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Spokane’s Franklin Medical Center Sells for Nearly $7M

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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.