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Portion of The Shops at Fort Union Trades for $142M

Shopcore Sells 86 Percent Leased Retail Complex Near Salt Lake City
February 23, 2018
Shopcore Properties, a San Diego-based investment firm with a portfolio totaling more than 24 million square feet, sold a 688,549-square-foot portion of the more than 830,000-square-foot The Shops at Fort Union in Midvale, UT to CCA Acquisition Co. for $142 million, or approximately $206 per square foot.

The Shops at Fort Union delivered in 1974 on nearly 110 acres at the intersection of S. Union Park Ave. and E. Fort Union Blvd. The shopping center is anchored by Dick’s Sporting Goods, Bed Bath & Beyond, Walmart, Michael’s and Office Max, among others. Additional tenants at the retail complex include Chili’s Bar and Grill, In-N-Out Burger and Ulta Beauty, which signed a 10,018-square-foot lease in July 2013.

Pete Bethea, executive managing director at Newmark Knight Frank (NKF), said, “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.”

Ben Brown of Mountain West Commercial Real Estate, along with Pete Bethea, Rob Ippolito and Glenn Rudy of NKF, represented the seller.

Cushman & Wakefield retains the listing for the 86 percent occupied shopping center.

For more information on this transaction, please refer to CoStar COMPS #4144687.
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