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Colliers Completes Sale of East Bay Shopping Center

NH East Bay

Largest Utah shopping center transaction in Q2 2022

Provo, UT, July 27, 2022 – The East Bay Shopping Center, a 172,000 square-foot retail center located at 979 S. University Avenue in Provo, Utah, was sold to War Chest Real Estate. Colliers brokers Brandon Goodman and Nate Monson represented the buyer, with Stuart Thain and McCall Alder representing the seller, Woodside. The transaction registers as Utah’s largest real estate shopping center sale during the second quarter of 2022.

 

 “This was a great win for our team. The center provides a strong credit lineup nearly across the board and lots of upside with below-market rents,” said a representative from War Chest. “Utah and, more specifically, Provo is a market where we see a lot of growth potential. Brandon and Nate did an excellent job of helping us see the value in this deal. We received LOIs that boosted our NOI before we even closed on the property.”

 

East Bay is a community center located southeast of University Avenue and 900 South. Along with three in-line buildings, the site features potential space for an additional pad build. War Chest purchased the center fully occupied primarily by national brands, including Ross, Starbucks, Sportsman’s Warehouse, Staples, Planet Fitness, and Papa Murphy’s, among others.


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Brandon Goodman

Executive Vice President

Utah County

Brandon recently joined Colliers in 2022 as Executive Vice President of Investment Sales. In 2021, He was recognized by CCIM as one of the Top Four Investment Agents in Utah, becoming one of the youngest recipients in the history of the award. Brandon has successfully brokered 110+ investment transactions totaling over $860 million across Utah, Idaho, Wyoming, Arizona, Colorado, and New Mexico. His primary focus has been on retail shopping center investments but has experience with multi-family, office, mobile home parks, and industrial. Brandon has represented some of the largest REITs and institutional investors to help buy and sell commercial investments within the intermountain west.

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Nate Monson

Vice President

Utah County

Nate Monson specializes in retail investment sales out of Colliers Utah County office. He got his start commercial real estate in 2020 and finished that year as the #1 first-year investment agent in the state of Utah with over $70 million in sold investments. In 2021 he more than doubled that number with $150 million in sold investments. While his primary focus is retail investments, Nate has also brokered over 150,000 square feet in leasing transactions in just two years, representing both landlords and regional tenants. Nate's primary market is Utah, but he has closed transactions throughout the western states, including Arizona, Colorado, Idaho, New Mexico, Wyoming and Texas.

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Stuart Thain

Executive Vice President | Retail, Land, & Investment

Salt Lake City - Millrock

Stuart is an Executive Vice President and Partner at Colliers (formerly Coldwell Banker Commercial Advisors) in Salt Lake City and is an expert in retail brokerage. With over 30 years of dedication to serving the needs of his clients, Stuart has closed over 1,000 transactions valuing over $1.5 billion. Stuart has created long-standing relationships with his clients and takes the time to understand their needs, set goals, and exceed their expectations upon delivery. Providing accurate, reliable market information, expert negotiation skills, and diligence have continually led local, regional, and national retailers to rely on Stuart’s expertise.

From Costco and Ross to Victoria’s Secret, Bath Body Works, and Shake Shack, Stuart represents a wide array of clients in the Intermountain Region. Additionally, landlords continuously entrust Stuart to market more than 6.9 million square feet of new and existing retail developments in the Utah, Idaho, Wyoming, and Montana markets. The trust inspired by his dedication to his client’s interests has led to many ongoing relationships where tenants and landlords alike repeatedly turn to Stuart to problem solve, reach goals, and deliver incredible results. 

Stuart has been recognized with various honors including recipient of former Coldwell Banker Commercial’s #1 Retail Agent of the Year award in 2008, 2010, 2011, 2012, 2013 and 2016 as well as being awarded the CCIM Retail Broker of the Year for 2016, 2014, 2013, 2012 and runner up in 2011 and 2015. Continually ranked in the top 2% of the highest performing agents for Coldwell Banker Commercial, Stuart has also been one of the top three retail brokers globally for the former Coldwell Banker Commercial for the past two years.  

Stuart is an avid outdoorsman and enjoys all things hunting and fishing. He is a member of the Rocky Mountain Elk Federation, Ducks Unlimited, and Safari Club International. Stuart lives in Sandy, Utah with his wife Carol and together they have 4 daughters and 10 grandchildren (8 of which are boys) who they love to spend time with.

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