Signs Point To Sale Of Valley Business Park

Pentzer Development, longtime owner of the Spokane Business & Industrial Park, is expected to announce the sale of the 405-acre property next week.

A public relations firm working with Pentzer Development sent out a prepared statement Friday, stating that “a major announcement about the future” of the property will be made Monday.

Richard Rollnick, president of Pentzer Development, told The Spokesman-Review last year that the company was asking $53 million for the property.

The Spokane Business & Industrial Park was marketed as one of the largest such facilities in the nation. The two adjacent parks at 3808 N. Sullivan Road are home to more than 100 tenants, occupying about 4.1 million square feet of leased space.

Approximately 5,000 people are employed there.

Calls to Pentzer Development were referred to the public relations firm. Although it has not commented about the nature of the Monday announcement yet, some tenants of the parks say they received notices about a sale weeks ago.

Pentzer Development manages the real estate holdings of Pentzer Corp., an arm of the Washington Water Power Co. Rollnick has said previously that Pentzer wanted to sell its real estate holdings to raise money for other, more profitable ventures.

, DataTimes