The property is located along Interstate 15 and Hill Field Road in the Salt Lake City suburb of Layton. It was built in 1980 and has been renovated several times, with its last renovation in 1998.
Layton Hills Mall, which is 96.3% leased, produced same store sales of $313 per sf in 2004 and is 6% ahead of that so far this year. The capitalization rate based on in-place income is 6.7%.
Anchor tenants are JCPenney, Meier & Frank and Mervyn's. Restaurants include Garcia's, Olive Garden, and Sizzler. A 17-screen Cinemark theater is located on the mall periphery.
CBL president Stephen Lebovitz says part of the impetus for the purchase is that some 1,500 new homes are planned within a two-mile radius of the property. In addition, the mall enjoys a built-in consumer supply from a 150-room Hilton Garden Inn and recently opened 50,000-square-foot convention center adjacent to the mall.
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