Siete Square II poised for modernization as part of midtown revitalization
Phoenix, January 15, 2019 – Boise-based Alturas Capital Partners purchased Siete Square II at 3707 N. 7th Street 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,” said 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 of Colliers 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.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
Colliers International in Arizona has served clients locally and globally for more than 35 years.