Alturas Capital Partners has recently acquired the Heritage Plaza Shopping Center in Tucson for a sum of $17.5 million. This prime retail property, located in the Northwest Tucson retail corridor, sees an average daily traffic volume of 45,000 vehicles.
Built in 1987 and spanning over 113,000 square feet, this shopping center was almost fully occupied at the time of purchase with a occupancy rate of 93%. It offers a diverse mix of both local and national tenants that cater to everyday needs and lifestyle services. The anchor tenants include LA Fitness and Goodwill.
This acquisition marks Alturas’ second investment in Tucson and their eighth overall asset in Arizona. With its low vacancy rate (5%) and unemployment rate (4%), as well as a population size exceeding one million residents,Tucson is an attractive market for retail properties. Larsen Baker will be handling the leasing contract on behalf of Alturas for Heritage Plaza Shopping Center.
