Lucescu Realty sells Utah shopping center portfolio for $226 million

Newport Beach, Calif. – Investment real estate services firm Lucescu Realty has sold three retail shopping centers in Utah for $225.6 million. The properties included The Family Center at Fort Union in Midvale, Utah; The Family Center at Taylorsville in Taylorsville, Utah; and The Family Center at Orem in Orem, Utah.



DDR, headquartered in Beachwood, Ohio, a self-administered and self-managed REIT operating as a fully-integrated real estate company, was the seller. The buyer, Excel Trust, located in San Diego, is a real estate investment trust that primarily targets community and power centers and grocery-anchored neighborhood centers.



An additional component of the transaction was the simultaneous sale of the Taylorsville, Utah center from Excel Trust to TriGate Capital. TriGate Capital, based in Dallas, is a real estate private equity firm focused on the recapitalization and repositioning of real estate assets throughout the U.S. Lucescu represented Excel in both sale transactions and dealt direct with DDR and TriGate Capital.



The Family Center at Fort Union is a 682,279-sq.-ft. community shopping center, anchored by Wal-Mart, Smith’s Food & Drug, Gordmans, Dick’s Sporting Goods, Bed Bath & Beyond, Babies “R” Us, Ross Dress for Less, OfficeMax, Michaels, DSW and Petco. Walmart and Smith’s, which occupy approximately 126,370 sq. ft. and 65,755 sq. ft. respectively, were both included as part of the sale.



The Family Center at Taylorsville is a 779,439-sq.-ft. portion of a 857,866-sq.-ft. community shopping center, anchored by Shopko, Harmon’s, FYE Superstore, Sports Authority, Jo-Ann Fabrics, 24 Hour Fitness, Bed Bath & Beyond, Ross Dress for Less, PetSmart, Guitar Center and Dollar Tree. The property was 75% occupied at closing.



The Family Center at Orem is a 150,667-sq.-ft. portion of a 281,931-sq.-ft. community shopping center.



“It’s an institutional-quality portfolio of centers; blue chip tenant rosters, located in infill locations with high barriers of entry,” noted Lucescu. “DDR did a great job of owning, managing and leasing these centers and Excel will continue that success. The Midvale center is considered by many to be the most dominant open-air center in Utah and the Taylorsville center is situated at the busiest intersection in the entire state."