News
Acquisition and Investment
Sep/29/2009

Petrus Partners Filling Up on Residential Lots

GlobeSt.com

By Brian K. Miller

GOODYEAR, AZ - Petrus Partners Ltd., heretofore an investor in office and industrial properties, has snapped up 163 finished residential lots in the Canyon Trails master planned community here for $3.91 million. Petrus, the New York City-based parent of Crown West Realty, has accumulated 1,380 lots in recent months.

Petrus president Frank Walter tells GlobeSt.com theme in Petrus investments is "good properties at less than replacement cost." The goal in this case is a 25% return on a three-to-five year hold, he says. Prices for lots have gone up in the past 90 days, he says, as homebuilders have become active buyers.

The lots in Canyon Trails, all 6,900 square feet and located in the Travis Park subdivision, were acquired in association with Voyager Investment Properties LLC of Scottsdale, AZ. The seller was Brown Family Communities of Tempe, AZ in conjunction with MCA Financial Group, Ltd. of Phoenix as receiver.

Petrus reportedly closed the transaction within three days of winning the auction, which was ordered by the Superior Court of Arizona. Tom Tait, Jr. of Land Group Real Estate LLC acted as the seller's broker while Patrick Whelan of Land Advisors Capital LLC advised Petrus.

Continental Homes, now part of D.R. Horton, Inc. began developing Canyon Trails in 2000-2001, according to Petrus. Since then approximately 70% of the 2,000-acre project has been built out. Leading up to its receivership last fall, Brown Family Communities sold 23 homes in Travis Park at an average price of $275,000, according to Petrus.

Prior to Canyon Trails, Petrus acquired lots in three other Phoenix developments, Watson Estates, Estrella Mountain and Arroyo Seco North. The lots are being acquired with a fund Petrus closed earlier this year, Walter says, adding that Petrus will continue to purchase residential lots in the region that it believes will meet its investment goals. Approximately two-thirds of the firm's investment capital is from retired partners of Goldman, Sachs & Co.

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Leasing and Development
Sep/03/2009

Washington Window to move its Valley showroom, warehouse

Journal of Business

Small Business Watch


SPOKANE - Washington Window & Door, based in Redmond, Wash., plans to move its Spokane Valley showroom and warehouse operations to new locations here in September.

The company has leased space for a showroom at 12209 E. Mission and has leased warehouse space at Spokane Business & Industrial Park, says Steve Taylor, its Spokane branch manager. Washington Window is the authorized distributor here for Dubuque, Iowa-based Eagle Windows & Doors' aluminum-clad wood windows and doors. It sells, installs, and services the products in Eastern Washington and North Idaho in both the commercial and residential markets, he says.

Taylor says that the move will allow Washington Window & Door to have a bigger showroom here. It has been housed in 2,000 square feet of converted office space at 11115 E. Montgomery. He says the company is growing here and recently added a second salesperson and an office manager to its staff. The company now employes six people here, up from three employees last year, Taylor says.

Taylor says the company currently is having some tenant improvements, such as new lighting, carpeting, and paint, done by subcontractors at its showroom, and it hopes to occupy the space, which is at the corner of Pines and Mission, by the end of September. He says he hopes to have moved into the warehouse around the same time.

Dean Stuart, SBIP's director of marketing, handled the warehouse lease. Washington Window negotiated its showroom lease with James Wolff, who owns the building at Pines and Mission, Taylor says.


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Leasing and Development
Aug/07/2009

VK North America, Inc. & Critical Power Exchange, LLC

by Tom Sowa

Here's the Dirt Weekly Report
The Spokesman Review

Two new tenants have leased space at the Spokane Business and Industrial Park.

VK North America Inc. leased 5,360 square feet in Buidling 15, 3808 N. Sullivan Road. The company provides warehouse and distribution services for the forest products industry.

Critical Power Exchange, LLC, is taking 55,000 square feet in the park's Building 29. The 22-person company with offices in Liberty Lake, buys and recycles data center equipment and has a secondary business recycling metals.


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Leasing and Development
Jun/05/2009

Two New Tenants at Industrial Park

by Bert Caldwell

bertc@spokesman.com, (509) 459-5450
The Spokesman Review

The tourism industry isn't hurting too bad, at least based on the expansion by Certified Folder Display Service Inc. into a larger building at the Spokane Business and Industrial Park.

Certified Folder Display, a privately held San Diego company, produces 300 million annual travel brochures and tourist guides offered free in hotels and motels, visitor centers, restaurants and airport racks around the West. The company's Spokane office expanded from a previous area site to a 4,020-square-foot space in Building 15 at the Spokane Business and Industrial Park, 3808 N. Sullivan Road in Spokane Valley.

It's three-employee Spokane center handles thousands of brochures monthly for about 500 Eastern Washington and 480 Idaho locations.

The company was founded in 1899 in San Francisco as The Peck-Judah Co. It has 20 offices across the Western region and 150 distribution centers.

A second company also moving into the industrial park is AJ Distribution Inc., a regional distributor of caskets.

The company is leasing 4,800 square feet in Building 2 at the industrial park.

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Leasing and Development
May/21/2009

AJ Distribution, Inc.

Journal of Business

Real Estate Roundup
Compiled by Mike McLean / mikem@spokanejournal.com


SPOKANE - AJ Distribution, Inc., a Lakewood, Wash.-based casket distributor, has leased 4,800 square feet of warehouse space in the Spokane Business & Industrial Park, at 3808 N. Sullivan. Chase Breckner, of Crown West Realty LLC, handled the transaction.
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Leasing and Development
May/21/2009

Certified Folder Display Service, Inc.

Journal of Business

Real Estate Roundup
Compiled by Mike McLean / mikem@spokanejournal.com


SPOKANE - Certified Folder Display Service Inc., a Vista, Calif.-based distributor of printed tourist-information brochures, has leased 4,000 square feet of office and warehouse space in the Spokane Business & Industrial Park, at 3808 N. Sullivan. Chase Breckner of Crown West Realty LLC, handled the transaction.

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Leasing and Development
May/07/2009

Century Archives Northwest LLC

Journal of Business

Real Estate Roundup
Compiled by Mike McLean / mikem@spokanejournal.com


SPOKANE - Century Archives Northwest LLC, a Spokane document storage, management, and archiving service, has leased 5,600 square feet of storage space in the Spokane Business & Industrial Park, at 3808 N. Sullivan. Dean Stuart, of Crown West Realty LLC, and Tracy Lucas and Mark Lucas, both of Kiemle & Hagood Co., handled the transaction.

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Leasing and Development
Apr/09/2009

ReliOn plans to introduce smaller fuel cell

Journal of Business

By Jeanne Gustafson

New system is expected to be available this year for smaller-scale backup


SPOKANE, WA- Spokane Valley technology company ReliOn Inc. says it's developing a new, smaller version of its hydrogen fuel-cell system.

Called the Eco-200 fuel cell system, the new version should be available commercially in the fourth quarter of this year and uses ReliOn's patented technology. It provides backup and emergency power for smaller-scale power applications.

The company's fuel-cell technology generates electricity through an electrochemical reaction using hydrogen and oxygen, with water being the only byproduct, and it has earned exemption from stringent air quality standards such as those set by the California Air Resources Board.

ReliOn says the Eco-200 is designed to be an economical small-scale backup power solution that can provide hundreds of hours of run time and lasts for 10 to 15 years. The product is a complete fuel-cell system housed in a 3.5-inch tall rack-mountable package.

The new product is smaller both in power and size than ReliOn's other products, says spokeswoman Sandra Saathoff. It will provide 200 watts of power, ideal for backup power for equipment such as railroad signals, surveillance systems, and microwave repeaters used in air-to-ground communications systems for air traffic controllers, Saathoff says.

Currently, many of ReliOn's customers use the larger hydrogen backup systems, which are designed to provide between 500 watts and 12 kilowatts of backup power for those applications, but it will be less expensive and more efficient to use the smaller version, she says.

Many of ReliOn's customers are wireless telecommunication providers, but it also serves other markets, including wire-line telecommunications, government, security, and utility communications and transportation networks.

ReliOn incorporated in 1995 as Avista Laboratories INc., then a subsidiary of Avista Corp. A portion of Avista Labs was sold to venture capitalists in 2003, and the company was renamed ReliOn the following year.

The company currently has 45 employees, most of whom work at its Spokane Valley location, at 15913 E Euclid, Saathoff says. It has sold its products to more than 600 customers in 18 countries.

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Leasing and Development
Mar/26/2009

Walker's Furniture Inc.

Journal of Business

Real Estate Roundup
Compiled by Mike McLean / mikem@spokanejournal.com


SPOKANE - Spokane-based Walker's Furniture Inc. has leased 10,000 square feet of floor space in the Spokane Business & Industrial Park, at 3808 N. Sullivan, for storage of retail furniture and accessories. Dean Stuart, of Crown West Realty LLC, handled the lease.

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Leasing and Development
Feb/12/2009

Two industrial park tenants juggle facilities to add space

Journal of Business

By Jeanne Gustafson

Tire wholesaler, sheet-metal fabricator expand at SBIP


SPOKANE, WA- Two tenants of the Spokane Business & Industrial Park, in the Spokane Valley, say they are increasing the amount of space they lease there.

One of the two, sheet metal fabricator Apex Industries Inc., is expanding into a more than 14,000-square-foot space that the other tenant, neighboring TCI Tire Centers LLC, plans to vacate next month in building 14 at the industrial park, at 3808 N Sullivan Road. TCI Tire Centers plans to move its operation into a newly remodeled, 22,000-square-foot space, in building 13, that it says will allow it to increase its on-hand inventory.

Dwaine Plummer, TCI Tire Centers' manager, says the Michelin-owned tire wholesaler had good sales last year. Though sales volume was about the same as in 2007, profits were up due to higher prices and expanded inventory, he says.

The larger space will give TCI expanded showroom area and more office space, Plummer says. Crown West Realty LLC, which owns the park, recently has updated the new space with a new fire sprinkler system and increased insulation in the warehouse area, and has added an office there for TCI Tire Centers, Plummer says.

The store currently has seven employees. For now it doesn't plan to add more people, but might hire one person later as it considers expanding its delivery routes, Plummer says. It has a fleet of five trucks with which it delivers tires to its customers, and it also ships tires to some customers, he says.

Overall, Michelin Group, which has U.S. headquarters in Greenville, S.C., has added 40 wholesale stores over the last two years, Plummer says. The Spokane-area store sells a number of brands of tires to tire stores in the region.

Once TCI Tire Centers moves, Apex Industries, which cuts, bends, forms, and welds sheet metal into precision parts for manufacturers, will take over the vacated space, says Gordon Cudney, who co-owns the company with Matt Matthews.

Apex Industries, which currently has between 80 and 90 employees, doesn't plan to add any more employees for the time being, Cudney says. Its work force is up from 70 in the fall of 2007, but the company has been experiencing a slow period since around the last quarter of 2008, he says.

"Although we do need the space, it's more a timing of opportunity," Cudney says.

Apex plans to install a second powder coating system there, and the additional space will give the company room to grow in the future and a more efficient work flow, he says. Apex currently uses a batch powder coating system, and will add an automated conveyor line powder coating system. Powder coating is a finishing process in which a powder form of dry paint is charged electrostatically and applied to metal parts, which then are placed in an oven where the powder is heat cured at 350 degrees to 400 degrees to form a durable finish, Cudney says.

Apex produces parts for companies in the electronics, medical, and aerospace industries, among others, he says.

Over the past year, the company has invested about $1 million in equipment, mostly for growth or redundant capacity, Cudney says.

Dean Stuart, director of marketing for Crown West, says the park currently has about 7 percent vacancy rate.

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