Family Center at Taylorsville

Salt Lake City, UT

Challenge

  • Significant shop square to anchor ratio creating leasing challenges.
  • Located in a secondary market and thoroughfare within the market.
  • Had to find operators and pair with equity to a heavy value add project.
  • Create a viable and supportable value add business plan.

Strategy

  • Target high probability operators that had a track record of redeveloping the property into a mixed-use development.
  • Put together a separate analysis to attract JV Equity and non-recourse debt.
  • Create a business plan with the appropriate yields to attract the perfect capital stack.
  • Create competition on all levels of the stack.

Results

  • Closed the asset off market for $75M all cash.
  • Sold the asset for a large institutional investor within a 60-day period.
  • No pricing adjustments or timing extensions during escrow.
  • Largest transaction for Colliers in 2015.