Alturas Real Estate Fund Acquires Shops at Decker Lake: Utah
Written by Travis Barney | March 8, 2019
Salt Lake City, UT - March 1st, 2019 - Alturas Capital Partners is proud to announce the Alturas Real Estate Fund’s expansion into Utah with the purchase of The Shops at Decker Lake. The Alturas footprint now includes Idaho, Washington, Arizona, Colorado and Utah.
The Asset
The Shops at Decker Lake is located at 2200 West 3500 South in West Valley City, Utah, a growing suburb .jpg)
of Salt Lake City. The property is situated just off I-215, near the Maverik Center - a 12,000 seat multi-purpose arena which is home to the Utah Grizzlies hockey team, and a major venue in the region for numerous concerts and live touring productions.
The retail center consists of two parcels of land with two multi-tenant buildings and four stand-alone pad buildings totaling 52,250 square feet. Notable tenants of the center include:
- Beans & Brews
- Kid to Kid
- Greek Souvlaki
- Saigon Oriental Market & Deli
The Deal
The Shops at Decker Lake is centrally located within the fast growing Salt Lake Valley with good visibility and access from I-215. Chris Monson of Mountain West Commercial Real Estate brought the property to our attention several months ago with a clear plan for how we could add value to the asset. The asset fit our profile very well for the following reasons:
- Good in-place cash flow and tenancy at 70% occupancy with “internet resistant” tenants.
- Upside in the vacant space (30%) and good leasing momentum.
- Within our ideal deal size ($5MM - $25MM).
- Purchased at well below replacement cost.
- Most importantly, we have an excellent local broker in Mountain West that could help us navigate the acquisition and now the lease-up of the property.
Our Broker Partners
We worked closely with our broker-partners: Chris Monson, Brandon Goodman, Brett Palmer and Kyle Bloomfield from Mountain West Commercial Real Estate, throughout the deal.
The combination of Alturas’ tenant-friendly approach and Mountain West’s market knowledge and relationships enabled us to create significant leasing momentum prior to closing, including the addition of two signed leases which took the occupancy from 70% when the property was put under contract to 77% at closing.
Kyle Bloomfield is leasing the remainder of the shopping center. If you are interested in any of the available space at the property, please contact him at kbloomfield@mtnwest.com.
It is also worth noting that Mountain West was referred to us by another valued broker partner from another of our markets. If you know of any brokers in other markets that we should know, please reach out, we pay referral fees in situations like these where an introduction is made.
Acquisition Criteria
If you know of any similar projects that we should consider, please let us know and reach out to devinmorris@alturas.com or travisbarney@alturas.com. Additionally you can download our acquisition criteria here:
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Alturas Capital Partners is a Boise, Idaho based commercial real estate investment company and manager of the Alturas Real Estate Fund. The company actively invests in office, industrial and retail properties, with a focus on the Pacific Northwest and Intermountain West. Alturas owns properties in Idaho, Washington, Arizona, Colorado and Utah. The Shops at Decker Lake is the 24th asset purchase for the Fund. Since 2009, the firm has made investments valued at over $250 million and is actively seeking to acquire additional assets in the Western United States. Learn more about our commercial real estate investment company.