Alturas Capital Partners Acquires Heritage Plaza Shopping Center in Tucson, Arizona

Written by Bennett Williamson | June 12, 2024

Alturas Capital Partners Acquires Heritage Plaza Shopping Center in Tucson, Arizona

Tucson, Arizona – June 11, 2024 – Alturas Capital Partners, an Idaho-based real estate investment and operating company, has successfully completed the acquisition of Heritage Plaza Shopping Center in Tucson, Arizona. 

This acquisition represents an exciting addition to Alturas Capital Partners’ expanding portfolio and demonstrates the company’s commitment to acquiring high-quality assets in growth markets. This addition is made possible by our growing network of market and industry partners, our dedicated team, including our Arizona based property management team, and our valued tenants.

Anchored by LA Fitness and Goodwill, this asset features top-performing tenants that drive consistent foot traffic and retail activity. The recent expansion by Goodwill, the top-performing store out of 11 locations in the Tucson market, underscores the center’s strong market position. 

Situated on Ina Road, which sees traffic volumes of approximately 45,000 vehicles per day, Heritage Plaza Shopping Center is centrally located in the bustling Northwest Tucson retail corridor. The shopping center spans 112,394 square feet on 11 acres and is 93% occupied at closing. The center boasts a healthy mix of local and national tenants catering to daily needs and lifestyle services.

The Tucson market continues to be a market of interest for Alturas Capital Partners. This property is Alturas’ second asset in Tucson, and eighth asset overall in Arizona. . Tucson boasts a retail market vacancy rate of 5% and an unemployment rate of 4%, with a population of 1.1 million residents. These favorable economic conditions contribute to the center’s stability and growth potential.

“This transaction, represented by Patrick Dempsey of JLL, came together after years of collaboration with Patrick and his team. This acquisition is a great example of why we value building long-term partnerships with our brokers,” said Joshua Utke, Director of Acquisitions at Alturas Capital Partners. “We want to thank Patrick and his team, who represented the seller, and Daniel Digerness of JLL, who assisted us in securing suitable long-term debt for this asset,” added Utke.

About Alturas Capital Partners

Alturas Capital Partners is a real estate investment and operating company based in Boise, Idaho. Alturas Capital Partners 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 $600 million in assets under management. Alturas Capital Partners is currently seeking to acquire additional assets in the growth markets of the United States. Visit alturascapital.com for more information. 

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