Alturas Capital makes E. Idaho, Utah acquisitions

Eagle-based Alturas Capital is growing its presence in Idaho and Utah.

The commercial real estate investment company recently acquired a 78,000-square-foot office complex in Chubbuck that is fully occupied by an Allstate Insurance Company contact center.

In an April 22 news release, Alturas described its new Chubbuck property as a LEED Certified Silver building. Constructed in 2011, it is located just off I-86 at 4200 Hawthorne Road.

Terms of the deal were not disclosed.

Allstate currently employs more than 450 people at the Chubbuck center, making it one of the largest employers in the area.

The company’s Idaho Contact Center provides customer service and agency support to about 16 million Allstate households nationwide.

Allstate considered several locations across the United States before choosing the Pocatello-Chubbuck area in 2011, according to the release. The company said it set up business in Eastern Idaho because of its stable employee base and attractive cost of living.

The property is a Class-A building “with a high-end interior build-out,” according to the release.

Alturas worked with Don Zebe, a Colliers International broker based in Pocatello, on the deal.  The firm said Zebe identified possible future tenant options should they be needed.

The Federal Bureau of Investigation is expanding its presence in Pocatello, as well as several other growing employers.

Alturas said it also has consulted with local and corporate representatives of Allstate “to better understand their satisfaction with the building and plans for the foreseeable future.”

In another first quarter deal, Alturas said it has purchased The Shops at Decker in West Valley City, Utah, for an undisclosed price.

The property is situated just off I-215, near the Maverik Center – a 12,000-seat multi-purpose arena, which is home to the Utah Grizzlies hockey team and serves as a major venue for numerous concerts and live touring productions.

The retail center consists of two parcels of land with two multi-tenant buildings and four stand-alone pad buildings totaling 52,250 square feet, which currently is 77% leased.

Alturas acquired the Chubbuck and West Valley City properties through its Alturas Real Estate Fund.

Alturas Capital’s portfolio in Idaho also includes the Adelmann building in downtown Boise (the one with the turret on Capitol Boulevard); 1444 Entertainment across from Boise Spectrum; Treasure Valley Crossing and Eagle Marketplace; and structures in Twin Falls and Idaho Falls.

Since 2009, the firm has made investments valued at over $250 million throughout several markets in the Western U.S.