Commercial Tenants Look to Boise Suburbs for Convenience and Space
BOISE, Idaho (March 20, 2017) – Coldwell Banker Commercial Advisors (CBC Advisors) today announced Anthem Boise LLC has sold 1444 S Entertainment Avenue to Alturas Capital in Boise, Idaho. The building contains approximately 83,284 square feet of Class-A office space. This transaction registers among the Boise market’s largest office sales in 2016. Sherry Schoen, vice president of retail and office at CBC Advisors represented the seller on this commercial real estate transaction.
“Fourteen Forty-Four is one of the most prominent buildings in Boise because of its perched location above the freeway at Overland,” said Blake Hansen, managing partner at Alturas Capital. “It has great access to Interstate 84 and is a quick drive from anywhere in the valley.”
Fourteen Forty-Four Entertainment Street sat 60% vacant for over 10 years. After CBC Advisors received the listing, 22,000 square feet was leased within the first 120 days. The building is currently 6% vacant, an increase to 94% occupancy and leasing activity remains strong. Truckstop.com, ClickBank and CBC Advisors recently signed as tenants in the space. CBC Advisors plans to increase market share throughout Treasure Valley by expanding its Boise operations and adding additional personnel to the new space.
“It was a privilege working with Anthem Boise and Alturas Capital to position the property for long-term success,” said Schoen. “The building will continue to grow in value with the high caliber tenant mix, interstate location and beautiful views of the Treasure Valley”.
Schoen projects the building will reach 100% occupancy within the next few months as a result of increased exposure and tenant interest in the building. Other long-term tenants include Layton Construction and Steven Henager.
“The location cuts the commute for many of the tenants and their employees, instead of having to fight traffic on the connector into the downtown core,” said Barney. “The building has great parking, in stark contrast with office properties in the downtown core. This parking saves our tenant money for their employees, instead of having to pay for monthly parking in lots and garages in downtown Boise.”
“We are thrilled to be moving into Fourteen-Forty-Four,” said James Bird, vice president of finance at Clickbank.com. “The building’s central location in the Treasure Valley, proximity to restaurants and other retail, and ample parking available on-site make it a perfect fit for ClickBank. We are confident that we will enjoy the next chapter of growth in our company’s history at Fourteen-Forty-Four.”
Fourteen Forty-Four is two minutes from the airport, four minutes to downtown Boise and eight minutes to Meridian. Recent trends show tenants in Boise looking to the suburban areas of Treasure Valley for larger and newer spaces.
“We chose Fourteen Forty-Four because of its location to the interstate, making it readily accessible for our employees coming from many directions and it’s the ideal space to house our company and all of its operations,” said Lane Austin, chief operating officer of Truckstop.com, a long-term and four-floor leasing tenant in the building. “It was also relatively close to the airport which was a convenience for our out of town guests. The location is also surrounded by many services that create conveniences for our guests such as restaurants, retail and hotels.”
Similar to high-traffic primary markets across the country, Boise faces many of the same issues associated with parking availability and traffic congestion. The city lacks parking spaces and garages for employees and workers downtown. Suburban areas in Boise have become a successful option for businesses looking to avoid these problems.