CBRE Completes Sale of Taylorsville Town Center
Salt Lake City—CBRE Group, Inc. announced the sale of the Taylorsville Town Center retail development located at 1825 West 4700 South in Taylorsville. The 127,231-square-foot shopping center is anchored by regional grocery chain Associated Foods Fresh Market and was more than 97 percent leased at the time of sale. Brad Lyons and Tim Richey of CBRE Capital Markets, Institutional Properties represented the seller, Weingarten Realty Investors of Houston, Texas. Slate Asset Management of Toronto, Canada purchased the property in a sale that closed August 8.
“Taylorsville Town Center offered investors a unique opportunity to acquire a stabilized, high-performing, grocery-anchored shopping center in a densely populated suburb of Salt Lake City,” said Lyons, senior vice president, CBRE. “Benefiting from its location in a prime retail corridor, the center’s strong rental rates and higher-than-average occupancy levels created an environment for excellent cash flow and upside potential.”
Built in 1987 and recently remodeled, Taylorsville Town Center consists of two big-/junior-box buildings, three multi-tenant shop buildings and one single-tenant retail pad on approximately 13.9 acres. In addition to Associated Foods Fresh Market, the center is home to a diverse mix of 20 consumer goods, services and restaurant tenants, including Rite Aid, The UPS Store, Pizza Hut and Fantastic Sams.
The site is located on the southwest corner of 4700 South and Redwood Road, one of Taylorsville’s busiest intersections with a combined 75,600 vehicles passing daily. Taylorsville Town Center is surrounded by single-family and multi-family residential neighborhoods and is less than a mile from Salt Lake Community College’s Taylorsville campus. With direct access to I-215 and I-15, the area is also a primary commuter corridor for residents traveling within the Salt Lake City metroplex.