Alturas Capital Partners Acquires Gainey Ranch Town Center
Written by Bennett Williamson | July 7, 2022
Scottsdale, Ariz.— Alturas Capital Partners is pleased to announce the Alturas Real Estate Fund acquired Gainey Ranch Town Center, a Class-A office property in Scottsdale, Ariz. This two-building, 127,064 square foot office property is located in a desirable upscale community within the Phoenix Metro Area.
Constructed on 3.9 acres, Gainey Ranch Town Center consists of two three-story office buildings, built over a two-level parking garage. Gainey Ranch’s proximity to hotels, shops, and prestigious residential communities is ideal. The location is also highly desirable for executives that live in the neighborhoods nearby.
The property has experienced significant leasing activity recently with the commencement of two tenant improvement projects and two additional accepted LOIs. In addition to these new tenants, Alturas Capital Partners will be working with a group of established and diverse tenant partners at Gainey Ranch. These tenants include Regus, DMB Associates, El Dorado, FineMark, Nathan & Associates and Landsea Homes.
Alturas Capital Partners’ acquisition strategy is centered on broker partnerships. In this case, long-time broker partner, Eric Wichterman and his team at Cushman and Wakefield—Mike Coover, Steve Lindley and Alexandra Loye—assisted in underwriting this off-market opportunity. Ben Geelan, Will Mast and Lynn Lachapelle of JLL represented the seller.
“Phoenix Metro property remains desired by out-of-state investors, and our client was fortunate to acquire these two premier Class A assets that have been institutionally owned and maintained for over two decades,” said Eric Wichterman.
The Phoenix Metro area consistently ranks as one of the top MSAs for population growth with a population now over 5 million people. Industry and lifestyle have attracted new residents, and the area is predicted to continue to grow. Gainey Ranch is the first Alturas-owned property in Scottsdale, with six others also within the Phoenix Metro Area. The property will be managed by Alturas Capital Partners’ Phoenix property management team.
Travis Barney, CEO of Alturas Capital Partners said, “It is fitting that this acquisition officially takes the Alturas Real Estate Fund over $500 million in assets under management as the Fund was launched just over seven years ago at the resort hotel adjacent to this property.” The company first purchased Arizona real estate in 2017 and has continued to grow within the state and the Intermountain West.
About Alturas Capital Partners
Alturas Capital Partners is a real estate investment and operating company based in Boise, Idaho. Alturas owns and operates real estate throughout the Western United States, with an emphasis on the Intermountain West and Inland Northwest. The company has been built on long-term partnerships with investors, brokers, and tenants, and its mission is to provide value to these partners. The company acquired its first property in 2015 and has grown significantly to approximately $500 million in assets under management. Alturas Capital Partners is currently seeking to acquire additional assets in the Western United States. Visit alturascapital.com for more information.