The Shoppes at Lake Park Retail FOR SALE


West Valley City, UT
$13,750,000 USD
858-525-1432
, West Valley City, UT for Sale
$13,750,000 USD
Retail - FOR SALE
1/13
null | 6.34% Cap Rate

The Shoppes at Lake Park
West Valley City, UT


HIGHLIGHTS

  • Premier 100% occupied shopping center comprising two properties situated in a highly trafficked area in front of about 49,000 VPD in West Valley City.
  • Assumable low interest loan.
  • Prominently located with ample parking and easy access in the heart of a robust trade area filled with nationally renowned retailers and restaurants.
  • Established with retailers Starbucks, Michaels, PetSmart and Jersey Mike’s, shadow-anchored by national tenants Kohl’s, Burlington, Chili’s, and more.
  • Long-term tenants have consistently been on NNN lease terms since the inception of the center in 2005, which has historically remained 99% leased.
  • Conveniently positioned just off the newly constructed SR 85 (N Mountain View), less than 10 minutes from the I-215 and SR 201 highway interchange.

OVERVIEW

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.

ASK ABOUT THIS PROPERTY

Peter HolkerSDRE AdvisorsMore Info
858-525-1432

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Peter HolkerSDRE AdvisorsMore Info
858-525-1432

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.