Movers & Shakers June 9, 2010
Condos sell, commercial doesn't
Auctions held at Riverstone in recent days yielded mixed results.
Of the 19 condominiums that went on the block on Saturday, just over half sold, said Ed Durnil, chief executive officer of Tranzon Asset Advisers, which again held the auction for Zions Bank.
Another auction of commercial property on Tuesday failed to draw any suitable bids for most parcels, however, but following the auction some buyers stepped forward showing interest.
"They need to do their due diligence," Durnil said. "It is a complicated sale."
The only commercial parcel that sold was the Red Robin pad site. Also being offered were 26,698 square feet on the ground floor of the north building, which includes tenants Aeropostale, Zumiez and Buckle, the ground floor of Building C, with 25,420 square feet of space and the pad site across from The Hampton Inn.
Prospective buyers of the commercial property were asking for a relatively short 30 days to do due diligence, with extensive covenants on the property, returned to Zions Bank in foreclosure. Among the limitations for buyers is a restriction against a hamburger restaurant that would compete with Red Robin, although a fast food restaurant such as McDonald's would be allowed, Durnil said.
Of the 19 condominiums offered on Saturday at prices ranging from $117,000 for a one-bedroom, one-bath unit to $309,000 for a 2,000-square-foot loft, nine sold on Saturday and another was approved on Tuesday, he said.
"Dollar-wise we were about where we were in December," he said. At that prior auction, 15 units sold for a total of about $2.5 million, and Saturday's sale netted about $2 million from condos reduced from original asking prices ranging from $329,000 to $899,900.
All the units sold on Saturday exceeded the minimum bid. The remaining units will now go on sale at prices slightly higher than those asked at auction, Durnil said.
Tranzon will partner with Riverstone and Century 21 Beutler and Associates to sell the remaining condos. The unit that had been the model was sold, so a new model will be set up in unit 214, said Vance Luksetich, marketing consultant for Tranzon. Open houses will be set for weekends, with times to be announced.
MSA employees receive architectural licenses
A pair of employees of Miller Stauffer Architects recently earned new licenses and accreditation.
Micheal Walker received his state of Idaho architectural license and NCARB certification in February. He has worked for Miller Stauffer Architects since he graduated from the University of Idaho in 2004 with a master's of architecture. Walker specializes in ADA design and low voltage integration.
Ryan Johnson recently received his Idaho architectural License in May of this year and LEED AP accreditation in June 2009. Johnson has been with Miller Stauffer Architects since November 2007. He and his family relocated back to Coeur d'Alene from Missoula, Mont., where he worked for MMW Architects, specialists in sustainable design. He continues his commitment to sustainability at MSA. Johnson received his master's of architecture from the University of Idaho in 2004.