Ogden’s Newgate Mall Sells for $69.5M
August 16, 2016 | By David Phillips
Original article published on GlobeSt
OGDEN, UT—New York-based Time Equities Inc. has expanded its Western portfolio with the acquisition of Newgate Mall, located here, for $69.5 million.
Marking the firm’s first acquisition in the state, TEI purchased the 718,035-square-foot asset from General Growth Properties (GGP), one of the nation’s leading investment trusts that specializes in high-quality retail properties. The news came in tandem with the full-service firm’s 50-year anniversary.
“Time Equities Inc.’s national retail portfolio is in expansion mode, and Newgate Mall serves as a wonderful addition to our unique portfolio of mall and outlet centers located throughout the U.S. and Canada,” says Ami Ziff, director of national retail for TEI. “Newgate Mall has an excellent tenant mix, offering a premier shopping and social experience to the residents of Ogden.”
Current anchor tenants include Dillard’s, Burlington Coat Factory, Sears, Cinemark and another incoming brand to be announced at a later date. Additional tenants include Bath & Body Works, Famous Footwear, Kay Jewelers, Express, Gymboree, Buckle, Victoria’s Secret and Journeys, among others. The mall is currently 98% leased with approximately 100 tenants in place. Coldwell Banker Commercial Advisors has been selected to manage ongoing leasing efforts for incoming tenants, while The Woodmont Company will oversee management, marketing and specialty leasing.
“This sale presents a great return-on-investment for both parties involved,” said Thomas Dobrowski of NGKF Capital Markets, who represented General Growth Properties in the transaction. “Because of the nationally known tenant roster, the mall has been profitable for GGP, and Time Equities Inc. can further capitalize upon the remaining vacancies.”
Ogden, Utah’s eighth-largest city, is comprised of over 85,000 residents, located just over 30 minutes outside of neighboring Salt Lake City. Ranked as one of the nation’s fastest growing suburban corridors, the city was recently named one of the top 10 real estate markets of 2016 – making it an attractive location for ongoing commercial and residential redevelopment efforts.
Founded in 1966, privately-held Time Equities, Inc. (TEI) has been in the real estate investment, development and asset & property management business for more than 50 years. With properties in 27 states, five Canadian provinces, Berlin, Germany and Anguilla, British Virgin Islands, the TEI portfolio consists of over 23 million square feet of residential, industrial, office and retail property – including more than 3,999 multi-family apartment units.
General Growth Properties, Inc. is an S&P 500 company focused exclusively on owning, managing, leasing, and redeveloping high quality retail properties throughout the United States.
