Armstrong Capital Development Acquires Shopping Center
Provo— Armstrong Capital Development, LLC (“ACD”) has today announced the acquisition of 102,000 square feet of prime Utah Valley retail located in the heart of Provo.
Parkway Village was acquired from California-based Nearon Enterprises in August and represents ACD’s first acquisition in Utah. Tom Goodwin of Parr Brown Gee & Loveless represented ACD in the transaction.
Anchored by a Walmart Neighborhood Market, one of few grocery stores within the trade area, the property is 94 percent leased to a diverse complement of national, regional and local merchants, including Habit Burger, Bruster’s Ice Cream, Axcess Accident Center, Platinum Dental Care, Cricket Wireless and more. Located on the highly trafficked University Parkway corridor, the property enjoys convenient proximity to both Brigham Young University and Utah Valley University in addition to prime visibility to more than 36,000 vehicles per day. The center has also recently benefited from a slate of new public improvements along the Parkway, including a second signalized intersection, expanded pedestrian pathways and a new Utah Valley Express (UVX) bus stop.
“Parkway Village is an outstanding addition to our portfolio,” said Bryan Armstrong, Partner at ACD. “With its strong fundamentals, top-performing anchor and the vibrancy of the surrounding trade area, this center is ideally suited to our value-add development approach. Our goal with this acquisition is to make a good center great by enhancing it with redevelopment initiatives that will benefit retailers and customers, as well as position the center as a great destination within the City of Provo for years to come.”
Among the initial anticipated enhancements are plans to reconfigure the center’s parking lot as well as plans for a full redesign of the site’s monument signage.
“The idea is to optimize its functionality and appeal as a community amenity,” Mr. Armstrong said. “We look forward to not only getting the ball rolling on this project, but expanding our presence in Utah and beyond as we pursue high-quality assets in attractive regional markets.”
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages opportunistic real estate investments in the Intermountain West, with a focus on value-add acquisitions. ACD funded the acquisition of Parkway Village through a private equity syndicate including its ACD 2017 Fund, LP investment vehicle.