Portfolio

Investment Highlights

• SKB identified the asset one year before it was marketed, at which point it decided to perform early asset-level and demographic due diligence.
• Asset owned by a national REIT that had determined it to be non-core to its strategy, resulting in deferred maintenance, tenant frustration and lagging sales
• Located in one of the most desirable demographics in Utah, asset was designated a historic site and is one of the most popular tourist destinations in the state
• Opportunity to redevelop existing retail site by moving surface parking underground and building anchor pad site to increase rentable area as well as bring rents up substantially to market rates
• Phased renovations include a new grocery building, improved structured parking, extensive common area improvements and 102,000 square feet of additional retail space
• Secured and signed Whole Foods as a new 53,000 SF anchor tenant for a 20 year term; negotiating to retain high-quality national retailers such as Restoration Hardware, Pottery Barn and Williams-Sonoma
• In various stages of negotiations with prospective tenants such as Anthropologie, Coach, Janie & Jack, Magnolia HiFi and Sephora