In another real estate transaction that served to benefit the Spokane community as a whole, locally-based L.B. Stone Properties Group, a developer, owner and manager of warehouse and industrial properties in Washington, Oregon, California, Idaho and Montana, acquired a warehouse at 4320 E Trent Ave. and offered to lease it to the city to help address the growing homelessness issue in his hometown.
L.B. Stone purchased the building and agreed to lease it to the city of Spokane to operate as a shelter with a capacity of 300 people. The facility also offers job training, mental health services, and substance abuse treatment.
Larry Stone, the owner of L.B. Stone Properties, owns industrial properties and warehouses all over the West Coast, but he has deep roots in Spokane and wanted to do something to help address the city's growing homeless issue. He previously produced a documentary called “Curing Spokane” that sought to raise awareness of increasing crime rates and other issues.
For its community-wide impact, the transaction was selected by a panel of judges composed of local industry professionals to receive CoStar's 2023 Impact Award for the sale/acquisition of the year in Spokane.
About the Project: After L.B. Stone Properties purchased the warehouse at 4320 E. Trent Ave. for $3.5 million, he agreed to lease it to the city of Spokane to open a new shelter.
Judges' Comments: "The negotiation of this sale was particularly difficult as it involved political decisions with the city of Spokane to locate a homeless shelter in the facility as part of a lease conditioned upon the sale. There was a lot of pressure from the business community and nonprofits to get something done and the sale triggered the future lease and work associated with moving the shelter to this location," said Gordon Hester, president and CEO of Kiemle Hagood.
"New use, which required zoning changes and neighborhood concessions, to help meet a critical community need. This was a complicated deal to navigate both the zoning and politics," said Alicia Barbieri, vice president of Goodale & Barbieri Co.
They Made it Happen: Doug Byrd of Byrd Real Estate Group represented the seller, Piramal Critical Care. Chief Operating Officer Nick Czapla of L.B. Stone Properties Group represented the buyer.