Sandpoint Center changes hands
News editor | January 16, 2021 1:00 AM
SANDPOINT — The Sandpoint Center has changed hands, commercial real estate agency Kiemle Hagood announced on Friday.
Sandpoint Equities, a Los Angeles-based limited liability corporation, sold the three-story building, located at Church Street and Fifth Avenue, to investment firm Stafford Holdings LLC.
Kiemle Hagood brokers Chris Schreiber and Chad Burd called the 90,000-square-foot building a "trophy caliber" investment in North Idaho.
"Stafford Holdings is based out of Portland, Ore., area and they have an extensive history in real estate ownership and development," Schreiber said.
Stafford Holdings is currently developing the Hayden Canyon housing project in Kootenai County.
Schreiber said Ned Brandenberger was instrumental in the transaction.
"He worked with Chad Burd and I on the selling side of the transaction and assisted the buyer with operations, physical plant and financials," said Schreiber.
Graham Hansen with Century21 Beutler represented Stafford Holdings in the transaction.
The Sandpoint Center originally served as the headquarters for the former Panhandle State Bank and now is home to multiple tenants, including Columbia Bank, which absorbed Panhandle State in 2014. It is also houses Tango Café and a number of other professional office and medical tenants.
Schreiber said no major changes are expected as a result of the sale. No near-term tenancy changes are expected either, he said.
"All of the previously built-out space is leased and occupied," Schreiber said.
Schreiber said the only remaining vacant suites are in shell condition and Stafford is reviewing its options for developing those spaces, Schreiber said.
Sandpoint Property Management is continuing with property management and leasing, according to Schreiber.
The building was completed in 2007 and its construction emulated Leadership in Energy & Environmental Design standards, although it is not a LEED-certified structure.
Keith Kinnaird can be reached at firstname.lastname@example.org and followed on Twitter @KeithDailyBee.