August 15, 2016 Comments Off on Time Equities Pays $70M for Utah Mall Views: 1330 National News, Utah, West

Time Equities Pays $70M for Utah Mall

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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.

Read More at Weekly Commercial Observer, Page 7

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