Alturas Capital Partners Acquires White Mountain Shopping Center in Rock Springs, Wyoming

Rock Springs, Wyoming

Alturas Capital Partners, an Idaho-based real estate investment and operating company, has successfully completed the acquisition of White Mountain Shopping Center in Rock Springs, Wyoming. Director of Acquisitions, Joshua Utke commented on the acquisition, “The purchase of this asset diversifies our portfolio by adding an excellent retail asset with a diverse and strong roster of tenants.” 

Situated in the southwestern region of Wyoming, White Mountain Shopping Center caters to over 230,000 residents within a 125-mile radius. The local economy is fueled by a burgeoning job market with large employers in various natural resource industries. The area continues to see job growth with an above-average household income of more than $87,000. With a cost of living lower than the national average, Rock Springs residents enjoy outsized disposable incomes. As the largest retail center in Rock Springs, White Mountain Shopping Center stands as the primary shopping destination for both local residents as well as broader southwestern Wyoming and northeastern Utah.

Brandon Goodman of Colliers International who was involved in the acquisition and will be assisting with leasing going forward said, “We’re thrilled to partner with Alturas Capital Partners on the acquisition of the White Mountain Shopping Center, aiming to transform it into a more dynamic retail hub for Rock Springs’ residents and visitors.”

Spanning 32 acres, White Mountain Shopping Center boasts over 300,000 square feet. At acquisition, it is 96% occupied with national credit tenants such as Ulta Beauty, TJ-Maxx, Petco, and Ross. Additionally, regional credit tenants, including Dunham Sports and Murdoch’s, contribute to the diverse tenant mix. Notably, the State of Wyoming renewed its commitment with a five-year lease extension for its 40,000 SF space. This renewal serves as a testament to the center’s appeal and its standing as a premier location.

Alturas Capital Partners would not have been able to acquire the property without the help of the Palmer Capital team (namely Ryan Thompson, Todd Higley and Russ Arnold) who represented the seller. Special thanks also go to Hillcrest Bank who provided financing for the purchase.