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November 20, 2018
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Local Investor Buys 48k sf Utah Shopping Center

9/05/18

Canyon Center, a 47.9k sf shopping center shadow-anchored by Smith’s Grocery in Sandy, UT, which is located in the southeast Salt Lake City metro area, was acquired by an unnamed local investor. The price was not disclosed.

Built in 1998, Canyon Center is located on 6.79 acres at the intersection of 9400 South and Highland Drive in Sandy. The sale included Smith’s gas station, Wells Fargo and Wendy’s (all stand-alone pad locations within the center) as well as 38k sf of active lifestyle and daily needs shop tenants. The property was 80 percent occupied at the time of the sale.

Bill Asher, Kevin Fryman and Edward Hanley with Hanley Investment Group Real Estate Advisors represented the seller, Pacific Canyon Center LLC, based in Irvine. The buyer was a local investor and was represented by Greg Swedelson and Jon-Eric Greene with SSG Realty Partners. The property was part of a multi-property acquisition strategy, across multiple states, to fulfill the buyer’s 1031 exchange requirement.

“The shopping center has enjoyed long-term historical occupancy and an internet-resistant mix of tenants,” Fryman said. “Nearly 80% of the occupied square footage has been leased by the same tenants since 2010 or earlier.”

The property offered an attractive value-add opportunity with a multitude of different ways to achieve future upside potential. “The buyer has the immediate opportunity to lease-up 20% vacancy within a high-performing Smith’s Grocery-anchored center, as well as the future flexibility to execute a break-up sale strategy if desired,” Asher noted.

The shopping center benefits from the high-traffic signalized intersection location with 30,000 cars per day and affluent demographics. Within a one-mile radius, the average household income is $127,000. The current population within a five-mile radius of the center is 223,000. Smith’s at Canyon Center is well-positioned to continue to be the dominant, long-term grocer for the surrounding community, according to Hanley.

The shopping center is also minutes from Snowbird and Alta Ski Resorts and is ideally positioned as the last grocery store prior to traveling through Cottonwood Canyon to the nearby ski resorts. “This is a highly desirable retail trade area with national and regional anchor tenants located nearby, including Walmart Supercenter, 24 Hour Fitness, Fresh Market, Hobby Lobby, Home Depot, Lowe’s and Walgreens. Smith’s is a division of Kroger (NYSE: KR; S&P: BBB), the largest supermarket chain by revenue in the U.S. and is an excellent daily traffic generator to the shopping center,” said Asher. The population is expected to grow by 110,000 over the next 30 years.






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