Grocery-Anchored Trio Bags About $40M

The Houston REIT acquired the West Jordan Town Center at 7000 South St. and Taylorsville Town Center at 1800 W. 47th St. The Redwood Plaza at 725 N. Redwood Rd. went to a partnership led by Stuart Bond of Anchorage.

Barney McAuley, vice president and head of Fort Worth-based Woodmont Co.'s Capital Markets Group, tells GlobeSt.com that Boise, ID-based Cantlon Properties got more than $20 million for the 99%-leased, 192,000-sf West Jordan Town Center, built in 1998 on 18.6 acres, and another $10 million plus for the 94,000-sf Taylorsville Town Center, a 98%-leased property redeveloped about a decade ago. He says the Taylorsville deal includes 15,000 sf leased for the long term to Albertsons, which used the inline space to expand the 40,000-sf, corporate-owned location a few years ago.

McCauley says Weingarten cracked the Salt Lake City market by besting 35 others vying for the two town centers brought to market in May 2003 at the International Council of Shopping Centers convention. Key to the deal was the assumption of $16 million in debt held by Protective Life Insurance Co. of Birmingham, AL for the West Jordan center, co-developed with the city.

"Both properties contributed to a downREIT and both addressed the tax issues of the seller," McAuley says. "Weingarten provided a very good tax solution. Being able to solve the client's problem is what made them the best bidder."

Kevin Kelly and Candace Dufour were Weingarten's in-house representatives for the transaction. McAuley and Woodmont associates Peyton Millinor and Brandon Beeson negotiated for Cantlon Properties as well as Redwood Plaza's seller, the Archon Group, a Goldman Sachs company based in Irving, TX.

McAuley says Archon got about $6 million for the 104,000-sf, 90%-occupied center in the trade to Bond's partnership. The center, with a leased Albertsons store, was built in 1977 and redeveloped five years ago. Archon bought the property about four years ago.