Area investors buy former Coldwater Creek campus
Lee Hughes Staff Writer | Hagadone News Network | UPDATED 10 years, 8 months AGO
KOOTENAI — One of the last — and largest — vestiges of Coldwater Creek has been sold.
L3M, LLC, a group of local investors, has purchased the 12-acre, 220,000-square-foot former Coldwater Creek campus at 130 McGhee Road in Kootenai for a reported $2.5 million.
The campus consists of three buildings. One is currently leased by Thorne Research, a local dietary supplement manufacturer. The second is a 3,600-square-foot building known as the “Chairman’s Building.”
The third building is 200,000 square feet and includes 120,000 square feet of office space, and 80,000 square feet of warehouse space. Inside the warehouse space are saunas, showers, basketball and racquetball courts, spa rooms, and other exercise spaces.
“A complete spa,” Lewis “Lew” Patrick, a local businessman and the driving force behind the purchase said. “It could be a private gym.”
L3M consists of Patrick, a local real estate investor; Dr. Mike Genoff, a retired hand surgeon; Dr. Lowell Fenwick of Percussionaire; and another investor group, BCL, that includes Braden Pollock, Clark Martin, and Luke Webster. L3M comes from Luke, Lowell, Lew and Mike.
“Three L’s and an M,” Patrick said.
Patrick has been a real estate investor since the mid-1980s. When Coldwater Creek declared bankruptcy last year, he saw an opportunity.
“When I saw the demise of Coldwater Creek … I looked at the real estate,” Patrick said. “I started chasing it last May.”
After some fits and starts with several bids submitted to the bankruptcy court, the groups efforts finally came to fruition this month, when their most recent bid was accepted. The deal closed on April 6.
According to Patrick, several local businesses are interested in, or already committed to leasing space in the sprawling campus, including Laughing Dog Brewery and Percussionaire out of Sagle.
Patrick said the company is also currently in talks with outside investor, a call center company that could bring in between 300 to 500 employees, although he rated chances of that deal ending in a lease at “50-50.”
The facility includes a 220-seat auditorium with three break-out conference rooms that could accommodate company retreats and trade shows.
ARTICLES BY LEE HUGHES STAFF WRITER
Spring to give first glimpse of Common Core test results
SANDPOINT — Asked about the new Idaho Common Core testing standards, and Lake Pend Oreille School District Superintendent Shawn Woodward will tell you the shift is a “good thing.” It puts more emphasis on evidence-based writing, citing primary sources, and applied mathematics. The change won’t come without some potential growing pains, however.
YMCA takes small step closer to reality
SANDPOINT — It’s not in town, at least not yet. It’s really not much more than a dream at this stage. But the possibility of a YMCA community recreation facility finding its way to Bonner County recently got one small step closer to reality.
Practice makes perfect: Sagle students prepare for emergencies
Drill helps school put safety lessons to the test
SAGLE — Faculty and students of Sagle Elementary participated in drills Friday, practice for a real emergency.