SSG Realty Partners and Hanley Investment Group have brokered the sale of Canyon Center, a 48,537 square foot shopping center shadow-anchored by Smith’s Food and Drug in Sandy, Utah.
Greg Swedelson and Jon-Eric Greene of SSG Realty Partners, with offices in Park City, Utah and Los Angeles, along with Hanley Investment Group’s Kevin Fryman and Bill Asher, based in Corona Del Mar, California, represented the seller, a private investor from northern Michigan. The buyer, a Cincinnati, Ohio-based investor, was represented by Richard Webb of Emersons Commercial Real Estate in Dallas, Texas.
“We generated eight qualified offers from active institutional, private and mid-market buyers and created a competitive bidding process to help achieve maximum market pricing for the seller,” says Fryman.
Swedelson adds: “The offering was one of the more attractive available grocery-anchored shopping center investments in the Western U.S. in the last six months. Canyon Center represented an outstanding opportunity to own multi-tenant shops and pads to a high-volume Smith’s Food and Drug, which ranks in the top 10% in the U.S., according to Placer.ai.”
Built in 1987 and expanded in 1998, Canyon Center is located at 2025-2137 9400 South in Sandy, Utah. The 48,537 square feet of shops and retail pads totaling 6.59 acres that transacted included a mix of internet-resistant national, regional and local tenants such as Wells Fargo, Domino’s Pizza, F45 Training, Club Pilates, Fantastic Sam’s, Palm Beach Tan, Nautical Bowls, Ski ‘N See, Vessel Kitchen, Kibbles & Cuts, Chocolate Covered Wagon, Salt Cycles Bike Shop, Pella Nails, Brightside Chiropractic, Tiger Rock Martial Arts and Rainbow Sakura Massage. The sale also included ground leases for outparcels occupied by Wendy’s and Smith’s Fuel Station.
Asher says: “The property is an outstanding daily needs neighborhood shopping center that benefits from daily traffic generated by Smith’s as well as the adjacent Beehive Science and Technology Academy, the #1 ranked high school in Utah, according to U.S. News High School Rankings.”
Canyon Center, strategically positioned at a high-traffic signalized intersection with 35,000 cars passing daily at 9400 South and Highland Drive, is just minutes away from popular ski resorts such as Alta and Snowbird. Notably, it serves as the final grocery store stop before travelers embark on their journey through Cottonwood Canyon to the nearby ski destinations. Additionally, the shopping center enjoys the advantages of affluent demographics, boasting an average of US $148,000 in household income, and its convenient proximity to the Salt Lake City International Airport, only 30 minutes away.
Sandy, nestled at the foot of the Wasatch Mountains, offers unparalleled natural beauty, excellent schools, a close-knit community, and abundant outdoor recreational opportunities. With a population exceeding 91,000 residents, Sandy ranks as the 7th largest city in the state. Conveniently situated, it lies 17 miles south of Salt Lake City, 28 miles southwest of Park City, and 30 miles north of Provo.
“The sale of Canyon Center is a prime example of how well-located grocery-anchored shopping centers in major metros across the country will continue to be among the most sought-after retail assets in the marketplace this year,” says Fryman.