Sandy, Utah – We see a growing demand for triple net lease properties to be acquired for a 1031 Exchange. Our NNN commercial real estate investors are increasing their demand for grocery-anchored shopping centers also. We would like to report that A & B Properties Inc. purchased the Historical, Little Cottonwood Center in Sandy, Utah. A & B Properties Inc. is a subsidiary of the Alexander & Baldwin Incorporated. A & B Properties, Inc. is a diversified commercial real estate company, which includes land, planning, entitlement and management of commercial, residential and resort developments. A & B Properties Inc. own a diversified a Investment Property Portfolio, with commercial real estate in Hawaii and seven mainland states.
This Investment Property Portfolio reflects A & B Properties’ investment strategy of acquiring and managing high-quality retail net lease properties, office and industrial properties in key markets of America. A & B Properties, Inc. has owned two other commercial investment properties in the Salt Lake City area for several years. This Net Leased Investment purchase gives A & B Properties’ Investment Property Portfolio about 7.7 million square feet of retail, office and industrial space
The current Net Lease Investment purchase was for $20.5 million. The Net Leased Property is located at 1846 E 9400 S, in Sandy, Utah with the zip code of 84093. This net leased property is situated at 1838 East and 9400 South Street, approximately 17 miles from downtown Salt Lake City. Little Cottonwood Center is a grocery-anchored shopping center with strong national and regional tenants, located in a suburban community of Salt Lake City. The Retail Shopping Center was acquired using 1031 exchange proceeds from a recent commercial real estate deal. This is a historical, Retail Shopping Center with 146,600 square-feet of space to be leased.
Little Cottonwood Center is a grocery-anchored shopping center with strong national and regional tenants. This Net Lease Property is located in a highly desirable, growing suburban community of Salt Lake City. The Retail shopping center is approximately 97% occupied and its tenants include Fresh Market, Starbucks, Discount Tires and Texaco. Also a favorite net lease property with McDonald’s as Tenant is located here. The purchase price included the assumption of a $6.4 million commercial loan, with an attractive 5.5% interest rate.
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