The company will retain 19.9% interest in the six-story, 103,350-sf office building and also will continue management and leasing services for the property through its G&B Real Estate Services Division.
The proceeds of the sale will be used for debt repayment and to further company growth. The before tax gain of the sale is approximately $4.9 million, which $1.7 million will be deferred over six years due to the continued lease by the Company for its corporate headquarters. The immediate net gain is expected to contribute approximately $0.16 Earnings Per Share in the first quarter of 2002.
The WHC building, located on the north bank of the Spokane River, and adjacent to the WestCoast Grand Hotel, is a class A office building. The company developed the building and opened it in 1985. Since that time the building has served, and will remain, as WestCoast's corporate headquarters. The building is currently 98% occupied.
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