January 20, 2012 in Business

Rock Pointe owners file for bankruptcy

By The Spokesman-Review
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The Tacoma-based owner of the Rock Pointe Corporate Center has filed for Chapter 11 bankruptcy reorganization, forestalling a foreclosure effort by creditors who say they’re owed more than $65 million.

The north Spokane commercial office complex includes four buildings with more than 560,000 square feet of space. It was sold by its developer, Walt Worthy, to Prium Cos. LLC, of Tacoma, in 2005.

Rock Pointe Holdings LLC is the Tacoma subsidiary of Prium that owns and manages the Rock Pointe complex.

In December Rock Pointe Holdings filed for reorganization in U.S. Bankruptcy Court for Eastern Washington. The company listed debts exceeding $50 million.

Among its creditors is Olympia-based DMARC Corporate Center LLC, which is a subsidiary of Miami-based LNR Partners LLC. DMARC initiated foreclosure on the Rock Pointe properties, claiming Rock Pointe Holdings has defaulted on nearly $17 million in mortgage payments and fees.

LNR owns a diverse set of commercial properties, including a Marriott Inn in Yakima.

In 2010 the Prium Cos. placed the Rock Pointe properties in the hands of a receiver, Ted Durant & Associates Inc., based in Portland. That action followed a court case filed in Pierce County to untangle the ownership of the Rock Pointe buildings.

Prium also owns the Trent Plaza building, 8517 E. Trent Ave., and previously owned a large share of the Wells Fargo Building, 601 W. First Ave. The company’s website, however, does not list the Wells Fargo building on its Spokane properties page.

Six floors of the Wells Fargo Building are owned by Inland Northwest Health Services.

Calls to Prium’s offices for comment were not returned.

The Rock Pointe bankruptcy documents also include the following creditors: Centrum Financial Services of Bellevue, owed $39 million; WF Capital Inc. of Seattle, owed $6.5 million; and A.B.K. LLC of Mercer Island, owed $3.5 million.

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