Alturas Capital Partners Acquires Tucson Shopping Center
Written by Bennett Williamson | January 27, 2022
TUCSON, Ariz. – Alturas Capital Partners acquired a third Arizona retail center: Tucson Fiesta Shopping Center. The center is 93,006 square feet and is situated on 8.83 acres. Located on Oracle Rd. and Limberlost Rd., Tucson Fiesta has great visibility and accessibility with 50,000 vehicles passing the property per day. The shopping center is supported by surrounding neighborhoods and amenities in a primary retail corridor of Tucson. The property was constructed in 1994 and redeveloped in 2019. The shopping center is 100% occupied with three tenants: PGA Tour Superstore, Burlington’s and Bob’s Discount Furniture.
Tucson, Arizona is located about an hour south of Phoenix. While very similar to Phoenix, Tucson is the second-largest city in the state with an economy heavily influenced by the University of Arizona, government contractors and tech industry presence in the area. This part of Arizona has seen substantial growth in the last 10 years and is anticipated to continue growing.
“We are excited to be adding this quality retail property in Tucson, and to be adding these excellent companies as tenant-partners. As industrial lease rates continue to rise and the retail industry correspondingly evolves and grows its omnichannel strategy, we believe strategically located properties like this will be well-positioned into the future,” said Travis Barney CEO of Alturas Capital Partners.
Along with the Alturas Capital Partners team, those involved in this acquisition include Chris Hollenbeck and his team at Cushman and Wakefield and Tim Storey of Gantry who arranged the debt financing for the acquisition through Genworth Financial.
In 2017 Alturas Capital Partners acquired its first Arizona property, Siete Square I. They have since continued to expand in the Phoenix area acquiring a mix of office and retail properties including Siete Square II, The Ashby, The Shops at 38th, Airport Center and Metro Towne Center. Tucson Fiesta Shopping Center is the first property in Tucson and will be managed by an Alturas Capital Partners property management team based out of Phoenix.