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Last Updated ( Wednesday, 11 September 2013 12:49 )
DATE_FORMAT_LC2=Wednesday,September 11 2013 12:00:00 am EDT   
LBG Buys The Family Center at Ogden Five Points

FamilyCenterOgdenOgden, Utah — An entity sponsored by LBG Real Estate Cos. LLC has purchased The Family Center at Ogden Five Points, a 161,795-square-foot community shopping center in Ogden, for an undisclosed purchase price. The acquisition also includes about six acres of adjacent land that could accommodate retail and residential development.

The Family Center was 95 percent leased at the time of sale. Tenants at the property include Planet Fitness, Dollar Tree, Harbor Freight Tools, Key Bank and Radio Shack. It is anchored by Harmons grocery store, which is currently undergoing a major renovation at the center. The shopping center is also set to undergo a significant redevelopment.

"Due to its strong location, the center has historically been well occupied and had long-term anchors with strong sales volumes," says Leslie Lundin, managing partner of LBG. "The majority of the rents in the center are well below market. Many of the leases dated back to the 1970s and 1980s and are on their final option, thereby creating an opportunity for LBG to improve the center and increase rents to market. It's a classic value-add deal with limited downside and tremendous upside."

 

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