SANDY, UTAH – A partnership between Pacific Retail Capital Partners, Silverpeak Real Estate Partners and the Merchant Banking Division of Goldman Sachs has acquired the 1.3 million-square-foot South Towne Center Mall and adjacent Marketplace in Sandy for $205 million.
The 966,000-square-foot South Towne Center Mall is a two-level, enclosed regional mall that contains about 150 shops and restaurants. The mall’s anchors include Macy’s, Dillards, JCPenney and Utah’s largest Forever 21.
The 312,000-square-foot Marketplace is anchored by Super Target. The properties are situated about 16 miles south of Salt Lake City.
The partnership plans to execute a large-scale mall renovation. Gensler Associates will create the new design. Current plans feature upgrades to the mall’s infrastructure, including lighting, flooring, restrooms, a new children’s play area and a revamped food court with expanded food offerings.
Pacific Retail will oversee all operations at South Town Center, including its renovation.
The seller was Macerich. The sale is consistent with the company’s strategy of selling non-core assets and redeploying the proceeds into its development pipeline.