Alturas Sells 11,195 SF Industrial Building in Twin Falls, Idaho
Written by Travis Barney | July 2, 2019
Twin Falls, ID - June 17, 2019
The Alturas Real Estate Fund has sold an industrial building located at 595 Washington St. in Twin Falls, Idaho. The Fund purchased the property in December of 2016.
This is one more example of the benefits of building strong relationships with our broker-partners and the win-win outcomes that these relationships create.
Scott Feighner of Colliers Boise was working with his client, St. Luke’s, to find storage space in the Twin Falls market. In a very competitive market, Scott identified a vacant building that was available for sale but not for lease. Working with Lew Goldman, also of Colliers Boise, and Steve DiLucca of Colliers Twin Falls, Scott was then able to bring the opportunity to our attention.
As a result of the team's efforts, we were able to acquire the vacant property for an appropriate price which in turn allowed Alturas to provide favorable lease terms to St. Luke’s.
As outlined in our Value Creation System for Brokers, when it came time to sell, we went back to the brokers who were instrumental in the acquisition of the property - actually enlisting all three Colliers agents to represent us. To ensure that they received fair compensation for their involvement, we agreed to increase the commission for the sale.
Ultimately the deal was a win-win-win outcome for all involved. St. Luke’s secured a warehouse on a long-term lease with a lease structure that they were comfortable with. Our broker-partners were compensated several different ways for the value that they created by putting the deal together, and we were able to create a great return for our investors for nearly three years before selling the asset for an excellent profit.