Alturas Capital Partners Acquires Legends at Sparks Marina, The Leading Retail Destination in the Reno-Sparks Market
Sparks, Nevada – July 23, 2026 – Alturas Capital Partners (ACP), an Idaho-based real estate investment and operating company, is pleased to announce the acquisition of Legends at Sparks Marina, an approximately 421,000-square-foot mixed-use lifestyle center in Sparks, Nevada. The transaction closed on July 23, 2026, and will be added to the Alturas Real Estate Fund. It the entire portfolio, bringing assets under management to $850 million and 4.6 million square feet.
More importantly, it reflects the continued execution of ACP’s long-term strategy of investing in commercial real estate with durable in-place cash flow and compelling opportunities to create additional value through partnerships and hands-on asset management.
Legends at Sparks Marina features a diverse mix of national and regional tenants, including H&M, Nike, Sephora, Five Below, Yard House, Galaxy Theatres, Burlington, and Cavender’s. This roster of established national and regional retailers reinforces Legends at Sparks Marina’s position as the leading shopping, dining and entertainment destination within the fast-growing Reno-Sparks market. The center ranks as the top-performing retail destination in the region, drawing nearly 12 million visits annually. Legends at Sparks Marina also sits at the heart of a larger, contiguous retail district that together spans more than 1.3 million square feet, ranking as the most comprehensive shopping destination in Northern Nevada. The surrounding center is anchored by national names including Scheels, the world's largest all-sports store, along with Lowe's, Target and Best Buy, and is complemented by nearby grocery and everyday retail that drive consistent daily traffic across the property.
The acquisition expands ACP’s presence in a market it has targeted for several years. Reno-Sparks combines resilient retail fundamentals with long-term economic drivers in logistics, advanced manufacturing and data-intensive operations, and is home to major employers including Tesla, Amazon and Google, anchoring a regional workforce of roughly 253,000. With more than 430,000 residents within a 10-mile radius, area household incomes roughly 10% above the national average and no state income tax, the market continues to attract both people and capital, including steady in-migration from higher-cost western states, most notably the Bay Area of California.
The Reno retail market recorded approximately 200,000 square feet of net absorption over the prior 12 months, while vacancy stood at approximately 3.8% with only about 110,000 square feet under construction. These conditions, together with a regional population that has grown nearly 5% since 2020 and major regional investment, support the long-term outlook for Legends at Sparks Marina.
“Legends at Sparks Marina is exactly the type of investment we have been pursuing since the Fund’s inception: a well-located asset in a growing market with durable cash flow that can be improved with the right execution and team,” said Travis Barney, CEO and Co-Founder at Alturas Capital Partners.
“This acquisition adds a diverse, high-quality asset that elevates the portfolio while expanding our presence into Reno-Sparks, a market where technology, advanced manufacturing, and logistics investment continue to broaden the economic base. We are excited to build on the property’s momentum and serve its tenants, customers, and the surrounding community for years to come,” said Joshua Utke, Director of Acquisitions at Alturas Capital Partners.
ACP plans to build on the center’s recent leasing momentum through active asset management, strong tenant relationships and targeted investment in the property. The company will also pursue opportunities to lease the remaining availability, enhance the tenant mix and reinforce Legends at Sparks Marina as the premier regional destination.
Alturas Capital Partners is actively pursuing acquisitions across retail, flex, office, industrial and residential property throughout the Reno-Sparks market and the broader Western United States. As a hands-on operator with more than $850 million in assets under management, we move quickly, honor our commitments and build lasting relationships with the brokers we work with. Brokers with opportunities that fit this profile are encouraged to connect with our team to explore how we can partner. For inquiries, please contact Joshua Utke, Director of Acquisitions, at joshuautke@alturas.com.