Phoenix, AZ - December 21st, 2018 - The Alturas Real Estate Fund has acquired Siete II, a 54,072 square foot, multi-tenant office building in Phoenix, Arizona.Siete II is a part of the same office park as Siete I, an asset previously purchased by Alturas in June of 2017. The 3-story building is located at 3707 North 7th Street - part of the Midtown submarket of the Phoenix CBD which is in the midst of a revitalization including thousands of new Class A apartments and a wide array of new retail and restaurants.
The property is currently 86% occupied, with approximately 7,500 square feet still available for lease. Alturas plans to make improvements to the common areas, signage, and exterior changes.
“The addition of Siete II offers us opportunities for operational efficiencies - in terms of management, leasing, maintenance, and branding - between the two buildings,” says Devin Morris, Director of Acquisitions and Asset Management at Alturas Capital Partners. “We intend to add value to the property by capitalizing on these efficiencies, making additional common area improvements, and leasing the remaining vacancy.”
Phil Breidenbach of Colliers International worked with Alturas to acquire the property. Phil and Michael Crystal of Newmark Knight Frank are representing Alturas on the available 7,500 square feet of space which is currently configured as a 3,000 square foot suite and a 4,500 square foot suite although it can be broken into smaller office suites as needed.
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 and retail properties, with a focus on the Pacific Northwest and Intermountain West. Alturas owns properties in Idaho, Washington, Colorado and Arizona. Siete II is the 23rd asset purchase for the Fund. 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.