Alturas Acquires 35,903 SF Retail Center in Eastern Idaho
Written by Travis Barney | August 21, 2019
Ammon, Idaho - August 19, 2019
The Alturas Real Estate Fund added Sandcreek Plaza to its investment portfolio. The 35,903 SF retail center is 100% occupied and is located at 939 S. 25th East, Ammon, Idaho, part of the Idaho Falls MSA, and one of Idaho’s fastest growing cities.
The property is shadow anchored by Walmart and is part of a large commercial corridor with direct exposure and access to 25th East, a primary north-south artery which handles 22,000+ vehicles per day. Nearby major national retailers include:
- Best Buy
- Hobby Lobby
- Home Depot
- Sam’s Club
- The Grand Teton Regional Mall
Capital Pacific, a broker-partner out of Seattle with whom we’ve discussed a number of assets in the past brought the project to our attention. Although the shopping center is 100% occupied and is located in a highly trafficked commercial corridor in a fast growing community, there are concerns surrounding one of the primary tenants which resulted in uncertainty. This uncertainty created the risk profile that allowed us to acquire the asset at a price that fit our criteria.
While underwriting the project, we determined that the risk was less than generally perceived, and that even if we were to lose the tenant, our relationship with local leasing brokers and our cost basis would allow us to find replacement tenants.
We are excited to be expanding our presence in Eastern Idaho and look forward to continuing to grow with the excellent property management and leasing team we have in Idaho Falls.