Alturas Capital Partners Acquires Office Property in Sandy Utah

Sandy, Utah. – November 28th, 2023

Alturas Capital Partners, an Idaho-based real estate investment and operating company, has successfully completed the acquisition of Sandy Commerce Park in Sandy, Utah. The purchase represents our second investment in the Salt Lake market. Despite transaction volumes in the broader market being at an all-time low, Alturas Capital Partners was able to acquire Sandy Commerce Park, thanks to the strength of its team, portfolio and partners and we would like to take this opportunity to thank them.  

Alturas Capital Partners has targeted the Salt Lake market for its robust population and job growth. Utah is the fastest growing state in this decade, has the youngest population in the United States and has seen the greatest gain of jobs in the United States since the pandemic. The Salt Lake market continues to develop into a mature innovation center with the expansion of major tech and finance tenants such as Goldman Sachs, Meta, Google, Adobe Systems and local tenants such as Pluralsight, MX and Qualtrics.  

With 80% of Utah’s population living within the 120-mile Wasatch Corridor, Sandy Commerce Park is centrally located within the market and directly adjacent to the I-15 interstate. This location places it within a 20-minute drive for over 40% of the population within the Salt Lake Metro. Sandy Commerce Park sits within the Sandy South Towne submarket, which has maintained the lowest vacancy rates of any major submarket within the Salt Lake Metro thanks to its opportunities for housing, employment opportunities and central location.  

Constructed in 2017, Sandy Commerce Park features floor to ceiling windows for tenants to enjoy a 360-degree view of the Wasatch and Oquirrh mountains. The building is made up of five floors with a total of 121,197 square feet, on 6.5-acres. At acquisition, Sandy Commerce Park is 100% occupied with seven tenants including: Momentum Loans, Colonial Life, eHub, and Connextion Point. 

“We want to thank our partners for helping us identify and acquire this asset. We want to recognize and thank Phil Brierley and Cole Macadaeg of JLL, and the sellers for their collaboration throughout the process,” said Josh Utke, Director of Acquisitions at Alturas Capital Partners. “I would also like to give a huge thank you to William Haass, Mark Root and the JLL debt team in Denver for assisting in securing financing for this asset. Their expertise and prompt communication ensured a smooth transaction,” said Utke.  

In comments on the acquisition of Sandy Commerce Park, Will Haass, Director of JLL Capital Markets said, “This transaction is a great example of current buying opportunity for strong operators like Alturas, who can excel in the asset management of an office asset like Sandy Commerce Park and acquire a newer vintage Property at a low basis.” 

Alturas Capital Partners remains interested in further strategic investments in the Salt Lake market. We extend our gratitude to our partners, brokers, and teams involved in making this acquisition a success. For potential partnerships and inquiries, visit alturascapital.com. 

About Alturas Capital Partners 

Alturas Capital Partners is a real estate investment and operating company based in Boise, Idaho. Alturas Capital Partners owns and operates real estate throughout the Western United States, with an emphasis on the Intermountain West and Inland Northwest. The company has been built on long-term partnerships with investors, brokers, and tenants, and its mission is to provide value to these partners. The company acquired its first property in 2015 and has grown significantly to approximately $600 million in assets under management. Alturas Capital Partners is currently seeking to acquire additional assets in the growth markets of the United States. Visit alturascapital.com for more information.