August 15, 2016
Time Equities of New York acquired the 715,035-square-foot Newgate Mall in Ogden, UT, paying $69.5 million to General Growth Properties for the asset. The buyer also took over the property’s $58 million CMBS loan.
The price for the property at 3651 Wall Ave. is approximately $98 per square foot. According to Francis Greenburger of Time Equities, a first-class, regional mall typically sells for $250 to $300 per square foot. He said the price was substantially lower because of lagging interest in brick-and-mortar retail.
The mall is 98% leased. Major tenants include Cinemark, Dillard’s Burlington Coat Factory, and Sears.
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