Treasure Valley Crossing - Retail Property in Nampa, ID
Written by Travis Barney | September 15, 2016
Alturas acquired a pad building, part of the Treasure Valley Crossing in Nampa, ID in September of 2016.
The 21,000 SF retail space is 100% occupied by Paul Mitchell and Stevens-Henager College, and located at the Karcher Interchange providing premium visibility and access to and from Interstate 84.
The Karcher Interchange has the largest concentration of retail shopping in Nampa, with over 1,400,000 SF of retail space located within a half mile of the interchange including:
- Best Buy
- TJ Maxx
- Dick’s Sporting Goods
- Hobby Lobby
In addition, St. Luke's Medical Plaza, located one block from TVC was about to expand their existing medical plaza by 200,000 SF.
The property was 100 percent occupied and didn’t require much in the way of value-add work, however, the market was undervaluing it due to perceived risk around the tenancy of the college. After doing our due diligence, we felt comfortable with the college’s future but determined that even if something did happen to either tenant, we would be able to rent the space again quickly.
The property was brought to us by our broker-partner - Mike Christensen Colliers International.
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.