Marshall Building in downtown Spokane.
The two-story, 8,400-square-foot building is located at 816 W. Sprague, across the street from the Davenport Hotel, says Patrick L. Kenney Sr., president of the F.S. Barrett & Co. real estate company, who handled the transaction. Diamond Parking bought the structure for $485,000 from Jack Berg, former owner of Bergs Shoes store, Kenney says.
Bergs Shoes still is a tenant on the buildings main floor, and a Great Harvest Bakery outlet leases the balance of the first-floor space. Simple Dance Studio occupies the structures entire second floor. Kenney says all three tenants have multiyear leases.
The Marshall building was constructed in 1894 and underwent renovations in the 1970s and the 1990s, Kenney says. Diamond doesnt plan major changes to the building, he says.
The building is in an area of downtown where several construction projects have been completed or are under way. In addition to the recent renovation of the Davenport, the Big Easy Concert House is being built one block west of the Marshall Building, and behind the Marshall, a former McDonalds restaurant has been converted into Heroes & Legends sports restaurant and bar, which opened last month and fronts on Riverside.
In addition to numerous parking lots here, Diamond Parking and its owners already have a substantial ownership presence here.
Joel Diamond, chairman and chief executive officer of Diamond Parking, and his wife, Julie, own two downtown office buildings: the 16-story Paulsen Center, at 421 W. Riverside, and the four-story Symons Building, at 7 S. Howard.
Also, Diamond Parking owns the Mercedes Building, at 715 W. Second, part of which houses its Spokane offices.
Subscribe today to our free E-Newsletters!SUBSCRIBE