Five properties Idaho officials offered at an auction sold for above appraised value, but five others didn’t receive any bids.
The auction Wednesday by the Idaho Department of Lands brought in nearly $8.5 million, about $1.6 million above the appraised value.
An office building in Idaho Falls brought in the most at $5.3 million, $125,000 above its appraised value. The 32,128-square-foot building, which was constructed in 2008, sits on 3.14 acres, according to a listing by Thornton Oliver Keller Commercial Real Estate. The building is leased to Battelle Energy Alliance.
An office building in Boise sold for $1.6 million, nearly double its appraised value. Three parking lots in Boise also went for above the appraised value.
The five properties with no bids at or above the appraised value include a commercial building in Idaho Falls and four commercial lots in Meridian. The Idaho Falls property that didn’t receive any bids is located at 961-965 E. Lincoln Road and is appraised for $762,000, according to a listing by Thornton Oliver Keller Commercial Real Estate. The 4.02 acre parcel contains five commercial buildings, four of which are occupied by two tenants, SERVPRO of Idaho Falls and Auto Image Auto Sales. The five buildings have a combined square footage of 13,814.
The Idaho Land Board has been selling commercial real estate following complaints that state-owned businesses unfairly compete with private businesses.
Proceeds from the sale of the properties can be used to purchase other lands in Idaho — such as timberland or farmland — to improve long-term returns for the endowed beneficiaries, or they may be directed to the permanent fund, the Department of Lands website said.