Mountain West Participates in 2022 NAIOP Utah Commercial Real Estate Symposium
(April 20, 2021) Mountain West Commercial Real Estate will participate in NAIOP’s 2022 Utah Commercial Real Estate Symposium. This year’s symposium will focus on the 20th anniversary of the 2002 Winter Olympics. Speakers include Utah Governor Spencer Cox, and others to discuss the impacts the Olympics had on Utah then, now, and in the future.
Mountain West Commercial broker Andy Moffitt will discuss the impacts of retail in the the commercial real estate market.
Andy Moffitt is a senior retail specialist at Mountain West Commercial in Salt Lake City. Moffitt has 12 years of experience in the commercial real estate industry and consistently ranks as a leading retail broker at Mountain West and in Salt Lake City. In addition to tenant representation services, Andy has worked with many local, regional, and national landlords and developers including Vestar Development Co., Sperry Commercial, Asana Partners, The Boyer Company, and Parkside Investment. Andy is an active member of Urban Land Institute in Utah, the International Council of Shopping Centers UT chapter, and works closely with Salt Lake City’s Downtown Alliance and the Salt Lake City chapter of Silicon Slopes.
2021 was a year of resilience. Millions of businesses looked to turn the corner, hoping the worst of the pandemic was over, impacting communities, industries, and the economy. Amid the crisis, Mountain West Commercial Real Estate agent Andy Moffitt planned for change and assisted his clients with how to navigate a challenging year for retail businesses. Moffitt is based in Mountain West’s Salt Lake City office and has more than 12 years of experience in commercial real estate specializing in working with national and regional retailers to roll out across Utah.
As urban downtown areas throughout most of Utah were shut down, Moffitt saw a retail shift with downtown businesses opening new locations in the suburbs. As a result, this shift opened space in prime real estate locations in areas like downtown Salt Lake City.
One example of finding new opportunities in Salt Lake City is Flanker Kitchen + Sporting Club. Moffitt represented Vestar, the owners of The Gateway in securing a deal with Flanker to move into a 15,000 square foot space in what was formerly occupied by Punch Bowl Social.
Flanker, led by Las Vegas based industry maverick Sean Christie, is a multi-concept venue that offers locals and visitors a wide variety of entertainment options, along with dining and drinking. Flanker is poised to be one of the highest grossing restaurants in Salt Lake City as it features a full kitchen, bar, and entertainment under one roof.
This past year, Mountain West saw an increase in mixed-use residential developments featuring multi-family. Another exciting opportunity for Moffitt and a team of Mountain West agents is with a new listing called Post District. Located at the first signalized intersection coming into Downtown Salt Lake City as you exit off I-15.
The Post District is a mixed-use multi-family development featuring adaptive reuse of old newspaper buildings plus brand new construction of 550 new apartment units. Construction is slated for completion in second quarter of 2023 and will feature of 50,000 of new retail shops, restaurants, and entertainment.
The Post District will provide companies with custom- fitted spaces, urban proximity, and modern amenities. Traeger Wood Fired Grills is slated to build its brand-new 95,000 sf headquarters at the heart of this property. Retail space will be a major focus with space allocated for food & drink establishments as well as local boutiques. Street-level entrances and patio seating will encourage gathering and neighborhood enjoyment at any time of year.
Mountain West ended strong in 2021
Mountain West Commercial dominates the commercial retail market in the Mountain
- Leased 410 retail assets compared to 284 back in 2020.
- Leased 1,686,161 square feet (about half the area of a large shopping mall) compared to 1,472,569 in 2020.
- The average lease rate per square foot was $25.28 up from $23.78 in 2020.
- Sold 74 retail assets compared to 50 in 2020.
- Sold 1,187,236 compared to 800,164 in 2020.
A major trend Moffitt says we will see in 2022 is a resurgence of well-located grocery anchored neighborhood centers or regional centers. Online shopping is closing many major retailers like JCPenney’s, paving the way for fitness, medical, and food and beverage companies to move into these established grocery anchored centers.
An example of this is another one of Moffitt’s clients, Asana Partners, who purchased Foothill Village in December 2021. The property is in Salt Lake City’s East Bench and is schedule for a $25 million makeover.
Construction will commence in Fall of 2022 with an estimated total completion timeframe of 18 months. The development includes new exterior renovations, a change to the overall site plan, improved layout of the former Stein Mart box, improved access, and directional signage to the parking garage. Overall, a total refresh from top to bottom! The Stein Mart will feature an open-air pass through that will bring new access to an existing park and the neighborhood located behind the center. Along the pass through there will be two levels of new retail shops added.