The property, Ammon Town Center, is located at the southeast corner of 17th Street and Hitt Road, across from Grand Teton Mall, the major mall of Eastern Idaho. Its grocery anchor is Albertson's; other anchors include Target and Big 5 Sports. The property was 100% occupied at the time of sale.
The seller was Cantlon Properties, a Boise-based regional developer. The buyer was a private investment partnership. Cantlon was represented in the transaction by Barney McAuley, Peyton Millinor and Brandon Beeson of Dallas, TX-based Woodmont Associates.
Millinor tells GlobeSt.com Ammon Town Center was part of a four-property, estimated $60-million portfolio owned by Cantlon. The three remaining properties--Albertson's-anchored centers in the Salt Lake City submarkets of West Jordan, American Fork and Taylorsville--are still on the market, says Millinor.
Millinor says the four properties were shopped around last year as a package for the sake of efficiency, but the buyer they picked ended up not being able to close the deal. Last November, Cantlon decided to sell them off individually, at which point the Ammon Town Center property was tied up almost immediately, says Millinor.
As for the remaining properties in the portfolio, Millinor says he has in hand several letters of intent but as yet no contracts. "It's been interesting to see which national buyers are willing to move away from the major national markets they are getting priced out of like Atlanta and D.C. and into secondary markets like Salt Lake City," says Millinor.
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