Allstate Insurance Pocatello Idaho – Alturas Capital Partners sold 4200 Hawthorne Rd., located in Chubbuck, Idaho, to Pocatello/Chubbuck School District No. 25. The 78,225-square-foot office property was previously occupied by Allstate, a national insurance company.
When Allstate decided not to renew its lease in September, it opened up new opportunities for the property. Although the fund typically aims to hold assets for the long term, strategic disposals of this nature are expected from time to time. The outcome was not only beneficial to the Alturas Real Estate Fund, but also had a positive outcome for the community and local schools. This transaction would not have been possible without the conservative investment principles and hard work of the Alturas team and broker partner Don Zebe of Colliers.
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According to a statement issued by the buyer, the purchase of the building allows the school district to fulfill a vision that has been in motion for twenty-two years to provide comprehensive career technical education programs in a dedicated concrete setting. The program, recently renamed Portneuf Valley Career Technical Education Center, or PV-Tech, connects learners to 25 technical career education paths, from welding and health professions to law enforcement and cybersecurity. At least five of the district’s current programs would be ready to move into the state-of-the-art facility within a short period of time.
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“This opportunity is an exciting investment in the future that puts the spotlight on career technical education and benefits the entire school district and community for decades to come,” said Superintendent of Schools Dr. Douglas Howell. “Connecting students to careers and post-secondary opportunities is a long-standing priority of the Pocatello Chubbuck School District.”
Built in 2011, the one-story building offers nearly 80,000 square feet of functional space for classrooms, practice rooms and offices. The property is conveniently located with ample parking and easy transportation access from I-84, Exit 61 and I-86. The property is ADA accessible and equipped with technical equipment, network infrastructure and office furniture. The additional area provides the opportunity to expand the facilities as needed.
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