Mountain West Brokers Sale of Interpointe Shopping Center
March 10, 2020 – Salt Lake City, Utah. Mountain West Commercial Real Estate (MW) is pleased to announce the investment sale of Interpointe Shopping Center. The sale included approximately 100,000 SF of leasable space and 7 acres of land at 300 West 2100 South, South Salt Lake City, Utah.
Interpointe Shopping Center is home to one of the top Best Buy stores in sales volume in the Rocky Mountain region as well as the #1 volume store in Utah. The community center also consists of the #1 Office Depot in sales volume in Utah.
Chris Monson, MW Broker, said, “We’ve been providing brokerage services on this property for the last 20 plus years in development, leasing opportunities, and the overall success of the shopping center. We’re pleased to have found a new fit for this high-profile property to carry on the legacy and service the community.”
Alongside the sale of Interpointe Shopping Center, MW was able to broker the 3,399 SF sale of the Carl’s Jr pad located on the same property.
The seller was the original developer of the property, PMJ Companies, represented by Chris Monson, MW Broker, and the buyer was DBA Midtown National Group, LP, represented by Lance Pendleton, MW Broker, on both transactions.
Lance Pendleton, MW Broker, said, “My client saw this as a very unique covered land play in which their potential doomsday scenario could turn into one of South Salt Lake City’s largest redevelopment in the years to come. Owning 7 acres, with a TRAX station onsite, lends itself to multiple possibilities as it relates to redeveloping the property. The current low-interest-rate environment and favorable loan terms allowed us to bridge seller and buyer expectations.”