OLYMPIA - Downtown's historic Capitol Theater building, which was put up for sale in April, has a new selling price and a new tenant.
Building owner Gary Holgate of Chehalis, citing health concerns, put the 21,000-square-foot building up for sale this spring for $1.8 million. After the building failed to attract a buyer in the past six months, the price was lowered to $1.45 million, he said Friday.
Although the building has yet to find a buyer, it has received interest from prospective buyers including an undisclosed Bellingham resident who at one time had the property under contract, Holgate said.
“We just couldn’t strike a good deal,” he said. “That’s the only one we’ve had that made an offer and put money down.”
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The building also has lost one tenant since April but will gain one more starting next week. The anchor tenant in the building is the Olympia Film Society, which operates the Capitol Theater. The building has five ground-floor retail spaces and 10 loft/office suites on the second floor, said Ryan Clintworth, the Colliers International listing agent for the building. It is about 98 percent occupied, he said.
The Olympia Film Society has expressed interest in buying the building but has yet to make an offer, Holgate said. OFS board of directors President Isaac Overcast could not be reached.
The Tea Lady, which had occupied a corner spot in the building for nine years, moved in August into 3,133 square feet in the Wildwood Building at 2828 Capitol Blvd. S.E.. It had about 2,100 square feet at its old location.
That vacancy will be filled by Modern Bath, a business that expects to open at Washington Street and Fifth Avenue on Oct. 2, the husband-and-wife team of Ted and Kimberly Brammer said Friday. The Brammers said that if the business isn’t open by Oct. 2, they plan to at least have an open house that day to showcase the business during Arts Walk.
The Brammers, who are from the Roseburg, Ore., area, have lived in Olympia for about a month after trading their cattle and show-horse ranch in Oregon for a house here, they said.
“We both were business owners before we got married, and we were looking for something to do,” Kimberly Brammer said about starting the business. She used to work in retail and Ted is a retired contractor, she added.
Modern Bath will sell bathware and accessories, such as cabinets, sinks, candles, towels and soap, she said.
Ted Brammer said they picked the former Tea Lady space because it has plenty of windows and good exposure to Fifth Avenue and Washington Street.
“The stuff we’re selling is going to need window exposure,” he said.
Rolf Boone: 360-754-5403