Alturas Capital Partners Acquires Office Property in Spokane

Spokane, Wash., March 24, 2023 — Alturas Capital Partners, an Idaho-based real estate investment company, acquired Rock Pointe West in Spokane, Washington. This three-building office property is 336,332 square feet and is in a rapidly improving area on the periphery of downtown Spokane. The property was purchased from Rock Pointe West LLC. 

Erik Nelson and Craig Soehren of Kiemle Hagood assisted Alturas Capital Partners in this acquisition. Steve Brunette and Charles Safley with CBRE represented the seller. Nelson and Soehren will be handling the leasing for Rock Pointe West moving forward. 

Rock Pointe West is located near various attractions in downtown Spokane. These include the Spokane Arena, the newly constructed Podium, and the Spokane Stadium, which is currently under construction. The property is also near Gonzaga University, Riverfront Park, various new residential developments, dining, shopping, and entertainment experiences. The property’s location allows for easy access to the airport and nearby cities. 

Nelson said, “Rock Pointe is the preeminent Office Complex in the Spokane market, located in the periphery submarket.  It continues to grow occupancy due to the location, access to services, surrounding development from public and private investments, and the ability to accommodate tenants of all size ranges.  As we come out of the pandemic, we see this asset continuing to be a staple in the Spokane market for years to come.”

Rock Pointe West’s tenants serve various industries, including multiple Washington State agencies, healthcare, financial services, and law firms. In addition, numerous tenants have been tenants of Rock Point West for many years. Travis Barney, CEO of Alturas Capital Partners said, “We are excited to add this asset to our growing portfolio, which will allow us to further expand our presence in the growing Spokane market and greater Inland Northwest region. The property has a diverse and growing tenant base, and we look forward to investing in the asset to ensure it remains a property that great organizations are proud to call home.”

The three-building office property is located on 9.6 acres and was built in the 1990s. Rock Point Three is 159,071 square feet, Rock Pointe One is 60,489 square feet and Rock Pointe Tower is 116,772 square feet. The property has two parking garages and a surface parking lot servicing the three buildings.

With the acquisition of Rock Pointe West, Alturas Capital Partners plans to bring property management in-house in the Spokane area. The company now owns three properties in Spokane, including a 75,786 square foot industrial-flex building in the International Gateway Center, and a 39,602 square foot office building near the airport, both of which are located less than 10 miles from Rock Pointe West. 

About Alturas Capital Partners

Alturas Capital Partners is a real estate investment and operating company based in Boise, Idaho. Alturas Capital Partners owns and operates real estate throughout the Western United States, with an emphasis on the Intermountain West and Inland Northwest. The company has been built on long-term partnerships with investors, brokers, and tenants, and its mission is to provide value to these partners. The company acquired its first property in 2015 and has grown significantly to approximately $500 million in assets under management. Alturas Capital Partners is currently seeking to acquire additional assets in the Western United States. Visit alturascapital.com for more information.