Alturas Real Estate Fund Purchases 23,000 SF Industrial Property in Sale-Leaseback Deal

Written by Brent Carnduff | February 27, 2020

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Twin Falls, Idaho - February 21, 2020

Alturas Capital Partners has added an industrial property totaling 23,000 SF on 2.42 acres to the Alturas Real Estate Fund. The property is occupied by a long-term net-lease tenant, Excel Fabrication, and is located at 297 Wycoff Circle in Twin Falls, Idaho 83301.

Excel manufactures and installs sanitary process piping, air, mechanical, and utility lines as well as wastewater systems. They also provide customized welding of sheet metal and maintenance support. The company primarily serves the food processing industry with a small presence in beverage, mining, and a few other miscellaneous industries. The majority of their customers are located in Idaho and Utah, and no customer accounts for more than 10% of their business.

Lew Goldman of Colliers International identified the opportunity and brought it to our attention. The tenant was in the process of being purchased by a private equity fund which produced some uncertainty in the marketplace around the real estate. The seller was represented by Ray Germain and Perry White of Marcus & Millichap.

Upon completion of our due diligence, we felt confident that the real estate was a good fit for the Fund and represented an opportunity to pick up high-demand industrial real estate in a growing market at terms that provide for a good return to the Fund.

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