X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SALT LAKE CITY-CBL & Associates Properties Inc. has acquired the Layton Hills Mall here for $121.4 milllion. The publicly held mall REIT from Chatanooga, TN, acquired the two-level 672,000-sf regional mall from Gregory Greenfield & Associates, Ltd., an Atlanta-based retail real estate advisory and development firm.

The property is located along Interstate 15 and Hill Field Road in the Salt Lake City suburb of Layton. It was built in 1980 and has been renovated several times, with its last renovation in 1998.

Layton Hills Mall, which is 96.3% leased, produced same store sales of $313 per sf in 2004 and is 6% ahead of that so far this year. The capitalization rate based on in-place income is 6.7%.

Anchor tenants are JCPenney, Meier & Frank and Mervyn’s. Restaurants include Garcia’s, Olive Garden, and Sizzler. A 17-screen Cinemark theater is located on the mall periphery.

CBL president Stephen Lebovitz says part of the impetus for the purchase is that some 1,500 new homes are planned within a two-mile radius of the property. In addition, the mall enjoys a built-in consumer supply from a 150-room Hilton Garden Inn and recently opened 50,000-square-foot convention center adjacent to the mall.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.