Alturas Capital Partners Closes On Eagle Marketplace Center

Written by Travis Barney | September 29, 2015

 

EAGLE, ID — Alturas Capital, a real estate investment company near Boise, recently closed on Eagle Marketplace, a 60,000 square foot property previously owned by a CMBS (Commercial Mortgage Backed Securities) lender. The property is located at the intersection of two of the busiest highways in the state — the northeast corner of Eagle Road and Chinden Boulevard in Eagle. The intersection is the key entrance to Eagle City – with daily traffic counts in excess of 70,000.

This core real estate property is located in the affluent and fast-growing North Meridian / Eagle area.

“We are excited to be the new owners of this significant piece of real estate on the corner of one of the busiest intersections in the State of Idaho,” said Blake Hansen, Alturas Capital Managing Parnter. “We have had our eye on this property for over two years and are elated that we can now call ourselves the new owners. Although the property has been under-invested in for nearly half a decade, we are confident that residents who frequent the area will notice significant changes in the coming months and years as we make capital improvements to the property.”

Alturas Capital has a proven track record of turning around troubled assets, revitalizing distressed properties, bringing life to stale projects and attracting new tenants.

Alturas is planning a significant investment in the property, including the following:

  • Significant landscaping enhancements that include lowering berms, eliminating fencing, rock walls and replacing overgrown and unhealthy plants with new plantings.
  • Installing new signage, including new monument signs for Walgreens and Key Bank, as well as erecting 25-foot pylon signs with EMCs (Electronic Message Centers) for tenants.
  • New tenant signage on buildings
  • Improving access to the property
  • Other cosmetic improvements

Alturas Capital firmly believes these investments will transform the property, making it an asset to the community and tenants. The property has been bank owned since November 2013 and has been distressed due to absentee ownership for years.

“While Eagle Marketplace has been neglected for years, at its core it is excellent real estate,” said Travis Barney, Chief Credit Officer at Alturas Capital. “Located at an excellent intersection at the center of a growing, affluent area. Alturas Capital’s active, creative approach and significant capital investment will quickly transform this property into a vibrant center that customers, tenants and the community can be proud of.”

Current tenants of Eagle Marketplace include:

For leasing opportunities, contact Bob Mitchell of Thorton Oliver Keller Commercial Real Estate at (208) 947-0836 or bob@tokcommercial.com.

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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, retail, and multi-family properties with a focus on the Pacific Northwest and Intermountain West. Alturas owns properties in Idaho, Washington, Colorado, Utah and Arizona. 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.

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