DDR Corp., Beachwood, Ohio has confirmed the sale of a three-shopping center portfolio in the Salt Lake City area to Excel Trust Inc., San Diego.
The three centers which have been sold are The Family Center at Orem, The Family Center at Taylorsville and the Family Center at Fort Union, totaling around 1.8m square feet.
A related transaction resulted in the sale of the Taylorsville mall by Excel, to a third party, TriGate Capital of Dallas. TriGate is known as a private equity firm, with focus on repositioning and recapitalization of real estate assets.
The Family Center at Orem is a portion, measuring 150667ft², of a 281931ft² community shopping center, with anchor tenants including Dollar Tree, Jo-Ann Fabrics, Babies ‘R’ Us, Toys ‘R’ Us, Dick’s Sporting Goods and RC Willey. It is situated on University Parkway, across the way from University Mall, which is anchored by Macy’s.
The Family Center at Taylorsville is a portion of 779439ft² of a 857866ft² community shopping center, which is anchored by PetSmart, Ross Dress for Less, Bed Bath & Beyond, 24 Hour Fitness, Jo-Ann Fabrics, Sports Authority, FYE Superstore, Harmon’s and Shopko. It is located on an 80-acre plot at Redwood Road and I-215.
The Family Center at Fort Union comprises of a 682279ft² community shopping center, with anchors Petco, DSW, Michaels, OfficeMax, Ross Dress for Less, Babies ‘R’ Us, Bed Bath & Beyond, Dick’s Sporting Goods, Gordmans, Smith’s Food & Drug and Walmart. The anchors and major tenants occupy around 70% of the GLA in the center. The property is located on an almost 60-acre plot at Union Park Avenue and Fort Union Boulevard.
3 OCTOBER 2014, USA
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