Valley Fair Mall – Existing Asset Redevelopment/Repositioning
Summary
Projected Acquisition Date – January 2008
Location – Salt Lake City (West Valley), UT
Value-Add Opportunity – Asset Re-positioning
Size – 950,000 sq. ft.
Total Project Cost – $117.4 million
Opportunity
- Immediate redevelopment and lease-up opportunity of a well located, highly visible regional mall with significant leasing interest and strong anchor tenants
- Recently opened Costco and improved sales and traffic is impetus for re-positioning with tenancy and format to better serve market demographic
Value Added
- Re-position the current tenant mix with a revised site plan that decreases interior mall shop space, adds credit with additional junior anchors and increases density with additional outparcel and freestanding buildings creating a “town-center”
- Restore image of asset within community through re-positioning plan
- Negotiated an $8.2 million redevelopment TIF
- Off market transaction