TWIN FALLS — The Urban Renewal Agency has completed the sale of a building that’s leased by C3.
The agency closed on the sale Dec. 1 with a price of more than $2 million. After taxes, closing costs and the settlement of partial rents, the URA got net revenue of $1.9 million for its general fund.
The buyers are Concept Investors LLC, a group that includes Gerald Martens, Rick White and Bill Kyle. Some of the members had the first right of refusal to purchase the property before the URA chose to sell it to Alturas Capital. The URA had previously tried to sell the building to Eagle Financial, but that company withdrew its offer.
“We felt that the price we were able to acquire was a good long-term investment price,” Martens said. “We hope we are able to continue to negotiate a favorable contract with C3. If not, we feel the site is excellent retail property.”
The final sale price was $2,050,000, URA Executive Director Nathan Murray said. The URA has owned the building since 1998, but felt it was now time to move it into private hands.
“I don’t think anyone intended for it to be in our hands that long,” Murray said. “Our focus is now downtown.”