A Spokane-based bank that owns a number of buildings at Battle Ground Village is rolling out new incentives to help attract new tenants.
Inland Northwest Bank foreclosed on a development loan on three buildings at the mixed-use park located off of Southeast Rasmussen Boulevard and Commerce Avenue in Battle Ground earlier this year. Since that time, the bank has been trying to sell the trio of buildings to a single buyer. Now, according to Realty Marketing Northwest, a Portland company accepting bids for buildings, the bank is not only offering them as individual buildings, but is also offering financing to buy and for tenant improvements.
“Obviously it’s subject to the credit-worthiness of the people, but it gives someone a one-stop center to buy it, get the tenant improvements, etc.,” said John Rosenthal, president of Realty Marketing Northwest. “I don’t know of many sellers that have done this sort of thing, but it’s very innovative.”
The three buildings range in size from 4,958 square feet to 6,689 square feet with an additional 1,540-square-foot mezzanine in one of the buildings. The buildings were originally designed for up to nine individual tenants.
According to Rosenthal, NAI Norris Beggs and Simpson is handling the leasing of the buildings and is already seeing heightened interest. Reserve bids for the buildings, which range from $465,000 to $695,000, were due earlier this week.
“I think Inland Northwest Bank recognizes that if you want to be successful in this kind of environment, you’ve got to provide all the incentives you can,” said Rosenthal, adding that most banks are sticking to cash-only sales.
“Most of the banks are not providing what you would call short-term financing,” he said. “These are a little bit different. It’s a beautiful development.”
