Alturas Capital Partners LLC, an Eagle, Idaho-based commercial real estate investment firm, has purchased the Rock Pointe West corporate office campus, which is located near Spokane’s growing North Bank district.
Alturas also owns two other commercial properties in the Spokane area, according to Craig Soehren, broker with Spokane-based commercial real estate firm Kiemle Hagood, and the Rock Pointe West acquisition will solidify the company’s foothold and investments here.
Rock Pointe Corporate Center is located east of Washington Street and is divided into east and west campuses. The two campuses are separated by Normandie Street.
According to Soehren, both properties were previously owned by the same ownership group, but the eastern campus is not for sale.
Alturas Capital Partners representatives refuse to reveal the purchase price.
The Rock Pointe West campus, located about two blocks northeast of the Spokane Veterans Memorial Arena, consists of three buildings on 9.6 acres of land.
Rock Pointe Three, a 159,000-square-foot building at 1330 N. Washington; Rock Pointe One, a 60,400-square-foot office building at 1212 N. Washington; and Rock Pointe Tower, a 116,700-square-foot building at 316 W. Boone are included in the purchase. It also has two parking garages and a surface parking lot for the buildings.
The three buildings on the west campus total approximately 336,100 square feet of office space.
Going forward, Soehren and fellow Kiemle Hagood broker Erik Nelson will handle leasing for the property.
Daniel Trevino, director of investor relations at Alturas Capital Partners, says the company plans to update the parking garages, exterior staircases, and stairwells over the next year, as well as provide tenant improvements on interior lobbies and corridors.
In the future, Alturas intends to open a dedicated office to handle property management for its properties in the area.