Boise building sells for ‘below replacement cost’

Still commands more than $207 a square foot

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A joint venture between The Wolff Co. and Leavitt Capital Cos. has acquired a mid-rise office property in Boise, Idaho, for more than $14.7 million. The four-story property, One Front Street, comprises 70,722 square feet of multitenant space. It was built in 2001. "One Front Street represents one of the rare investment finds in the Northwest," Fritz H. Wolff, a principal of The Wolff Co., said in a statement. "Boise is one of the nation's fastest-growing and most vibrant communities, and we are also pleased to have acquired this signature asset at a price well below replacement cost and foresee significant upside rent potential." At the time of sale, the property was 95 percent leased to 10 tenants, including Senator Mike Crapo, Reagan Parks & Associates, Elam & Burke and Perkins & Coie. ...