Alturas Capital Partners Acquires Second Spokane Property
Written by Bennett Williamson | June 28, 2021
June 28th 2021
SPOKANE – Wash. Alturas Capital Partners recently acquired Airport Office Center located at 5709 W. Sunset Highway in Spokane, Washington, adding it to the Alturas Real Estate Fund portfolio. This 39,605-square foot, two-story, suburban office building is situated on a 4.77 acre site. This property is the second property Alturas has acquired in Spokane, with the other being International Gateway Center in December of 2020.
Airport Office Center is currently 96% occupied. Its tenants include Embassy Management, International Aerospace, Transportation Security Administration, and the U.S. Border Patrol.
Originally constructed in 2002, the building underwent renovations in 2017 putting it in good condition to operate well for years to come. It is located just northwest of Interstate 90 and within five miles of both the Spokane International Airport and the center of the Spokane Business District. It is clearly visible with frontage along two streets and is easily accessible by the surrounding neighborhoods.
As the Pacific Northwest’s fourth-largest urban area, Spokane is home to a variety of industries and demographics. Since 2016, the area has generally outpaced the rest of the nation in terms of job growth that is now in a state of recovery from the global pandemic. It is anticipated that the economy will continue to grow as the effects of the pandemic recede. Spokane is also home to a growing population that is expected to continue to grow along with the job market.
This acquisition marks the 39th since the Fund’s inception in 2015. Alturas attributes much of its success to its continual focus on partnerships notably Erik Nelson with Kiemle Hagood who represented Alturas in this acquisition.
“We are excited to be adding to our Spokane portfolio, the continued job and population growth of the Spokane region is impressive and stands to continue in the years to come. We are grateful to Erik Nelson and Craig Soehren of Kiemle Hagood who facilitate the transaction and for our continued partnership with them and our valued tenant partners in the region,” said Travis Barney, President of Alturas Capital Partners.