Local investors purchase Unicep site
The building occupied by Unicep Com-pounding, Filling and Packaging was acquired by Industrial Drive, LLC, a company formed recently by two local investors. —Photo by MARY MALONE
SANDPOINT — The building occupied by Unicep Compounding, Filling and Packaging on Industrial Drive in Sandpoint was recently acquired by a local investor and developer, Industrial Drive, LLC.
"The same person who revitalized and brought back to life the Coldwater Creek complex," said Michelle Sivertson, vice president of operations for Patrick Properties, the company that represented the buyer in the purchase.
Lewis "Lew" Patrick, founder and president of Patrick Properties, took on a partner, Brad Epker, in Sandpoint and formed Industrial Drive, LLC, to make the purchase. The sale closed on Aug. 31 for an undisclosed amount. Patrick is one of four investors who formed the company L3M, LLC — the group that purchased the 12-acre, 220,000-square-foot former Coldwater Creek headquarters in Kootenai for a reported $2.5 million.
Siverston said the purchase of the former Coldwater Creek complex, now Sandpoint Technology Center, has been successful as several significant tenants have moved in. The building is currently occupied by Thorne Industries, Timbersled/Polaris, Lignetics Corporate Headquarters, and LDW Real Estate, INC.
"We have been leasing that up, which is a real positive for the community," Siverston said. "And now we have purchased the Unicep project."
Unicep will continue to occupy the building, which Siverston said may be the only Food and Drug Administration approved building in the area.
While Patrick Properties is based in both Arizona and Idaho, Patrick and Epker are Sandpoint residents. Siverston said one of the best parts about the recent acquisition of the Unicep facility is it brought the building back to local ownership, as it was formerly owned by and out-of-state trust — The Chris and Joy Lang Family Trust.
Andy Gion of Mountain West Bank funded the purchase as well, adding to the local aspect of the sale and purchase of the Unicep building.
"In this community we always hear about out-of-towners coming in and buying, so I always find it refreshing when we keep it local," Siverston said.
The purchase included a lot next to the Bonner Community Food Bank, which is located behind the Unicep building. The food bank uses the lot for parking and Siverston said the food bank's lease was almost up for renewal, but the investors "put their mind at ease," letting the director and board members know they would still have full access to the use of the lot.
Food bank director Debbie Love said the food bank staff is pleased with the purchase of the parking lot by Patrick and Epker and the continuance of the agreement the food bank had with the Lang Family Trust.
The food bank has occupied its current location since November 2011, and with approximately 100 families a day walking through the doors, the large parking lot is well-used. There is a smaller parking lot in front of the food bank, but has very limited space and is restricted mostly to compact cars. The larger lot is used for overflow and larger vehicles, Love said.
"We are also happy to be working with local people that are involved in the community," Love said.