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Old Spokane City Hall Trades for $7 Mil

SPOKANE, WA-Built in 1912 the building has been through numerous owners, including real estate powerhouses such as Hillman and Spieker Properties. Now, a Texan by the name of James F. Cotter has acquired the historic, now commercial, property.

By Janet Parker | Updated on September 11, 2001

SPOKANE, WA-The building at 221 Wall St. served as Spokane’s city hall from its 1912 construction until 1982. Four years later, it was renovated and converted to commercial use by national real estate player, Hillman. Then last month, following a succession of owners, it was acquired by yet another for $7 million.

Texan James F. Cotter came out on top of a short bidding war but upping the ante by $115,000 over the $6.85 million price originally asked by the seller, Irvine, Calif.-based Koll Bren Fund V LP. A total of three bidders participated. The original price translated to a cap rate of 13.12% (the rate at $7 million was not immediately available).

Craig Hill, VP and manager of the Bellevue office of Grubb & Ellis, co-listed the property with David R. Black, CEO of Spokane-based Tomlinson Black Commercial Inc.

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