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.