Mountain West Retail and Investment and Newmark Grubb ACRES Close Two Grocery Anchored Retail Sales on the Same Day
In a market where grocery anchored retail is a widely desirable asset for investors but where available product has been scarce in Utah for years, Mountain West Retail and Investment (MWRI) and Newmark Grubb ACRES (NGA) have brokered two prestigious deals in the sector simultaneously. The sales of the Canyon Center and Kane Creek Shopping Center even closed the same day. These transactions are significant as they are the first grocery anchored retail acquisitions to be completed in the state in over two years.
The 51,914 square foot Canyon Center is located at 2165 East 9400 South in Sandy, Utah, and boasts a wide variety of tenants. With 19 spaces and four retail pads, the center is anchored by Smith’s and Shopko. The seller was Dee’s Inc., a three generation family-owned real estate company. The buyer was Pacific Castle, an institutional investor based out of Southern California. MWRI’s Chris Hatch and Joe Mills and NGA’s Bryce Blanchard brokered the transaction.
The second sale was for the 43,790 square foot Kane Creek Shopping center, located at 702 South Main Street in Moab, Utah. The seller was J&J Properties of Troy who was again represented by Blanchard and Hatch; the buyer was Hawthorne Capital. Kane Creek is currently one hundred percent occupied, housing nine tenants in addition to grocery anchor Village Market. This deal also included an extension on the Village Market lease and a remodel of the exterior façade.
These two significant deals are just the most recent in a long string of transactions that the two industry leaders, Hatch and Blanchard, have brokered. Although each respectively works for one of the two sister companies, the powerhouse duo has successfully collaborated on 30 retail investment transactions in the last five years.