Three Spokane business developers and investors have joined to buy the Plechner Building, which they plan to continue to operate as the Spokane Entrepreneurial Center.

Tom Simpson, a member of the ownership group, says he and fellow entrepreneurs, Rob Martinson and Chip Overstreet, have formed Plechner LLC to acquire the 9,400-square-foot, three-story building located at 608 W. Second.

Simpson declines to disclose the terms of the transaction, although Spokane County Assessor’s records show a Sept. 30 sale price of $814,000.

The Entrepreneurial Center had been the collective name for the Plechner Building and the 10,800 square-foot, three-story Lorraine Building, at 308 W. First.

As reported last month in the Journal, Pisces Land Co. recently bought the Lorraine Building. Karn Nielsen, cofounder of Spokane outdoor outfitter Mountain Gear Inc., heads Pisces Land Co.

The Entrepreneurial Center, which former Spokane small-business advocate and City Councilman Steve Salvatori founded in 2007, specializes in low-cost office space with shared amenities for business startups.

Salvatori put the Lorraine and Plechner buildings up for sale when he moved to Dallas recently to focus on other business interests.

Mark McLees a commercial real estate broker with Spokane-based NAI Black, who negotiated both the Plechner and Lorraine transactions, had said the Lorraine Building will continue to operate under a similar concept.

Simpson is president of the Spokane Angel Alliance. He manages angel-investment funds and also is co-founder and chairman of online retailer etailz Inc., of Spokane. 

Martinson is the founder and CEO of Limelyte Technology Group Inc., a Spokane software development company. He and Salvatori co-own the Buchanan Building, located at 28 W. Third, where Limelyte is based.

Overstreet, a Spokane resident, is an executive with MyBuys, a San Mateo, Calif.-based Internet marketing service.

The Plechner Building is fully occupied with two commercial spaces on the ground floor and 16 office suites on the second and third floors. Tenants there include Barili Cellars LLC, B&B Graphic Services, and Intellitechture Corp.