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LOS ANGELES--(BUSINESS WIRE)--A joint venture between Western Avenue Capital and ALTO Real Estate Funds announced that it has acquired American Fork Shopping Center, a 148,180 square foot anchored retail center in American Fork, UT, a suburb of Salt Lake City, UT. The acquisition price equates to a mid-8% going-in cap rate, providing mid-teens cash on cash returns to the joint venture as it seeks to reposition the asset for the long term.
American Fork Shopping Center is situated on 9.32 acres at 648 East State Road at the southwest corner of East State Road and South 700 East in American Fork. The retail center is well-located on State Road, the main thoroughfare through American Fork, one mile north of Interstate 15. The property is 95 percent leased to national and regional tenants including Vasa Fitness, Jo-Ann Fabrics, Big Lots, Little Caesars and Del Taco, many of which are on long term leases.
“The property provides the ideal mix of cash flow and tenant mix, along with the opportunity to invest in the stable, growing market of Salt Lake City. We hope to grow our presence in the Salt Lake City metro and continue to work with professional and reliable capital partners like ALTO,” stated Jonathan Kasirer, partner at Western Avenue Capital.
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