Newmark announces the $4.35 million sale of Parrish Square, a 27,469-square-foot, 100 percent leased, grocery-anchored shopping center, located at 184 West Parrish Lane in Centerville, Utah. Newmark’s Executive Managing Director, Investment Properties Bryce Blanchard represented the seller, Tate Properties, LLC, in the sale to buyer Los Angeles-based M Capital Partners. This acquisition, as well as the acquisition of a 1.3-acre potential redevelopment site in Salt Lake City,* marks M Capital Partners’ entry into the Salt Lake City market.
“Bryce was extremely thorough in the marketing process - underwriting and reviewing all aspects of the property prior to going to market,” Steve Tate of Tate Properties, LLC, said. “I truly appreciated Bryce’s assessment of each item of due diligence material upfront with me. Pre-marketing underwriting allowed us to easily answer the questions of interested buyers and execute on the sale of the property without delays or re-trades; M Capital was a great buyer and we were thrilled to complete this transaction with them.” Tate Properties, LLC is currently looking for all product types along the Wasatch Front.
M Capital Partners is making a concerted entry into the Salt Lake City market with a focus on strip center retail and covered land positions. Navid Moshtaghi, founding principal of M Capital Partners said, “We believe in the strong growth fundamentals of the Utah market driven by millennials and families who appreciate the high quality of life, ample job opportunities, and affordability compared to larger coastal cities such as Los Angeles and New York.”
*Newmark was not involved in the secondary acquisition
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 18,000 professionals operate from approximately 480 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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