EAGLE, ID — August 9, 2017 – Alturas Capital has acquired 1550 Tech Lane in Meridian, Idaho. The 105,000 square foot multi-use industrial building is a milestone acquisition for Alturas as it increases the portfolio to over 500,000 square feet.
This is the fifth commercial real estate acquisition of 2017 for the Alturas Real Estate Fund, having also acquired properties in the metro areas of Seattle, Washington and Phoenix, Arizona.
1550 Tech Lane, also known as Treasure Valley Tech Center, is centrally located in the Treasure Valley with convenient access to I-84. Additionally, the building is highly visible from the freeway.
“This is a great building, constructed with high-end features including a clear height not normally found in the market. Most importantly it is very well located. As the Boise area continues to grow, and construction costs rise, the property will continue to be well positioned competitively,” said Chief Credit Officer Travis Barney.
Alturas invests in the growth markets of the Western US. Meridian, Idaho fits that criteria very well. In 2016 it was the 13th fastest-growing city in the country among cities with at least 50,000 residents, according to the U.S. Census Bureau.
“The area as a whole, is a premier growth market with high job growth, high population growth, and low unemployment,” said Blake Hansen, Managing Partner of Alturas Capital, “We love the opportunities that come from investing in vibrant markets.”
“Alturas has grown its business with a partnership focused approach,” said Barney, “our focus is on listening to our tenants and meeting their real estate needs.”
Alturas manages several commercial real estate investments in Idaho, Utah, Washington, and Arizona. Since 2009, the firm has made investments valued at well over $100 million, and is actively seeking to acquire additional assets in the Intermountain West and Pacific Northwest regions.