Idaho Investor Purchases Central Phoenix Office Building for $5.6 Million
Boise-based Alturas Capital Partners has purchased Siete Square II at 3707 N. 7th St. in Midtown Phoenix for $5,657,400. The real estate investment firm plans to modernize the three-story office building as part of the ongoing revitalization of the Central Phoenix business district.
“This multi-tenant property was built in 1983 and is an ideal value-add opportunity,” says Phil Breidenbach of Colliers International in Arizona. “The Midtown submarket is experiencing a noteworthy resurgence that includes thousands of new Class A apartments, as well as a wide array of new retail and restaurants. Office tenants are increasingly selecting this area as a great live-work-play environment for their businesses.”
Breidenbach, Mindy Korth, Kirk Kuller, Kathy Foster and Kyle York represented the seller in the transaction. Phoenix-based Orsett Properties sold Siete Square II to Alturas Capital Partners. The buyer was self-represented.
Siete Square II, was recently remodeled during 2016-2017. The 54,072-square-foot building was 86 percent occupied at the time of the sale. Alturas plans to make improvements to the common areas, building signage and exterior areas. Approximately 7,500 square feet of space in the building is available for lease.
Orsett Properties is a private company and has established itself as one of Arizona’s leading developers and operators of office, industrial and retail real estate projects.
Alturas Capital Partners is a commercial real estate investment company and manager of the Alturas Real Estate Fund. The company actively invests in office, industrial and retail properties, with a focus on the Pacific Northwest and Intermountain West. Alturas manages properties in Idaho, Washington, Colorado and Arizona. Siete Square II is the 23rd asset purchase for the fund. Since 2009, the firm has made investments valued at more than $250 million and is actively seeking to acquire additional assets in the Western United States.