Biz ‘Bites:’ Alturas buys Tucson retail property

Alturas buys Tucson retail property

Eagle-based Alturas Capital Partners announced the acquisition of its third retail property in Arizona on Jan. 27. The firm purchased the Tucson Fiesta shopping center. The 93,006-square-foot property is on 8.83 acres. The property was developed in 1994 and redeveloped in 2019. The shopping center is 100% occupied with three tenants: PGA Tour Superstore, Burlington and Bob’s Discount Furniture.

Alturas acquired the property for $14.6 million from EVT Tucson Fiesta LLC. Cushman & Wakefield’s Chris Hollenbeck of the Cushman & Wakefield office in Phoenix represented the buyer in the transaction. Tucson Fiesta Shopping Center is the first property for Alturas in Tucson. It will be managed by an Alturas Capital Partners property management team based out of Phoenix.

“Tucson Fiesta was a very attractive investment acquisition with a super tenancy of well-established, high-quality brands and a desirable location along heavily trafficked Oracle Road and across the street from the premier dining and entertainment district of Tucson,” said Hollenbeck in a Feb. 2 statement.

Home Depot announces hiring for thousands of jobs

Home Depot will hold a virtual hiring event on Feb. 16. The retailer of home improvement and construction goods intends to hire more than 100,000 to work in both its retail stores and its warehouses. According to a news release issued on Feb. 1, the firm said applicants could receive job offers within one day of applying.

Home Depot will be hiring for most of its job categories, including customer service, sales, store support, freight, merchandising and warehouse associates. The company is hiring in advance of the spring sales surge in the home improvement sector. Jobseekers are encouraged, but not required, to apply to open positions on careers.homedepot.com ahead of the event. Home Depot has stores serving Idaho in Boise (two locations), Coeur d’Alene, Eagle, Idaho Falls, Lewiston, Meridian, Nampa, Pocatello and Twin Falls. and, outside of Idaho, Logan, Utah and Ontario, Oregon.

Idaho’s credit rating raised again

Moody’s investor service announced the upgrade of Idaho’s credit “issuer rating” from Aa1 to Aaa on Feb. 3. The Aaa rating is the highest level that Moody’s assigns. The move mirrors the new AAA rating by Fitch Ratings Inc. in November 2021, which is Fitch’s highest rating.

Moody’s upgraded the lease appropriation rating on $341 million of Idaho State Building Authority Revenue Bonds to Aa1. The rating organization reaffirmed the Aa1 rating for the Idaho School Bond Sales Tax Guaranty Program; $242 million of Idaho Bond Bank Authority bonds and the MIG 1 short-term rating on the State of Idaho’s $300 million Tax Anticipation Notes, Series 2021.

Moody’s also upgraded the lease appropriation rating on about $25 million of Idaho Fish and Wildlife Foundation Inc. bonds, as well as the programmatic rating on the Idaho Public Charter School Facilities Program from Aa3 to Aa2.

The rating organization noted that the obligor of the Aa1 special tax revenue bonds will no longer be the the Idaho Bond Bank Authority. The obligor will now be the State of Idaho with the the Idaho Bond Bank Authority remaining the issuer.

Moody’s stated: “The upgrade to Aaa reflects the state’s continued positive economic and demographic outlook and positive governance changes to increase reserves that offer increased protection against the state’s volatile economic and revenue structure. The Aaa rating also reflects the state’s very low liability burden, some diversification of the economy supported by strong in-migration trends. These strengths mitigate below-average socioeconomics and moderate economic concentration.”

Moody’s is one of the “Big Three” nationally recognized statistical rating organization (NRSRO). An NRSRO is a credit rating agency approved by the U.S. Securities and Exchange Commission to provide information that financial firms must rely on for certain regulatory purposes. The other two are S&P Global Ratings (formerly Standard & Poor’s) and Fitch Ratings Inc.