April 30, 2020
Tacoma-based Loran Hendrickson/Hendrickson Parkview, LLC acquired a 36,319-square foot multi-tenant medical office property in Spokane, WA for nearly $7 million. Coldwell Banker Commercial represented the seller, Franklin Park Medical Building, LLC, a commercial real estate investment and development firm.
The asset, at 220 E. Rowan St., is known as the Franklin Medical Center and located just south of Providence Holy Family Hospital. The three-story building sits on 1.94 acres and was built in 2005. The seller was the original developer of the property and sold the property to an out-of-state investor who subsequently defaulted on the loan. The property was re-acquired in 2015 and recently brought to 100% occupancy by Coldwell Banker Commercial Tomlinson’s Joel Crosby, CCIM, who represented the seller.
Crosby says, “In these challenging times, many investors realize that medical office buildings will outperform other office buildings because there is always demand for medical service and buildings that house doctors and related services.”
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