BOISE, ID — September 6th, 2018 – The Alturas Real Estate Fund has acquired Cottonwood Plaza, a 43,426 square foot office property located at 350 Mitchell St. in Boise, ID. The property is 72% leased with approximately 12,000 SF of direct vacancy. Existing tenants include Zayo, Access2Care, and iTrade.Alturas has extensive plans to renovate the property, including new contemporary signage, landscaping and facade improvements, and exterior LED lighting upgrades.
“Cottonwood Plaza compliments our growing and diverse portfolio very well as a centrally located asset with great in-place tenancy. We are excited for this latest addition.” said Devin Morris, Director of Acquisitions and Asset Management.
Guy Livingston and Jim Hosac of Intermountain Commercial Real Estate represented the seller in the transaction and Alturas has retained them to assist in leasing the remaining vacancy.
“We are looking forward to working with our team to enhance the property,” said Alturas Capital Partners President Travis Barney. “Our hands-on tenant friendly approach to leasing and management, combined with the significant property improvements we are undertaking, will make Cottonwood Plaza a great place for our current and future tenant clients to operate their businesses for years to come.”
This is the twentieth commercial real estate acquisition for the Alturas Real Estate Fund and twelfth in the Treasure Valley. With this acquisition, Alturas has approximately 725,000 square feet in assets under management.
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.