A company formed by an accounting firm and a financial planning company here has bought a 5,100-square-foot former church building at 711 W. Indiana on Spokane's North Side, and the two businesses plan to move into the two-story structure.

The company, 711 West LLC, is owned by the Blodgett & Co. accounting firm and Jerry Felts CFP financial planner, both of Spokane. It bought the building on Indiana from Life Center Foursquare Church for $480,000 and is spending another $250,000 to remodel the building, says Dave Blodgett, owner of Blodgett & Co.

McCloskey Construction Inc., of Colbert, is doing that remodel work, and the two businesses plan to begin occupying the building on June 1, Blodgett says.

Blodgett & Co., currently located just north of downtown Spokane at 316 W. Boone, plans to take the second floor of the building for its offices, Blodgett says. Felts, whose current office is located at 201 W. North River Drive, says he will occupy about 60 percent of the main floor and likely will offer the remaining 40 percent for lease.

Blodgett and Felts say they have known each other since they started their businesses in the mid-1980s. Blodgett cites favorable commercial real estate prices as his reason to purchase the Indiana property at this time. Felts says he wanted to own, rather than lease, office space so he could build equity.

Both businesses plan to add employees after the move. Blodgett's accounting firm has three full-time employees in addition to him, and three seasonal workers. Felts has one full-time employee besides himself.

Life Center Foursquare Church moved to 1202 N. Government Way in 2005.

Gary Kuster, of Windermere Real Estate Valley Inc., and Jon Jeffreys, of NAI Black, handled the transaction.