News
Leasing and Development
Jul/29/2011

American Tire leasing in Valley

Industrial park will build new distribution center

July 29, 2011
The Spokesman Review
By Tom Sowa / toms@spokesman.com, (509)459-5492

One of the nation's largest tire distributors will lease a 110,000-square-foot warehouse that will be constructed inside the Spokane Business & Industrial Park.

American Tire Distributors, based in Huntersville, N.C., will move into the building at 15530 E. Euclid Ave. sometime next year.

The land, at Sullivan and Euclid, is owned by Crown West Realty, which also manages the business park in Spokane Valley.

American Tire has signed a 12-year lease on the property. Developing and building the 30-foot-tall warehouse will run more than $7 million, said Dean Stuart, marketing and sales director for Crown West.

One building at the site is being demolished to prepare for construction, Stuart said.

American Tire sells tires wholesale through 80 distribution centers. It also operates a retail-tire franchise network called Tire Pros. It distributes some of the country's most popular brands, including Goodyear, Pirelli, Bridgestone, Continental and Michelin, as well as budget brands and private-label tires.

Last year the company acquired C&L Tires, which operated a warehouse in Spokane Valley at 126 S. David St.

Whether that Valley operation will close after American Tire opens its new warehouse could not be determined on Thursday.

Stan Key, manufacturing industry director for Greater Spokane Incorporated, played a major role in helping American Tire find the warehouse site, Stuart said. Vandervert Construction is the general contractor for the project.

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Leasing and Development
Jul/14/2011

Business park garners new tenants

Journal of Business

Mike McLean / mikem@spokanejournal.com

The Spokane Business & Industrial Park says it recently has leased a total of more than 200,000 square feet of floor space to seven new tenants, including manufacturers and companies that service them, and companies that need new distribution centers.

The new leases will bring the occupancy rate at the roughly 5 million-square-foot complex to 91 percent, says Dean Stuart, the SBIP's marketing director.

"The amount of square footage of new deals so far this year will exceeds all of last year," Stuart says.

Of the new tenants, manufacturers are taking the largest spaces, he says.

"Manufacturers seem to be turning the corner and gearing up for better times ahead," Stuart says.

One new tenant, Haakon Industries Inc., a Richmond, British Columbia-based heating, ventilation, and air-conditioning system manufacturer, says it has leased 40,000 square feet of space, and will open its second Spokane-area manufacturing plant there.

Haakon makes custom air-handling equipment for industrial applications, such as in hospitals, universities, laboratories, microchip manufacturing plants, and data centers, says Desiree McGee, Haakon's operations manager.

The company also operates a 110,000-square-foot plant at 1633 W. First, in Cheney, where it employs 180 people.

McGee Says Haakon plans to hire additional employees, although she declines to estimate how many. "That's still in the planning stages," she says.

Haakon currently is installing equipment and retrofitting some office and utility space at the Spokane Valley site, where it plans to begin operations next month, she says.

McGee declines to disclose the company's revenue, but says, "It definitely is growing."

Pyrotek Inc., a Spokane Valley-based manufacturer of products that help other manufacturers handle high-temperature materials, has leased 40,000 square feet of space in the SBIP and will move a manufacturing line there from Mexico, says Dean Stuart, director of marketing at The Park.

Pyrotek had announced the manufacturing move to Spokane Valley last month, but hadn't previously disclosed the address of the new location.

The company said in a press release it will hire 20 employees in Spokane Valley, invest $1 million in equipment and renovations there, and contribute $450,000 in new annual tax revenue to the state.

Pyrotek operates another manufacturing facility in Spokane Valley, at 9601 E. Montgomery, about five miles west of the SBIP.

Another manufacturer, American Alloy LLC, of Spokane Valley, has leased 60,000 square feet of space for metal fabrication and machining, Stuart says.

He says the company plans to move there from leased space at 18001 E. Euclid.

Some new tenants have leased space mainly for storage and distribution.

Oregon Metal Slitters Inc., a manufacturing-industry supplier, says it has leased 40,000 square feet of space and plans to open a distribution center to serve the Spokane-area market.

The Portland-based concern processes and distributes steel in rolled and sheet form, says Hans Polte, Oregon Metal Slitters' operations manager.

"We have customers in Spokane, and we're trying to service them better," Polte says.

The Valley distribution center will begin operations this month with three employees, he says.

"The hope is that sales will increase," Polte says. "The interest is there if we can get product to people in small quantities by the next day. We need to be there to make it easier on our salespeople."

Townshend Cellar Inc. also has turned to the SBIP for a storage and distribution site. The Colbert-based winemaker says it has leased 12,000 square feet of space for warehousing.

The Valley location will be handier for distribution, says Don Townshend, the company's owner.

Townshend Cellar currently stores its wines in an 8,000-square-foot warehouse in the Greenbluff area north of Spokane.

Waterglider LLC, a retailer of sports equipment and other products, has leased 4,000 square feet of space and has moved there from smaller quarters at the Spokane International Airport Business Park.

Sean McLaughlin and his wife, Jayne, own the business, which has no other employees. McLaughlin says Waterglider sells and distributes products primarily through Amazon.com.

Portland-based Marquez Inc., a tile, stone-product, and countertop supplier, which does business as Oregon Tile & Marble, has leased nearly 16,000 square feet of space and has opened a new outlet there, Stuart says.

Oregon Tile & Marble also operates outlets in Portland and Medford, Oregon, Seattle and Boise. Company executives couldn't be reached for comment.


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Leasing and Development
Jul/05/2011

Five new tenants in Spokane

Ed Clark's How's Business

Spokane Edition
Ed Clark / info@spokanehowsbusiness.com

Waterglider, LLC. has leased approximately 4,000 square feet of space in Building #12 of the Spokane Business & Industrial Park at 3808 N. Sullivan Road, Spokane Valley. Their primary business is distribution of books and toys.

Oregon Metal Slitters has leased approximately 40,000 square feet of space in Building #27 of the Spokane Business & Industrial Park at 3808 N. Sullivan Road, Spokane Valley. Their primary business is steel processing and distribution.

Pyrotek Incorporated has leased approximately 40,000 square feet of space in Building #27 of the Spokane Business & Industrial Park at 3808 N. Sullivan Road, Spokane Valley. Their primary business is manufacturing.

Townshend Cellar, Inc. has leased approximately 12,000 square feet of space in Building #18 of the Spokane Business & Industrial Park at 3808 N. Sullivan Road. Their primary business is warehousing of wine and related products.

American Alloy, LLC has leased approximately 60,000 square feet of space in Building #11 of the Spokane Business & Industrial Park at 3808 N. Sullivan Road, Spokane Valley. Their primary business is fabrication, machining, and other similar processes.


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Leasing and Development
Jun/03/2011

Firms join business park

Here's the Dirt Weekly Report

The Spokesman Review

Marquez, Inc., doing business as Oregon Tile & Marble, is leasing 15,750 square feet at the Spokane Business & Industrial Park, 3808 N. Sullivan Road. It's a wholesale distributor of stone, ceramic tile and related products.

Haakon Industries Inc. is leasing 40,000 square feet in another building at the Spokane Business & Industrial Park. The company provides custom HVAC systems.


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Acquisition and Investment
May/24/2011

Petrus Partners Acquires finished lots in Phoenix, AZ

www.phoenix.dbusinessnews.com

Phoenix – Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), purchased 177 finished lots with 65 foot widths comprising the entire Artesa subdivision for $3.2 million. The seller was the F.D.I.C., as receiver for the First National Bank of Arizona, and the sale marked Petrus’ 11th acquisition of residential land in the Phoenix M.S.A. since October 2008. Brian Rosella and William French of Cassidy Turley BRE Commercial represented the seller.

Artesa is located at the intersection of Baseline Road and 41st Avenue in the Village of Laveen, an infill community within the City of Phoenix, 10 miles from Phoenix’ Central Business District. The property lies adjacent to a new and growing church and enjoys close proximity to a middle school, high school, city park and well regarded municipal golf course.

Palacia Homes, the original developer of Artesa, financed its construction with a $12 million loan from First National Bank of Arizona. The F.D.I.C. closed the First National Bank of Arizona in June 2008 and foreclosed on the Artesa lots in December 2010. Petrus and Voyager plan to hold the finished lots for investment purposes and sell Artesa to homebuilders once the residential land market recovers.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Artesa represents the Group’s 29th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter (frankwalter@PetrusPartners.com or 212-977-3708), President of Petrus Partners.

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Leasing and Development
May/19/2011

BumbleBar secures big contract

Journal of Business

By Treva Lind
treval@spoaknejournal.com

Snack maker projects it will boost production by up to 500,000 bars a year.


SPOKANE, WA-BumbleBar Inc., a Spokane Valley-based manufacturer of gluten-free snack bars, has landed another sizable contract to create products under a private-label agreement with an undisclosed company.

BumbleBar founder and co-owner Liz Ward says the company has signed a nondisclosure agreement with the company that prevents her from divulging its name. She says, however, that once BmbleBar is in full production with that contract and another private-label contract it secured last year, it will be making between 300,000 and 500,000 additional bars annually. Currently, the company manufactures about 2 million BumbleBars a year.

"Later this year, we'd anticipate hiring more employees," she says, adding that the company currently has seven employees, in addition to herself and her husband, Glenn.

The latest contract involves developing three separate lines of nutrition bars. Those products are scheduled to launch this fall, and the company expects to start manufacturing them in August.

The contract that Bumble Bar secured last year is with one of the biggest natural foods companies in the U.S., Ward says. It has already started making products for this company.

"For private-label contracts, we've been doing smaller projects for quite a while, but these two - the one last year and the one we just got - are both larger companies," Ward says.

She declines to disclose BumbleBar's annual revenue, but says she expects the company to grow this year following a national promotional campaign and with its new company projects.

Ward, who wanted to create healthy snack bars during her years as an avid hiker, sold her first nutrition bar and started the BumbleBar company in Seattle in 1995. It moved to Spokane in 2003 and now operates out of a leased 12,000 -square-foot space in the Spokane Business and Industrial Park, at 3808 N. Sullivan.

BumbleBar uses two main ingredients for its bars - sesame seed and flaxseed - and it promotes the bars as gluten free, organic and ethically sourced.

Later this year, the company plans to offer a different ingredient base for a new line of BumbleBar-branded bars, Ward says. While she declines to say what the base will be for the new nutrition bars, she adds, "They're not going to be seed-based."

This month, Ward says the BumbleBar company also unveiled a new line of 100-calorie, junior-sized BumbleBars, shrunk to about two-thirds of an ounce, or slightly less than half the size of its main line of bars which are 1.4 ounces each.

The company developed the smaller snack - available in three flavors of Original Peanut, Amazing Almond, and Chocolate Crisp - for customers who want it for kids or as an easy-to-pack pocket size. BumbleBar also has used them for promotional give-aways at events, such as Spokane's Windermere Marathon this past weekend.

Meanwhile, BumbleBar also has a new contract with the Selet Hulling PLC partnership in northern Ethiopia involving crops from the Tigray region to bring 50,000 pounds of sesame seeds a year to Spokane Valley.

The partnership works with two Ethiopian farming cooperatives that support roughly 1,500 farming families. BumbleBar started receiving seeds from the partnership about a month ago.

"Ethiopia has the best-tasting sesame seeds in the world because of the soil conditions," Ward asserts. "They are sweet and they don't have any bitterness."

Additionally, the company has upgraded its equipment in the past year to increase production efficiency. With the upgrades, BumbleBar also created new brand packaging logos and exterior wraps for the bars that are both easier to open and more environmentally friendly, Ward says.

"We thought it was a great opportunity to freshen up the brand," she explains. "The old package was difficult to open. It was painful to watch people open it. Now, even my children can open them."

BumbleBar also increased efficiency for packing up its individual bars in light-weight box cartons for bulk sales and shipping to retail stores - going from 15 bars per carton to 12 bars per carton, "so the bars are fresher getting onto the shelf," Ward says.

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Leasing and Development
May/19/2011

RANDL Industries moves to the Spokane Valley

Journal of Business

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

RANDL Industries Inc., a Spokane Valley maker of sheet-metal components for electrical boxes, has leased 6,000 square feet of floor space in the Spokane Business & Industrial Park, at 3808 N. Sullivan, and moved there from smaller quarters at 9618 E. First. Dean Stuart, of Crown West Realty LLC, handled the transaction.


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Acquisition and Investment
Apr/28/2011

Petrus Partners Acquires Residential and Commercial land in Goodyear, AZ

www.phoenix.dbusinessnews.com

Phoenix – Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), purchased Phase IX (“Palm IX”) of the Palm Valley master planned community for $3.9 million. Palm IX includes 145 acres of zoned and approved Residential and Commercial Land with utilities to the site. The seller was Southwest Solar Technologies, Inc. and the sale marked Petrus’ 10th acquisition of residential land in the Phoenix M.S.A. since October 2008. Mike Ratliff, Dave Headstream, and Jason Hyams of CB Richard Ellis represented the seller.

Palm Valley, a successful 9,000-acre master-planned community developed by SunCor Development Co., includes exclusive gated single family subdivisions, a variety of mid-range single family subdivisions, a 1,400 acre business park, and a broad range of recreational and retail amenities. Palm Valley has continued to attract new homebuyers throughout the downturn and high-end homebuilders, such as Toll Brothers and TW Lewis, remain active and have sold 192 homes over the last 12 months with average prices in the large active adult segment exceeding $390,000. In February 2011, Westcor announced it would resume the planned construction of a 1.2 million square foot anchored regional mall, Estrella Falls, in Palm Valley with completion in 2014.

Palm IX has an approved zoning and development plan, or final plat, which calls for 43 acres of commercial parcels and 103 acres of single family residential lots (218 60-80 foot wide lots and 102 high-density lots). Suncor completed rough grading of the site as well as required improvements along Camelback Road on the property’s southern boundary at a total estimated cost of $1.7 million. Petrus and Voyager plan to sell Palm IX to a homebuilder(s) and commercial developer once the residential and commercial land markets recover.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Palm IX represents the Group’s 28th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter (frankwalter@petruspartners.com or 212-977-3708), President of Petrus Partners.

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Leasing and Development
Mar/18/2011

Change of Habitat

by Craig Howard, News Editor

Spokane Valley Herald / Spokane Valley Online

In the true spirit of industriousness, the Habitat for Humanity retail store is moving to a new site in the Spokane Business & Industrial Park.

The 32,000-square-foot venue at 3808 N. Sullivan Road in Spokane Valley will represent the merging of Habitat's store at Trent Avenue near the Gonzaga University campus and a Spokane Valley location at Sprague and Bowdish that opened in December 2008. The upgraded facility - which will still feature the same variety of building surplus materials, household items, antiques and knickknacks - is scheduled to open April 1.

"This is a clean, bright building and it's new," said Gary Ragsdale, Habitat store manager. "we're getting feedback from people who say they wouldn't go downtown (to the Trent site) and they're ecstatic that we're going to be in the Valley."

Ragsdale and his crew began renovating the building in early February. He said the site has more of a spacious design than the Trent store, main home of Habitat retail operations for the past 10 years. "It doesn't have those nooks and crannies that aren't great for retail." Ragsdale said.

As for concerns over visibility in a business park, Habitat has invested in an area-wide marketing campaign that includes print, radio and television ads. The store itself is only a quick turn off Sullivan, about five to 10 minutes to the north of Interstate 90 and the Spokane Valley Mall.

"Location is always a concern for any kind of retail," Ragsdale said. "But I think we have the best location in the Industrial Park."

Proceeds from the store go to Habitat for Humanity programs that provide affordable housing for low-income residents. Last year, the Trent and Spokane Valley sites generated some $300,000 for the cause. According to Michone Preston, executive director of Habitat-Spokane, the retail venture accounts for around 10 percent of the agency's yearly revenue. Grants and donations from local businesses, individuals and the faith community comprise the bulk of the organization's budget. Last year, Habitat-Spokane ranked 11th among Habitat affiliates throughout the world in overall money raised. In addition to its local efforts, the agency donated $100,000 to support relief efforts in Haiti after the disaster there.

Preston said the new site will rely on word-of-mouth as well as local advertising to maintain and increase its customer base. She added that the store will also benefit from being "more of a destination for people."

"I think we've raised a lot of awareness," Preston said. "I'm hoping people will continue to find it."

The local branch of Habitat has helped to build over 200 homes for low-income families and individuals in the Greater Spokane area since 1987. The nonprofit, Christian-based organization was established in 1976 with a mission of eliminating poverty housing and homelessness and, since then, has provided over 1.5 million people throughout the world with quality, affordable homes.

Preston said Habitat is still considering another site in the north Spokane area at some point down the road. A ribbon cutting event for the Industrial Park location will be coordinated by the Greater Spokane Valley Chamber of Commerce sometime in May.

The upgraded Valley store will include a waiting area with free coffee and snacks for shoppers who need a break. A small library featuring new and used books will also be part of the terrain.

With an inventory that includes everything from tile to window frames and everything in between, Ragsdale said shoppers would be advised to stop by the surplus store "before heading to a big box store."

"If you have a project, make a list and visit us first," he said.

The old Valley site and the Trent store closed on March 1. Preston said fliers announcing the move were handed out to customers beforehand. The Trent location will be reopened March 21-26 for a liquidation sale with a variety of items at 75 percent off the original prices. The event will run from 9 a.m. to 6 p.m. each day. For more information call Habitat-Spokane at 534-2552.

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Acquisition and Investment
Feb/28/2011

Petrus Partners acquires residential lots in Goodyear, AZ

PHOENIX - Petrus Partners Ltd. (“Petrus”), in association with Voyager Investment Properties, LLC (“Voyager”) of Scottsdale, AZ (Mark Voigt and Dave Rogers, Principals), has purchased for $1.2 million 50 residential lots (55’ x 115’) in the Canyon Trails master planned community in Goodyear. The seller was an affiliate of Stearns Bank N.A. and the sale marked Petrus’ eighth acquisition of bank-owned residential R.E.O. in Phoenix since October 2008. Michael Martindale and Todd Vesledahl of CRA Ltd. represented the seller.

Continental Homes, now part of D.R. Horton, Inc., began developing Canyon Trails in 2000-01. Since then, a range of homebuilders have built out over 70% of the 2,000-acre project primarily by offering homes for the move-up segment. Canyon Trails enjoys easy access to downtown as well as a variety of nearby retail amenities. The purchased lots are situated in the Canyon Trails – Unit III subdivision, off of Cotton Lane less than one mile south of I-10. Santa Anna Homes began the project in June 2006 and developed and sold 98 homes at an average sale price of $264,000 by July 2008. Petrus and Voyager plan to sell the Canyon Trails lots to a homebuilder(s) once the housing market recovers.

Petrus Partners is the parent company of Crown West Realty, a full-service real estate investment, development, and management firm with offices in New York City, Phoenix, Denver, and Spokane. The Petrus Partners-Crown West Group manages a series of discretionary investment funds totaling over $200 million of equity and owns and manages land development investments together with eight million square feet of office, industrial, and mixed-use properties nationwide. Canyon Trails – Unit III represents the Group’s 27th property acquired in the Phoenix M.S.A. since 2001.

Petrus actively seeks additional investment opportunities in residential lots and entitled and un-entitled land in the Phoenix M.S.A. Potential acquisition candidates should be submitted to Frank Walter, President of Petrus Partners.

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