Alturas Capital Partners acquires first Utah property for the Alturas Real Estate Fund.
FOR IMMEDIATE RELEASE / PRURGENT
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 Shops at Decker Lake is located at 2200 West 3500 South in West Valley City, Utah, a growing suburb 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 area 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.
“We’re excited to have acquired our first asset in Utah,” said Devin Morris, Director of Acquisitions & Asset Management for Alturas Capital Partners. “This property is an excellent fit for our value-add model: a well-located asset with good in-pace cash flow and additional upside through leasing. Decker Lake is centrally located within the fast growing Salt Lake Valley with good visibility and access from I-215.”
Working closely with Chris Monson and Kyle Bloomfield of Mountain West Commercial Real Estate, Alturas was able to achieve significant leasing activity prior to closing including two additional signed leases which took the occupancy from 70% when the property was put under contract to 77% at closing.
“This illustrates how our proactive approach creates value, sometimes even before we close. We are fortunate to be working with the Mountain West team. Our tenant-friendly approach coupled with Mountain West’s market knowledge and relationships has created significant leasing momentum which we expect to continue,” said Travis Barney, President of Alturas Capital Partners.