Van Winkle Shopping Center Sold for over a 200% Net Return
Mountain West Commercial Real Estate (MW) is pleased to announce the sale of the Van Winkle shopping center to a private investor. The 168,494 SF center is located at 5580 Van Winkle in Holladay, Utah. The center is anchored by a top performing VASA Fitness and a new indoor climate-controlled storage facility by national REIT Extra Space Storage.
MW Retail Specialist Chris Monson represented the seller, Glen Kitto, in this remarkable transaction and MW Retail Specialist Ben Brown represented the buyer.
Under Monson’s guidance, Kitto netted more than 200% of his original investment after the sale. When Kitto acquired the asset six years ago, it was 62% vacant. Monson oversaw all the lease-up and filled the center to 100% occupancy before marketing it for sale. One of the larger national publicly traded box tenants signed a 50 year primary term lease.
“It was great to help a client more than double their cash return on this investment in six years,” said Monson.
Kitto praised Monson’s years of hard work, saying, “Outstanding job getting this over the finish line.”