Alturas Acquires Industrial Building at 8455 W. Westpark St. in Boise, ID
Written by Travis Barney | January 5, 2016
Alturas Capital acquired a large manufacturing facility in Boise, ID. The 117,500 square foot building near the Boise Towne Square Mall has been vacant for several years, but Alturas already has a new tenant signed for the space - which will bring jobs along with it.
Alturas negotiated to bring Décor Manufacturing by Patrick Industries to the building on Westpark St, which is expected to bring 85 new jobs manufacturing flat laminated panels used in the manufactured home and recreational vehicle industries.
Alturas purchased the previously vacant industrial property for well below replacement cost, and with the immediate signing of Patrick Industries turned it into a strong asset which produces cash flow into the Alturas Real Estate Fund.
Patrick Industries is one of Fortune Magazine’s 100 Fastest Growing Companies, and will be a strong and growing tenant which will bring stability to the Westpark space. The Northwest United States is the second largest RV-producing sector in the country, and the Boise area is well-positioned geographically to capitalize on this growing trend.
Alturas Capital Managing Partner Blake Hansen said his company’s focus on relationships aided in making this deal possible.
“We were fortunate to have strong partnerships with local brokers who brought this deal to us,” he said. “We have a proven ability to get deals to close and a reputation for taking good care of our tenants which makes this a good fit for everyone involved.”
Westpark Industrial Updates:
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.