SSG Realty Partners, a full-service real estate partnership specializing in the investment, development, leasing, management and brokerage of commercial and mixed-use properties, and Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the two firms arranged the sale of Canyon Center, a 48,537-square-foot, 96%-occupied shopping center shadow-anchored by Smith’s Food and Drug in Sandy, Utah, a suburb within the Salt Lake City metro area.
Greg Swedelson and Jon-Eric Greene of SSG Realty Partners, with offices in Park City, Utah and Los Angeles, along with Hanley Investment Group’s Kevin Fryman and Bill Asher, based in Corona del Mar, California, represented the seller, a private investor from northern Michigan. The buyer, a Cincinnati, Ohio-based investor, was represented by Richard Webb of Emersons Commercial Real Estate in Dallas, Texas.
“We generated eight qualified offers from active institutional, private and mid-market buyers and created a competitive bidding process to help achieve maximum market pricing for the seller,” noted Fryman.
Swedelson commented, “The offering was one of the more attractive available grocery-anchored shopping center investments in the Western U.S. in the last six months. Canyon Center represented an outstanding opportunity to own multi-tenant shops and pads to a high-volume Smith’s Food and Drug, which ranks in the top 10% in the U.S., according to Placer.ai.”
Built in 1987 and expanded in 1998, Canyon Center is located at 2025-2137 9400 South in Sandy, Utah. The 48,537 square feet of shops and retail pads totaling 6.59 acres that transacted included a mix of internet-resistant national, regional and local tenants such as Wells Fargo, Domino’s Pizza, F45 Training, Club Pilates, Fantastic Sam’s, Palm Beach Tan, Nautical Bowls, Ski ‘N See, Vessel Kitchen, Kibbles & Cuts, Chocolate Covered Wagon, Salt Cycles Bike Shop, Pella Nails, Brightside Chiropractic, Tiger Rock Martial Arts and Rainbow Sakura Massage. The sale also included ground leases for outparcels occupied by Wendy’s and Smith’s Fuel Station.
Greene adds, “The property contains five separate parcels: two multi-tenant shop buildings, a Wendy’s drive-thru, Smith’s Fuel Station, and Wells Fargo with a drive-thru, providing the buyer with a future opportunity to create immediate value by implementing a break-up sale strategy to lower their basis in the project.”
Asher noted, “The property is an outstanding daily needs neighborhood shopping center that benefits from daily traffic generated by Smith’s as well as the adjacent Beehive Science and Technology Academy, the #1 ranked high school in Utah, according to U.S. News High School Rankings.”
Canyon Center, strategically positioned at a high-traffic signalized intersection with 35,000 cars passing daily at 9400 South and Highland Drive, is just minutes away from popular ski resorts such as Alta and Snowbird. Notably, it serves as the final grocery store stop before travelers embark on their journey through Cottonwood Canyon to the nearby ski destinations. Additionally, the shopping center enjoys the advantages of affluent demographics, boasting an average of $148,000 in household income, and its convenient proximity to the Salt Lake City International Airport, only 30 minutes away.
Sandy, nestled at the foot of the Wasatch Mountains, offers unparalleled natural beauty, excellent schools, a close-knit community, and abundant outdoor recreational opportunities. With a population exceeding 91,000 residents, Sandy ranks as the 7th largest city in the state. Conveniently situated, it lies 17 miles south of Salt Lake City, 28 miles southwest of Park City, and 30 miles north of Provo.
“The sale of Canyon Center is a prime example of how well-located grocery-anchored shopping centers in major metros across the country will continue to be among the most sought-after retail assets in the marketplace this year,” said Fryman.
About SSG Realty Partners, LLC
SSG Realty Partners, LLC (SSG) is a full-service real estate partnership specializing in the investment, development, leasing, management and brokerage of commercial and mixed-use properties throughout the Mountain West Region, West Coast and Hawaii. SSG was founded in 2010 by its principals, Jon-Eric Greene and Greg Swedelson, to provide institutional level advisory services in a boutique setting, where its principals can actively manage virtually all aspects of the transactional pipeline, to meet the specific engagement needs of its clients. To achieve such specialized service levels, SSG takes on only a limited number of new engagements, focusing on quality of service over volume. With more than 50 years of commercial real estate experience, the partners have earned reputations for excellence, entrepreneurial drive and the ability to anticipate and react to market demands. SSG’s long-standing relationships, extensive experience and solid track record are key drivers to SSG’s success. See www.ssgpartners.com.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
