Alturas Capital Partners Acquires Retail Center in Colorado
Written by Bennett Williamson | January 11, 2022
COLORADO SPRINGS, Colo. -- Alturas Capital Partners, a Boise-based real estate investment company, has added another Colorado Springs property to the Alturas Real Estate Fund portfolio. Carefree Shopping Center, a 126,471 square feet neighborhood shopping center, is located at 3515 North Carefree Circle in Colorado Springs, Colo. This is the company’s second retail investment in Colorado and the company’s sixth acquisition in Colorado Springs.
The property has frontage on Academy Boulevard, one of Colorado Springs’ key retail streets with over 52,000 cars passing by daily. Carefree Shopping Center is in proximity to other restaurants, retail, and residential properties in Colorado Springs. The shopping center was originally built in 1982 and more square footage was added in 2005. The total site size is 10.05 acres.
Carefree Shopping Center is home to a variety of daily needs service-oriented tenants including Family Dollar, New Horizons Thrift Stores, TMobile, Pizza Hut, and Appliance Outlet. The property is 98.15% occupied.
Many factors contribute to the success of the Colorado Springs retail market including several universities, military bases, recreational tourism, and defense contractors in the area. The labor market in Colorado Springs has maintained both stability and diversity and household income in the area is above the national average. Job growth rates are also higher than the national average.
Carefree Shopping Center is the sixth Colorado Springs acquisition for Alturas Capital Partners. In 2021, the company added North Creek, Garden Gateway, 985 Space Center Dr. and 1055 N Newport Rd. to the Colorado Springs portfolio. The company has also continued to grow in the Denver area adding three Denver assets in 2021.
Devin Morris, COO of Alturas Capital Partners said, “We are happy to be adding this quality retail asset to the Alturas Real Estate Fund. It diversifies our Colorado Springs portfolio and will open new opportunities for growth in the Springs and throughout the region.”
Matt Call and Collin Tedesco and their team at NavPoint Real Estate Group represented the seller. Christian Lewis of Independent Financial provided the debt financing for the acquisition.