SEPTEMBER 25, 2014

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Goldman Sachs buys South Towne Center for $250m

by Andrea Waitrovich

Goldman Sachs has agreed to acquire the nine-building mall South Towne Center in Sandy, Utah, for approximately $250 million, or $227 per square foot.  The seller was The Macerich Co.

The property, built in 1986, contains 1.1 million square feet with 150 stores and restaurants. It is 89 percent occupied. Major tenants include JCPenney, Macy’s Forever 21, Dillard’s and Target.

The city of Sandy is a suburb of Salt Lake City. According to Real Capital Analytics, Salt Lake City’s retail market is not a high-volume activity market. For example, sales completed during first quarter 2014 totaled $86 million, marking the highest quarterly transaction volume in the past three years. Sales dropped dramatically during the second quarter 2014 to $19 million. However, with the South Towne Center transaction, the volume in sales during the third quarter will be the highest ever, exceeding $403.6 million. The sale is, by far, the highest priced transa

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy