SOURCE: Cushman & Wakefield | Commerce
SALT LAKE CITY, UT--(Marketwired - Apr 2, 2014) - Cushman & Wakefield | Commerce today announced it has completed the sale of The Family Center at Riverdale. The offering included 427,805 square feet of leasable area located in Riverdale, Utah.
Cushman & Wakefield | Commerce represented the seller, DDR Corp. The buyer was American Realty Capital Properties, Inc.
The Family Center at Riverdale is one of the premier retail centers in Utah and is one of only a few sites in the Western United States with a SuperTarget, Walmart, Sam's Club and Home Depot on the same site. Furthermore, of the 427,805 square feet that were included in the transaction, 96 percent of the space is leased to a remarkable line-up of retailers such as Best Buy, PetSmart, Jo-Ann Fabrics, Pier 1 Imports, Sportsman's Warehouse and others.
"This is yet another high-profile transaction coming out of Utah that serves as a reflection of the confidence that institutional entities and other investors have in the Wasatch Front," said Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce. "They have a desire to invest in what they see as a very stable and profitable market."
The Family Center at Riverdale center is located at the intersection of I-84 and I-15, providing access, visibility and traffic to the property.
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world's largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.