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Cougar Property Holdings is buying up property near the Riverpoint Higher Education Park to hold for a future expansion of the Washington State University outpost.

The nonprofit corporation, formed by the WSU Foundation earlier this year, has acquired a 91-year-old warehouse from Jensen-Byrd Co. south of the Riverpoint campus, as well as a 3.5-acre vacant parcel north of the campus. It also is in the process of buying two more properties south of the Riverpoint campus.

Cougar Property Holdings’ says it has spent just over $4 million on the purchases, which will be used eventually to expand the 48-acre campus on the south bank of the Spokane River just east of town. It will hold the property until the Pullman-based university needs them for expansion of its Spokane outpost.

The Jensen-Byrd warehouse is a six-story, 178,000-sf structure that the Spokane-based hardware wholesaler continues to use as a distribution center. It now is leasing the building from Cougar Property.

The 3.2-acre parcel north of the campus was purchased from Spokane-based Inland Northwest Corp. It’s located along the south bank of the Spokane River between the Riverpoint Village condominiums and the Riverpoint One office building.

The building that Cougar Property Holdings has agreed to is a two-level, 9,900-square-foot structure at 218 E. Trent. It is owned by BPS Supply Inc., a plumbing-supply wholesaler. The sale-and-leaseback transaction is expected to be completed in early October.

The building for which Cougar Property is still negotiating is not being identified at this time. It is said to be adjacent other purchases.

When the time comes for expanding the campus, which could be many years down the road, Cougar Property Holdings plans to sell the properties it owns to the university for their current (year 2000) market value.

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