X Development and Midloch Investment Partners, based in Chicago, have recently acquired Highbury at Lake Park – a premier shopping center located in the West Valley City submarket of Salt Lake City, Utah. The Class-A center spans 119,366 square feet and boasts a diverse mix of national and local restaurants as well as popular big box retailers and charming boutiques.
The purchase price for this prime property was $30 million. Facilitating the transaction was Kip Paul from Cushman & Wakefield.
Midloch is proud to be a preferred equity investor for this property which marks their first investment venture in the bustling Salt Lake City market. The acquisition was made possible through financing from America First Credit Union with a fixed-rate loan.
Highbury at Lake Park is strategically situated within an active retail corridor that caters to numerous large employers, office parks and residential communities. Notable tenants include Bank of America, Xfinity,Freddy’s,Cafe Rio,and Marshalls.
According to Tim Donovan – managing director of investments at Midloch – “This stabilized center offers low leverage along with multiple potential avenues for generating attractive returns on investment. We are thrilled to enter into the vibrant Salt Lake market alongside our strong local partner X Dev.”
