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8/13/12
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Woodbury Strategic Partners Fund has purchased Midvale Plaza, a 105.2k sf retail strip in Midvale, Utah, approximately 13 miles south of Salt Lake City. The terms of the sale were not disclosed.
The property is located at 73 West 7200 South in Midvale, two blocks from Interstate 15. The population within five miles is 310,822 and the estimated annual household income within five miles is $61,562.
Built in 1976 on 8.2 acres, Midvale Plaza is anchored by Savers. Other tenants include West Marine, Home Fabrics and Tenochtitlan Super Market. The shopping strip features high-visibility signage, and excellent parking, access and visibility.
Tod Jones, an associate in Marcus & Millichap’s Salt Lake City office, represented the buyer and the seller, a national real estate developer. “The new owner is well positioned to benefit from the well-established tenants and the strong central location of the property,” says Jones.
“In addition to closing the Midvale Plaza sale, Tod also brokered the sale of a 148.6k sf shopping center in April, which is another indication that the market for retail properties in the Salt Lake City MSA is strengthening,” says Richard Bird, regional manager of the firm’s Salt Lake City and Las Vegas offices.
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