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December 15, 2018
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TEXAS/SOUTHWEST NEWS
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Regional Shopping Center Asset in Utah Trades for $142 Mil

2/23/18

The Shops at Fort Union, a 688.5k sf portion of the over 830k sf regional shopping center in Midvale, UT, has sold for $142 mil ($206/sf). The 86% occupied center is home to a number of national retailers including Smith’s Food & Drug, Walmart Supercenter, Dick’s Sporting Goods, Ulta, Ross Dress for Less, Michaels, and shoe retailer, DSW.

Built in 1974 and situated on nearly 110 acres in total, The Shops at Fort Union is located at 900 Fort Union Blvd, at the intersection of S. Union Park Ave and E. Fort Union. The asset is strategically positioned at the confluence of Interstate 15 and Interstate 215.

Pete Bethea, Rob Ippolito and Glenn Rudy with NKF Capital Markets, acting in cooperation with local partner Ben Brown, of NKF affiliate Newmark Grubb ACRES, represented the seller. The buyer, CCA Acquisition Company LLC, was self-represented.

“Fort Union is arguably one of Salt Lake City’s premier retail destinations featuring an industry-leading tenant roster, exceptional location and market-leading tenant performance,” said Bethea. “Over 75% of Fort Union’s income comes from national credit tenants and more than 50% of the tenant roster has called the center home for over a decade. Ultimatley, the buyer was drawn to the reliable income stream and the opportunity to add value through lease-up as well as the possibility to introduce a mixed-use component via redevelopment of strategic parcels.”





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