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8/19/21
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Foothill Village, a 270k sf, neighborhood retail center in Salt Lake City, was purchased by Charlotte, NC-based Asana Partners in a $51 mil ($189/sf) deal. The seller was JTJG Foothill LLC, a group of local investors.
Located at 1400 South Foothill Dr, along downtown’s primary artery, Foothill Village is a large, well-positioned center surrounded by residents in the nearby East Bench and Bonneville Hills neighborhoods and is less than two miles from the University of Utah. The property also provides immediate freeway access.
Built in 1954, the property is anchored by a premier local grocery store and also features a popular mix of retailers including restaurants, spas, salons and over 60 retail shops. Asana plans to renovate the existing buildings and parking garage on the 11-acre site while taking a thoughtful approach to the tenant mix to cater to the area. Renovations are expected to begin next spring with completion slated for the end of 2022.
Asana’s improvements will include modernizing the building façades, upgrading the parking to enhance lighting and wayfinding, creating outdoor gathering spaces, and drawing additional high-quality local, regional, and national retailers to the location. The company’s plans for a 30k sf anchor space are to modify the format to accommodate smaller, neighborhood-serving shops and dining while also creating an outdoor amenity for the community.
Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Company represented both parties in the transaction.
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