Moran Vista builds senior apartments
Moran Vista is building a $10 million addition that will expand its offerings to include apartments for seniors living independently.
The retirement complex, owned by Bend, Ore.-based Ageia Health Services LLC, currently has 49 units that serve residents with assisted-living and dementia-care needs. A three-story addition now under way will create 82 units, with 20 serving assisted-living residents and 62 units for seniors living independently.
“We’re just offering a larger continuum. The only thing we do not do is skilled nursing,” said Kevin Cox, who owns the company with his wife, Jennifer. Ageia also has two Oregon facilities, in Bend and Clatskanie.
Residents will have access to a dining hall with high-beam ceilings, a movie theater, a full-service hair salon, a patio and an Internet café, Cox said. A variety of classes, including cooking, will be offered on-site.
Independent apartments will include washers and dryers and full kitchens. Monthly fees range from $1,500 for a single-person studio to $3,075 for a two-bedroom unit occupied by two people. Prices include meals, activities and van transportation along with cable television and utilities.
Assisted-living units will start at $2,475 for care that includes meals, housekeeping, medication assistance and basic health monitoring. Apartments top out at $4,200 a month for the highest level of care, Cox said. The facility will accept some Medicaid patients.
Cox expects the addition to open sometime around October.
Seniors wanting more information about the project can call (509) 443-1944 or visit moranvista.com.
West Coast Paper Co. building construction under way
Construction is moving along on a 75,000 square foot warehouse and distribution center that will house West Coast Paper.
The building at 15321 E. Marietta Ave., just west of Spokane Business and Industrial Park, is located on five acres with a total value of about $4.5 million, said Milton Cardle, general manager of the company.
West Coast Paper’s Spokane location currently operates in lease space on East Ferry Avenue. The Spokane Valley center will be 25,000 square feet larger and will help the company better serve customers in four northwest states, Cardle said.
The location has 37 employees and is one of 12 West Coast Paper facilities, which employ more than 400 people.
The 76-year-old Seattle-based business, owned by the Abrams and Russell families, makes printer-quality paper and packaging materials for manufacturers. West Coast Paper entered the Spokane market in 1997 when it purchased locally owned McGinnis Independent Paper.
Investment property attracts out-of-town buyer
A Liberty Lake building that has a 20-year lease with Sterling Savings Corp. was recently purchased for nearly $2.8 million in a deal brokered by Colliers International.
The brick building sports a clock tower and is in a hub of new development in the growing city.
Paul Sleeth, a Colliers broker in Seattle, said the buyer, Barclays Realty and Management Property, based in Los Angeles, purchased the commercial property from WRI/LLA Venture. While Barclays liked the location, the long-term lease with Spokane-based Sterling Savings was the real draw.
Sleeth said out-of-state buyers are showing increased interest in commercial properties in Washington — including the Spokane market.
“Spokane is certainly a very acceptable place for all types of real estate investment.”