Asana Partners acquires Foothill Village
Salt Lake City— Today Asana Partners announced the company has acquired Foothill Village, a 260,000 square-foot neighborhood center located at 1400 South Foothill Drive in Salt Lake City. Built in 1954 and anchored by Dan’s Fresh Market, the large, well-positioned center is surrounded by families and young professionals in the nearby East Bench and Bonneville Hills neighborhoods and is less than two miles from the University of Utah. Asana plans significant renovations to the existing buildings and parking garage on the 11-acre site while taking a thoughtful approach to the tenant mix to cater to the area.
“Our core strategy is to acquire properties like Foothill Village in dense, established neighborhood markets where we can add value by improving the physical space and enhancing the retail and dining offerings,” commented Reed Kracke, Asana Partners Managing Director. “It would be very difficult to re-create Foothill Village today, given its size, incredible location, and standing in this community. And we wouldn’t want to. Instead, we have a rare opportunity to refresh one of the most well-known neighborhood centers in the market using our experience and expertise working with landmark properties like this one.”
Asana’s improvements will include modernizing the building façades, upgrading the parking to enhance lighting and wayfinding, creating outdoor gathering spaces, and drawing additional high-quality local, regional, and national retailers to the location. The company’s plans for the 30,000 square-foot space previously occupied by Stein Mart are to modify the format to accommodate smaller, neighborhood-serving shops and dining while also creating an outdoor amenity for the community.
“Foothill Village has long been an iconic property along the east bench of Salt Lake City,” comments Andy Moffitt, agent for Mountain West Commercial Real Estate. “We look forward to working with Asana Partners to create an even greater experience here for the surrounding neighborhoods and community.”
In addition to Dan’s, the property features a popular mix of retailers serving the area’s active lifestyle, including Sports Den, The Tutoring Toy Shoppe, Babinski’s Baby, CorePower Yoga, Honest Eatery, and others.
Renovations are scheduled to begin next spring with completion slated for the end of 2022.
Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Company assisted in the transaction. Mountain West Commercial Real Estate and Newmark will lead the retail and office leasing efforts, respectively.
About Asana Partners
Asana Partners is a vertically integrated real estate investment company that creates value by acquiring, enhancing, and operating distinctive mixed-use and retail properties in dynamic urban and near-urban neighborhoods in the United States. For more information, visit www.asanapartners.com.