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10/30/15
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The Red Lion Headquarters Building (RLH Building), a 100.4k sf, Class A office building in Spokane, WA, has sold for $12.4 mil ($124/sf).
Located at 201 W North River Dr, along the Spokane River’s north bank, the RLH Building features six stories of office space with an attached two-story parking garage of 252 stalls. Built in 1985, the RLH Building offers direct access to the Riverfront Park and the Centennial Trail, as well as exceptional amenities including shopping, restaurants and banks. The building’s thriving location is also home to several universities nearby.
Chris Johnson and MaryKay West of NAI Norris, Beggs & Simpson represented the sellers, 201 North River LLC and Red Lion Hotels LP. David Peterson of Goodale & Barbieri repped the seller as well as the buyer, DPGB-WA-1 LLC.
The property underwent capital improvements in 2014 to improve energy efficiency and reduce waste. In addition, the asset had no existing debt to be assumed. Investors were also confident in the building’s anchor tenant, Red Lions Hotels, and its historically strong rent roll.
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