Newmark Capital Markets has completed the $142 million sale of The Shops at Fort Union, a 688,549-square-foot portion of the over 830,000-square-foot regional shopping center in Midvale, UT, a submarket near Salt Lake City. At 86 percent occupied, the center is home to a number of national retailers including Smith’s Food & Drug, Walmart Supercenter, Dick’s Sporting Goods, Ulta, Ross Dress for Less, Michaels, and shoe retailer, DSW.
Newmark Capital Markets Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy acting in cooperation with local partner Ben Brown, of Newmark affiliate Newmark Grubb ACRES, represented the seller. The buyer, CCA Acquisition Company, LLC, was self-represented.
“Fort Union is arguably one of Salt Lake City’s premier retail destinations featuring an industry-leading tenant roster, exceptional location and market-leading tenant performance,” said Bethea. “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. Ultimatley, 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.”
Built in 1974 and situated on nearly 110 acres in total, The Shops at Fort Union is located at the intersection of S. Union Park Avenue and E. Fort Union Boulevard at 900 Fort Union Boulevard. The asset is strategically positioned at the confluence of Interstate 15 and Interstate 215.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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