SANDY, Utah – Major changes are coming for Sandy’s South Towne Center Mall and Marketplace.
The shopping center is getting new owners and “extensive renovations” are in store.
Pacific Retail Capital Partners, Silverpeak Real Estate Partners and the Merchant Banking Division of Goldman Sachs announced they purchased the center Monday.
Officials with the partnership said the group intends to give the area a “large-scale renovation that will feature a significant mall ‘makeover’ to give the center a look and feel that reflects its location not only within the City of Sandy but also its proximity to the popular Little Cottonwood Canyon resorts of Snowbird and Alta.”
“Our plan is to renovate all elements of South Towne Center in a way that reflects the region’s design aesthetic and outdoor lifestyle,”Gary Karl said, Executive Vice President of Pacific Retail Capital Partners. “We will create new entrances and indoor areas that use rich materials such as stone and wood, cozy and comfortable seating areas as well as elements that bring the outdoors inside.”
The partnership said the Los Angeles office of Gensler Associates is going to create the new design.
According to the group, current plans include upgrades to the mall’s infrastructure including lighting, flooring, restrooms including a family restroom facility, a new children’s play area and a revamped food court with expanded food offerings.
The companies have not released if new stores will be moving in.
They have not confirmed what “expanded food court offerings” customers can expect.
About the new owners:
Pacific Retail Capital Partners is an owner, manager and operating partner in retail real estate headquartered in Los Angeles. The company identifies undervalued and underperforming regional malls in strong communities where it can apply its leasing, management and development expertise to improve performance and asset value. Pacific Retail currently is an owner and manager of more than six million square feet regional malls in select top markets in the United States.
Silverpeak Real Estate Partners is a full-service, diversified real estate investment business with over $13 billion of gross real estate assets under management. Silverpeak acquires and manages real estate on behalf of commingled funds, separate accounts and for its own account. Since 2010, Silverpeak, together with its operating and capital partners, has acquired over $4 billion of real estate assets in the US, both on a principal basis and on behalf of various institutional investors. The Firm has invested in office, retail, multifamily, hotel and other asset classes. In addition, the Firm recently formed Silverpeak Real Estate Finance, in partnership with Elliott Management Corporation, to make commercial loans throughout the US in the retail, hotel, industrial and multifamily space.