By Kate Snyder
A recent office transaction in Spokane shows that the area can still attract the interest of investors. Rock Pointe West, a 336,332 square foot property near the city’s downtown, traded hands for $24.9 million, or about $74 per square foot, according to an industry source with knowledge of the transaction. The buyer was Alturas Capital Partners, and the seller was an entity affiliated with Unico Properties.
CBRE’s Tom Pehl, Charles Safley, Chais Lowell, Steve Brunette, Ryan Brunette and Paige Morgan were the brokers who represented the seller in the deal.
Sitting on 9.6 acres, the three-building property is located at 1330 N. Washington, 1212 N. Washington and 316 W Boone Ave. The multi-tenant office complex also includes two attached parking garages and a surface parking lot, according to the marketing brochure from CBRE. Sitting just north of the Spokane River on Division Street, the property has close proximity to surrounding amenities such as nearby lodging and restaurants. The site is also accessible to downtown Spokane and Spokane International Airport as well as Post Falls and Coeur d’Alene, Idaho.
The four-story building at 1330 N. Washington totals approximately 159,071 square feet and was constructed in 1997. At 1212 N. Washington, the structure stands at five stories and totals 60,489 square feet. That building was constructed in 1989. The tallest of the three, the seven-story tower at 316 W Boone Ave., comes in at about 116,772 square feet and was built in 1992.
Considered an anchor to commerce within Spokane, Rock Pointe West has several dozen tenants with diverse businesses in a variety of industries such as healthcare, financial services and law firms, according to the brochure. State agencies with tenancy include the Washington State Department of Social & Health Services and the Washington State Department of Children, Youth, and Families. Other tenants include Molina Healthcare and Inland Allergy.
Based in Boise, Alturas Capital Partners is a real estate investment and operating company, according to the firm’s website. The company owns and operates real estate throughout the western United States with an emphasis on the intermountain west and inland northwest. The firm’s portfolio is spread across six different states and is made up of a variety of asset types including office, retail, flex, industrial, single family, multifamily and senior housing.
Unico Properties is a private real estate firm that offers investment, development, management and sustainability services in emerging markets across the United States, according to the company’s website. Founded in 1953, the Seattle-based firm has a staff of more than 300.
