Eagle-based Alturas Capital has acquired the iconic Adelmann building with the corner turret that stands between Boise City Hall and the Capitol.
Alturas bought the building from Maverick Investments of Long Beach, Calif., which had owned the 1902 structure since 2012. The Adelmann has had four owners since 2001, according to the Ada County Assessor’s Office.
Alturas intends to have long-term ownership of the historic building, said Devin Morris, director of acquisitions at Alturas Capital.
“We are all native Boiseans who are engaged in the community and excited to play a small part in its growth,” Morris said. “We believe in downtown Boise and want to own properties that have great locations that will continue to increase in relevance and attract fantastic tenants like the ones currently in the property.”
The sale closed July 5. The sales price was not disclosed in a news release but the 17,547-square-foot structure was listed at $2.395 million by Thornton Oliver Keller Commercial Real Estate and it is assessed at $2,225,700.
Alturas also owns Eagle Marketplace and Treasure Valley Crossing shopping centers and in December acquired the five-story 1444 S. Entertainment Ave. office building across from Boise Spectrum. Alturas has a portfolio of 13 commercial properties but this is the first in downtown Boise.
But Alturas has had an eye on downtown Boise. Alturas in fall 2016 was in due diligence to buy the Capitol Terrace retail block on Eighth Street but ultimately withdrew.
“Ultimately, the project did not meet our investment criteria,” Morris said.
The Adelmann tenants include Boise Fry Company, Waffle Me Up, Dharma Sushi & Thai, Press & Pony, SpaceBar Arcade and Capital City Event Center. The building has two stories and an occupied basement.
“The tenants are doing very well and we want to help those tenants to succeed in whatever ways we can,” Morris said. “We will continue to invest in the property over time to ensure the tenants are operating at their maximum potential.”
The Adelmann building was built by Richard Adelmann, a German immigrant who fought in the Civil War and arrived in Boise in 1872. The architecture by Campbell and Wayland is a mix of Romanesque, German and Chinese styles, most notably the pagoda turret at the corner of Capitol Boulevard and Idaho Street, according to the Idaho Architecture Project, which is part of Preservation Idaho.
The arched windows reflect the Romanesque style. There are German touches at the roofline, patterned brick and sandstone trim, according to the Idaho Architecture Project.
Notable historic tenants include Fong’s Tea Garden, an Elk’s fraternity headquarters, and an automobile repair shop called Stearns Motor Car. A modern mural on one side of the building commemorates Stearns.