Alturas Capital buys and fills Entertainment Avenue office building

Teya Vitu//March 21, 2017//

Alturas Capital is the new owner of the Fourteen Forty-Four office building near Overland and Cole roads. Photo courtesy of CBC Advisors.Eagle-based Alturas Capital has nearly filled the 83,284-square-foot Fourteen Forty-Four office building, 1444 S. Entertainment Ave., since buying the five-story, Class A office building for an undisclosed price Dec. 16.

Over the winter, Alturas, working with CBC Advisors, signed on Truckstop.com, ClickBank, and CBC Advisors as tenants, said Sherry Schoen, vice president of retail and office at CBC Advisors.

Alturas Capital acquired a building that had been 60 percent empty since it was built in 2006.  Layton Construction, which built the structure, and Stevens-Henager College were the only tenants for many years, said Schoen, the building leasing agent who also represented the seller, Anthem Boise LLC, headed by Carl B. Barney of Crystal Bay, Nev.

“He’s selling his whole portfolio in Arizona, Colorado, Utah and Idaho,” Schoen said about Barney, who had owned the property since the beginning. “It’s just time for him to sell.”

Alturas Capital owns Eagle View Plaza, Eagle Marketplace, Treasure Valley Crossing in Nampa, the Westpark industrial building, 110 Main in Boise and properties in Washington and Utah.Alturas specializes in turning around under-performing properties, said Blake Hansen, managing partner at Alturas Capital.

“We have always wondered why a Class-A office building at this location would struggle to find tenants, with its central location, accessibility to the interstate and visibility from the interstate,” Hansen said in an e-mail to the IBR.  “We were confident that with local ownership, we could find tenants to fill the vacancy.”

Lane Austin, chief operating office of Truckstop.com, said the building’s location made it easily accessible for employees coming from all directions. He added that ample parking at the site was a plus.

“It was also relatively close to the airport, which was a convenience for our out-of-town guests,” he said. “The location is also surrounded by many services that create conveniences for our guests such as restaurants, retail and hotels.”

Fourteen Forty-Four is assessed at $5.56 million, according to the Ada County Assessor.

https://idahobusinessreview.com/2017/03/21/alturas-capital-buys-and-fills-entertainment-avenue-office-building/