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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

The Dirt

Wheatland Bank buys building

Wheatland Bank has purchased the downtown Spokane building that holds its corporate offices and a branch.

Sue Horton, CEO and president, said the Spokane-based community bank paid $4.4 million to buy the Wheatland Bank Financial Center, at 222 N. Wall St., after being a tenant for nearly 15 years.

Under terms of a long-term lease agreement, the bank held first right of refusal to buy the 56,000-square-foot, four-story property with basement if owner Riverpark Properties Inc. decided to sell.

“We need more space for our headquarters and administration; we’re busting at the seams,” Horton said. Wheatland also operates a first-floor branch with drive-thru, and the basement has safe-deposit boxes and a conference room. “It made sense to own rather than lease,” she said.

Wheatland plans to renovate its third-floor space and expand to occupy the entire level. It initially will invest $500,000 toward building updates, Horton said. Building tenants include MW Consulting Engineers, Selkirk Investments and a Christian Science reading center.

The bank also is seeking a new tenant to lease a fourth-floor space of just over 12,500 square feet, where a law firm recently vacated. To ask about the fourth-floor lease, people can call Horton or Chris Bell of Black Commercial.

Horton said Wheatland has had significant growth since 2007, when it had about $175 million in assets compared with $350 million today. It’s also experiencing loan growth, with loans up 36 percent year over year as of the end of July, and net income rose 39 percent.

Wheatland Bank employs 120 people and has 14 branches, with three in Spokane, one in the Tri-Cities and others in Central Washington.

CdA steakhouse moving in spring

A Brazilian steakhouse in Coeur d’Alene, Grille from Ipanema, will relocate to The Village at Riverstone next spring.

The restaurant, operating five years at 601 Front Ave., has leased 6,100 square feet in the large Riverstone complex. The Village at Riverstone has a mix of businesses, offices, restaurants and residences at 2416 N. Old Mill Loop.

Bob Spooner of Goodale & Barbieri represented the landlord.

Pioneer services leases Boone site

Pioneer Human Services has leased 4,500 square feet in the Diamond Point Building, at 910 W. Boone Ave in Spokane.

Chris Bell of Black Commercial assisted with the transaction.

Treva Lind