Family Center at Taylorsville
Salt Lake City, UT
- 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.
- 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.
- 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.
Key Colliers Services
- Colliers Institutional Services
- Colliers Private Capital Services
- Colliers Single Tenant & Portfolio Disposition Services
- Colliers Retail Leasing Services
- Colliers Property Management Services
- Colliers Debt & Equity Services
- Colliers Valuation & Appraisal Services
- Colliers Marketing & Client Services
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Institutional Seller with strong expectations. Not main and main within the market. Restrictions on fully marketing the asset. Short timing to sell the property. Record cap rate for the Pacific Northwest. Sold to an exchange buyer off market that was based in Beverly Hills. Delivered again for one of our top clients. Help us take the top spot for grocery sales in 2020.
Top performing Kroger grocery store coupled with Kmart anchor on eve of bankruptcy. Underperforming shop tenant performance and new development competition. Northward market migration and residential growth. How to get value for Kmart space with limited prospects to backfill 100,000 SF. Kroger controlled redevelopment via site plan modification approvals.
High seller expectations for REO asset at excellent location near high-performing regional mall. Second generation replacement anchors HH Greg & Gander Mountain lacked credit. Functional obsolescence of enclosed mall shops resulted in under-performance. Outdated movie theater lacked credit, but required significant LL renovation contribution. High expectations based on quality of location but encumbered by current leases. Vintage physical plant was dated with deferred maintenance.
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