CIM Sells Salt Lake City Retail Asset for $48M
- Mar 25, 2019
With the assistance of Newmark Knight Frank, CIM has sold The Family Center at Riverdale in suburban Salt Lake City to CCA Acquisition Co. The 427,800-square-foot property, which was 97 percent occupied upon closing, traded in a transaction valued at $48.2 million.
The Family Center carries the address of 1083 West Riverdale Road in Riverdale, Utah, roughly 35 miles north of Salt Lake City. The 42-acre property, developed in phases between 1995 and 2008, counts a 165,600-square-foot Target store as its anchor. The tenant roster also includes a host of other national retailers, including Best Buy, Pier 1 Imports, PetSmart and Dollar Tree.
“Capital was attracted to this asset as it is a best-in-class center with a strong credit profile and opportunities for growth,” Pete Bethea, vice chairman with Newmark Knight Frank, said in a prepared statement.
In addition to Bethea, the NKF team representing CIM included Rob Ippolito and Glenn Rudy. Local partners Ben Brown and Brandon Goodman of Mountain West were part of the group as well. CCA relied on internal representation in the transaction.
Salt Lake City sales
Investors have been quite keen on the metropolitan Salt Lake City retail market due in part to the fact that the area’s retail sales velocity is bucking the national trend, according to a 2019 investment forecast by Institutional Property Advisors. Major transactions in 2018 included CCA’s $142 million purchase of the approximately 688,500-square-foot The Shops at Fort Union in a deal orchestrated by NKF on behalf of the seller.
“Both single- and multi-tenant properties changed hands in greater numbers last year,” per the report. “Higher interest rates and prices will create headwinds to repeating those gains in 2019.”