West Coast bank owned the 6,250-sf building at 109 E. 13th St. and private investors owned the land. The buyer, Polygon Northwest Co., paid $975,000 for both. The asking price was $1.1 million.
The sellers' broker was Dave Hill of Grubb & Ellis. The buyer's broker was Rich Sable of CB Richard Ellis. Plans call for Polygon to occupy the existing building on the property.
West Coast had reportedly tried to sell the building with a land lease, but couldn't find any takers. The sale comes after the landowners decided to sell the land as well.
The overall Clark County office market is showing a 16.4% vacancy rate. There is about 230,000 sf of new construction underway in the county, including the 160,000-sf Vancouvercenter project at 8th and Columbia in Downtown Vancouver, slated for completion next fall, and Park Tower III, a 60,000-sf building slated for completion at the end of this year.
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