Tucson, Arizona (March 5, 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. The center offers an additional upside through leasing and developing a vacant pad site.
The asset sold for $14.2 million ($188 PSF).
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. Given the strong demographics and economic trends, Alturas Capital Partners continues to target Tucson and similar growth markets in its investment strategy.
Nathan Thinnes and Darren Tappen of Kidder Mathews facilitated the acquisition, 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. 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.
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