Alturas Capital Partners Sells Idaho Office Building
Written by Diana Hays | December 1, 2022
Alturas Capital Partners sold 4200 Hawthorne Rd, located in Chubbuck, Idaho, to the Pocatello/Chubbuck School District No. 25. This 78,225 square foot office property was previously occupied by Allstate, a national insurance company.
When Allstate decided not to renew their lease in September it opened new opportunities for the property. While the Fund typically aims to hold assets long term, strategic dispositions like this are expected from time to time. This outcome was not only beneficial for the Alturas Real Estate Fund, but also resulted in a positive outcome for the community and the local schools. The deal would not have been possible without the conservative investment principles and hard work of the Alturas team, and broker partner, Don Zebe of Colliers.
According to a statement released by the buyer, the building purchase allows the school district to fulfill a vision that has been in motion for twenty-two years to offer comprehensive career technical education programs in a dedicated brick-and-mortar setting. The program, recently renamed Portneuf Valley Career Technical Education Center, or PV-Tech, connects learners to 25 career technical education pathways from welding and health professions to law enforcement and cybersecurity. At least five of the district’s current programs would be ready to move into the state-of-the-art center within a short period of time.
“The opportunity represents an exciting investment in the future that puts a spotlight on career technical education while benefitting the entire school district and community for decades to come,” said Superintendent of Schools, Dr. Douglas Howell. “Connecting learners to careers and post-secondary opportunities is a long-standing priority of the Pocatello Chubbuck School District.”
Built in 2011, the one-story building features nearly 80,000 square feet of functional space for classrooms, training rooms, and offices. The property is conveniently located with ample parking easy transportation access from I-84, Exit 61 and I-86. The property is ADA accessible, and comes furnished with technical equipment, network infrastructure, and office furniture. The additional acreage provides the ability to expand facilities, as needed.