The Idaho Land Board has taken a step toward selling off endowment commercial real estate holdings within the state, while also looking to buy shares in professionally managed commercial property investments nationwide. The board voted unanimously Tuesday to approve a process for hiring an adviser to sell 21 commercial properties worth about $25 million, all but a handful in Boise, the AP reports.
The $25 million is a small portion of the Idaho endowment land assets of $1.4 billion, but it turned into a liability for some of the board members who drew election-year criticism after being accused of dabbling in commercial ventures that could compete with private businesses. The plan approved by the board follows a report by a consulting firm, Callan and Associates, advising the board to sell the commercial real estate in Idaho and hire an expert for guidance to help diversify its investments by buying shares in a pool of assets involving commercial property in other states. AP reporter Keith Ridler has a full report here.