Newmark is pleased to announce it has brokered the $48.2 million sale of The Family Center at Riverdale, a 427,828-square-foot shopping center in Riverdale, UT. The City of Riverdale is part of the Ogden-Clearfield market and is six miles from Ogden and 35 miles from downtown Salt Lake City.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy, along with Ben Brown and Brandon Goodman of Mountain West as local market partners, represented the seller, CIM. The buyer, CCA Acquisition Company, was self-represented.
“The Family Center at Riverdale presented an opportunity to acquire the cornerstone of the retail arterial servicing this particular trade area boasting excellent day-one returns with future merchandising and development opportunities,” said Bethea. “Capital was attracted to this asset as it is a best-in-class center with a strong credit profile and opportunities for growth.”
The property is approximately 97 percent occupied by Target (165,550 sf), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree, and Joann, among others.
Built in phases from 1995 to 2008, the asset is situated on nearly 42 acres at 1083 West Riverdale Road at the confluence of the 15 and 84 Interstates and along the busiest retail corridor in the area.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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