Alturas Capital Acquires Iconic Downtown Boise Adelmann Building
Written by Travis Barney | July 6, 2017
BOISE, ID — July 5th, 2017 – Alturas Capital announced that it has acquired the Adelmann Building in downtown Boise. The multi-tenant 17,000+ SF building marks Alturas Capital's thirteenth commercial property in its growing portfolio.
The Adelmann Building is an iconic structure located in the heart of downtown Boise directly across from Boise City Hall and a block away from the steps of the Idaho State Capitol. The current tenants include: Boise Fry Company, Dharma Sushi, Press & Pony, Space Bar, and Capital City Event Center.
"We believe in the future of downtown Boise as the city continues to grow with the recent and planned additions of several office, residential and hospitality projects. These projects will bring increased business to our tenants and enhance the vibrancy of the downtown core,” said Devin Morris, director of acquisitions at Alturas Capital. “We are also excited to bring an iconic Boise landmark back to local ownership.”
The building was previously owned by an out-of-state investment group. It was last remodeled in 2015 and continued investments are expected under Alturas’ ownership.
Alturas Capital Partners is a Boise, Idaho based commercial real estate investment company and manager of the Alturas Real Estate Fund. The company actively invests in office, industrial and retail properties, with a focus on the Pacific Northwest and Intermountain West. Alturas owns properties in Idaho, Washington, Arizona, Colorado and Utah. The Shops at Decker Lake is the 24th asset purchase for the Fund. Since 2009, the firm has made investments valued at over $250 million and is actively seeking to acquire additional assets in the Western United States. Learn more about our commercial real estate investment company.