Yakima investor buys 1889 Building in downtown Spokane
CitiBrokers said to be planning to move out of historic structureJune 6th, 2019
The historic 1889 Building, located at the southeast corner of Main Avenue and Stevens Street in downtown Spokane, has sold for $1.37 million to a real estate investment company based in Yakima.
The 9,000-square-foot, three-story building, located at 427 W. Main, was one of 150 buildings constructed in the year following the fire of 1889 that destroyed much of Spokane’s downtown, and is the oldest out of the 10 that still exist, according to Spokane Historical, an Eastern Washington University project documenting the history of Spokane.
The buyer, Wilson Commercial Properties LLC, is a holding company for Wilson Real Estate Management, which is located at 221 S. First in Yakima and is over 31 years old.
That company oversees properties throughout Yakima County, including in the towns of Selah, Moxee, and Naches.
Owner Roger Wilson says he chose to purchase the building because of the increasing investment in downtown Spokane by the city and private investors.
He says he has been interested in investing in downtown Spokane for a while.
“I knew it was something that I’d like to do if I found the right place,” he says. “I like the old, artistic (look), it’s a cool looking building, and it’s just one of those things you’d want to own.”
Chad Carper and Craig Soehren, of Kiemle Hagood, handled the transaction.
The building is located across Main Avenue from the Sushi.com restaurant and across Stevens Street from the Parkade parking garage.
Current occupants of the building include the Nectar Tasting Room, which occupies the first level, Inland Capital LLC, and previous owner CitiBrokers, which purchased the building in 2014 for $1.02 million and currently occupies the third floor.
Carper says CitiBrokers plans to relocate to a different building, but he declines to disclose further information.
A representative of CitiBrokers couldn’t be reached immediately for comment on future plans.
Wilson says that his company will be looking for tenants for the upper two floors of the building.
Originally named the Bodie Block, the 1889 Building was built by Richard T. Daniel, Antone Traut, and Eugene Chamberlin as housing for workers in the railroad, lumber, agriculture, and mining industries, according to Spokane Historical.
The building was added to the Spokane Register of Historic Places in April of 2011.