Alturas Real Estate Fund Acquires Office Building in Boise
Written by Travis Barney | May 7, 2019
BOISE, ID - April 30, 2019
Alturas Capital Partners added a 4,424 SF office building to the Alturas Real Estate Fund.
The property, built in 1988 and renovated in 2006, is fully occupied by a single tenant - Dermatology Clinic of Idaho - and is located at 7733 W. Emerald Street in Boise, near the Boise Towne Square Mall.
The prior owner and resident dermatologist owned both the practice and the real estate. He recently sold the practice to a larger conglomerate dermatology group who preferred to lease rather than own the accompanying office space.
The doctor, not wanting to be a landlord, decided to sell the building. Lew Goldman of Colllier’s International was aware of the doctor’s desire to sell the building and alerted us to the opportunity. With Lew’s help, we were able to come to an agreement with the doctor on a price that worked for both sides without the property ever being listed for sale.
Our Broker Partner
Lew, a broker-partner that we have worked with on several successful transactions in the past, knew that we could move quickly and execute on the deal. He also knows how much we value our broker partnerships and these factors influenced his desire to bring the deal to us.
Although it is a relatively small deal, we are confident that it will provide great returns to the Fund and serves as another example of the win-win outcomes we can generate when we collaborate with our broker partners.
Alturas Capital Partners is a Boise, Idaho based commercial real estate investment company. The company actively invests in office, industrial and retail properties, with a focus on the Inland Northwest and Intermountain West. Alturas owns and manages several properties in Idaho, Utah, Colorado, Washington, 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.