Advantageously located in the heart of West Valley City’s robust trade area, The Shoppes at Lake Park is a 100% leased shopping center along S 5600 W in Utah. The offering presents two retail properties, including renowned retailers Michaels, PetSmart, Starbucks, and Jersey Mike’s, shadow-anchored by national tenants Kohl’s, Burlington, Chili’s, and more. 3061-3081 + 2993 S 5600 W has historically been 99% leased based with conservative rental promoting potential upside through future escalations rising to market rents. The tenants have consistently been under desirable NNN leases since the site was developed in 2005, making this a true laissez-faire acquisition for a new investor.
Attractive financing, with assumable 4.61% loan -1 point transfer fee + lender’s costs & expenses.
The Shoppes at Lake Park has supreme visibility and building signage in a densely populated area front and center to about 49,000 vehicles per day. The shopping center has easy accessibility just off the newly constructed State Route 85 (N Mountain View), less than 10 minutes from the Interstate 215 and State Route 201 interchange. The Salt Lake City International Airport (SLC) is 12 minutes, or 6.4 miles from the center, bringing travelers and visitors alike to the area.
3061-3081 + 2993 S 5600 W benefits from its strong surrounded demographics with a growing population of over 223,400 residents within a 5-mile radius and a daytime employment of 90,000 employees. These residents have an average household income of $83,529 and spend more than $2.3 billion in the community annually.
The Shoppes at Lake Park serves as a stabilized investment opportunity for a new owner 15 minutes outside of Downtown Salt Lake City. This portfolio asset provides dependable revenue as its tenants have demonstrated commitment to the properties paired with a community boasting an impressive spending power.