Alturas Capital Partners Acquires Montesa Plaza in Tucson, Arizona

Tucson, Arizona – March 4, 2025 – Alturas Capital Partners, an Idaho-based real estate investment and operating company, is pleased to announce the acquisition of Montesa Plaza, a 75,643-square-foot multi-tenant retail center spanning 7.2 acres in Tucson, Arizona. Montesa Plaza becomes Alturas Capital Partners’ first acquisition of 2025 and third multi-tenant retail asset in Tucson, reflecting the company’s continued expansion in the region. The property was 95% occupied at closing, providing strong in-place cash flow from a diverse tenant base. Importantly, the center offers additional upside through the leasing and development of a vacant pad site on the property. 

The acquisition comes against the backdrop of robust market conditions in Tucson. The Tucson retail market vacancy rate is approximately 5%, and unemployment hovers around 4%, in a metropolitan area of roughly 1.1 million residents. These favorable economic indicators have contributed to healthy retail performance citywide and provide a solid foundation for Montesa Plaza’s long-term success. Alturas Capital Partners continues to target Tucson and similar growth markets in its investment strategy, given the strong demographics and economic trends.

The acquisition was facilitated by Nathan Thinnes and Darren Tappen of Kidder Mathews, whose collaboration with Alturas was instrumental in reaching a successful closing. Alturas also worked closely with its lender partner, Bank of Utah, and local leasing partners at Larsen Baker to complete the purchase smoothly.

“This transaction came together as a direct result of the strong relationships we’ve built in the Tucson market over the last year,” said Joshua Utke, Director of Acquisitions at Alturas Capital Partners. “Montesa Plaza is a strategic addition to our portfolio – its stable cash flow and high occupancy align perfectly with our investment criteria, and the opportunity to develop the vacant pad building will allow us to create further value for the community and our investors. We want to thank Nathan Thinnes and Darren Tappen of Kidder Mathews for representing the seller and working diligently with us, our leasing partners at Larsen Baker for their ongoing support in Tucson, and Joseph Packard of Bank of Utah for providing financing for this acquisition.”

Looking ahead, Larsen Baker will act as the leasing broker for Montesa Plaza, leveraging their local expertise to fill the remaining vacancy and attract new tenants. Alturas Capital Partners will immediately begin exploring plans for the vacant pad site, aiming to introduce a new tenant that complements the center’s tenant mix and serves the needs of the East Tucson community, and we welcome any inquiries from prospective users and their brokers.

Additionally, brokers with potential acquisitions in the Tucson market are encouraged to connect with Alturas Capital Partners to discuss collaboration. For inquiries, please contact Joshua Utke at joshuautke@alturas.com

About Alturas Capital Partners

About Alturas Capital Partners Alturas Capital Partners is a real estate investment and operating company based in Boise, Idaho. The company owns and operates commercial real estate throughout the Western United States, with an emphasis on the Intermountain West and Inland Northwest. Built on long-term partnerships with investors, brokers, and tenants, Alturas Capital’s mission is to create and unlock value in the communities it serves. Founded in 2015, Alturas Capital Partners has grown its portfolio significantly, managing a diverse array of assets and continually seeking new acquisition opportunities in growth markets. For more information about Alturas Capital Partners and its portfolio, please visit alturascapitalpartners.com

250 East Eagles Gate Dr. Suite 340 Eagle, ID 83616

250 East Eagles Gate Dr. Suite 340 Eagle, ID 83616

250 East Eagles Gate Dr. Suite 340 Eagle, ID 83616