A Spokane-based private equity firm has purchased the Triumph Composite Systems Inc. plant on the West Plains and is planning to redevelop the building to potentially attract manufacturing tenants.
Lakeside Capital Group acquired the 386,000-square-foot plant, and the 50-acre site it occupies, at 1514 S. Flint Road for $13 million in March, according to the Spokane County Assessor’s Office.
“It’s a lot of space and it’s really kind of a blank slate for us,” said Jason Kindred, partner at Lakeside Capital Group. “We haven’t made any decision on what we want to do, so we are in an information gathering mode right now and looking at different potential uses for it.
“What we would really like to see is some manufacturing go back into that building. It’s a really fantastic manufacturing facility with the way Boeing designed it and Triumph maintained it.”
In 1990, Boeing Co. built the factory to produce a variety of composite and thermoplastic aircraft parts.
Boeing sold the building to Triumph in 2003.
Triumph, which was making ducting and floor panels for aircraft in the building, announced in January it would be permanently ceasing operations at the plant by 2022, citing production rate reductions and travel industry restrictions due to the pandemic.
Triumph has consolidated operations in a portion of the building where the company will continue to operate until contract work is complete, Kindred said.
Lakeside Capital Group, which has ownership in Post Falls-based aerospace company ATC Manufacturing Inc., obtained a meeting with Triumph executives to coordinate purchase of the West Plains plant before it hit the market, said Kindred, who is also president of ATC Manufacturing Inc.
Lakeside Capital Group’s founder John Hemmingson was instrumental in the purchase. Hemmingson felt the building was unique to the area and could be put to good use, Kindred added.
“The opportunity for quality jobs in the area – that’s a really important aspect for us. That’s high on our list of what we want that building to be,” Kindred said
Hemmingson founded Lakeside Capital in 1997 to attract industry and jobs to the region. The firm invests and manages real estate, industrial, agriculture, public and private equity assets.
Hemmingson is CEO of both Architerra Homes and ATC Manufacturing.
Lakeside Capital Group is also looking at development options for the land surrounding the Triumph plant, Kindred said.
The site, which faces U.S. Highway 2, could be suited for several different tenants and uses, including retail or restaurants, Kindred said.
“The 14 or so acres behind the building – that’s another really blank slate,” Kindred said. “We are trying to brainstorm what that could be, but haven’t made any decisions yet.”
Lakeside Capital Group also highlighted the plant’s proximity to Spokane International Airport and other companies as driving factors for purchasing the Triumph plant.
The building has already generated interest from tenants in various industries, Kindred said.
The firm does not yet have a timeline for when it could begin converting the building, but anticipates decisions on how to proceed forward with development could be made in the next few months, Kindred said.
‘That building has been around for a long time,” Kindred said. “It’s kind of an icon out there.
“We want to make sure it continues to be a productive site for the economy and provides opportunity for businesses to grow there as well as jobs that support those businesses,” he continued. “We really want that building to be able to stimulate the economy in Spokane.”