Freeborn Tool Co., of Spokane, a longtime maker of cutting tools for woodworking applications, will move to a larger facility next month, says Michael Foster, co-owner of the company.

Foster recently formed Mikafo Properties LLC, which bought for $950,000 a 34,000-square-foot, single-story building at 3304 E. Ferry, in east central Spokane.

Freeborn Tool currently occupies 22,400 square feet of leased space in a two-story building at 6202 N. Freya, in the Hillyard area.

"We've experienced decent growth these past years, and we're moving into a larger, more efficient facility," Foster says.

He says Freeborn Tool likely will relocate in early February, after renovations are finished. Upgrades involve installing new windows and wiring, and making other interior improvements.

Vandervert Construction Inc., of Spokane, is the contractor on the improvement project, and Russell C. Page Architects PS, also of Spokane, designed it. Spokane Valley-based State Bank Northwest provided financing for the real estate purchase and improvements, Foster says.

Lowell Freeborn and sons Tom and Perry founded Freeborn Tool Co. in 1977. Foster had been a manager at the company for 18 years when he and his wife, Kathryn McCormick-Foster, bought the company five years ago.

The company employs 26 people, and Foster say he expects its workforce will continue to grow, as all of its market sectors are expanding in the U.S. and in Europe.

Freeborn Tool supplies cutting tools, called shapers, to the residential and commercial construction markets, he says. The company's shapers also are used in the production of wooden musical instruments, boats, and wine and liquor barrels, he says.

Spokane commercial real estate brokers Guy Byrd, of Cornerstone Property Advisors LLC, and Mark Lucas and Tracy Lucas, both of Kiemle & Hagood Co., handled the transaction involving the Ferry property.