NKF Arranges $142M Sale of UT Retail Center
- Feb 23, 2018
CCA Acquisition Co. LLC has bought The Shops at Fort Union, a 688,549-square-foot segment of an 830,000-square-foot retail center in Salt Lake City, for $142 million.
NKF Capital Markets Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito, Glenn Rudy and Ben Brown represented the seller. The buyer, CCA Acquisition Company LLC, was self-represented. According to NKF, the asset is 86 percent occupied. Smith’s Food & Drug, Walmart Supercenter, Dick’s Sporting Goods, Ulta, Ross Dress for Less, Michaels and DSW are some of its tenants.
“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 in prepared remarks. “Over 75 percent of Fort Union’s income comes from national credit tenants and more than 50 percent of the tenant roster has called the center home for over a decade. Ultimately, 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.”
Built in 1974, The Shops at Fort Union is located at 900 Fort Union Blvd. Interstate 15 and Interstate 215 are both easily accessible from the property.
Image courtesy of NKF