A Baltimore-based real estate investment and management company has purchased The Crossroads of Taylorsville shopping center, and the new owner promises to “diversify the tenant mix” by filling vacancies and taking advantage of “upcoming lease renewals.”
The mall complex, located at 5400 S. Redwood Rd., comprises 630,000 square feet and has more than 60 tenants, including 30 national chains like Target, T.J. Maxx, HomeGoods and Ross Dress for Less.
In total, it’s comprised of 10 buildings and seven pieces of developable land or multi-tenanted strip buildings, as well as a parking lot that can fit nearly 3,900 vehicles, according to a news release from the investment company.
The acquisition was completed last week, when approximately 94% of the shopping center was leased, according to the release. This acquisition is Continental Realty Corporation’s first in Utah’s retail market — but its CEO signaled it won’t be its last.
(Rick Egan | The Salt Lake Tribune) A sign for Harmons Grocery and more at The Crossroads of Taylorsville mall, located on Redwood Road, on Monday, Sept. 16, 2024.
CEO JM Schapiro said in a statement that the company had been tracking growth in the greater Salt Lake City area and “we believe few regions around the country can match its more than 90% growth since 2010.”
“We intend to remain aggressive in our approach to identifying and acquiring our next set of assets in the greater Salt Lake City market,” Schapiro said.
Kim Horiuchi, Taylorsville city’s communications director, said in a written statement that the city knew the property was for sale, but had not heard it had been sold until The Salt Lake Tribune reached out for comment.
“We are always excited for new opportunities,” she said, “and look forward to Continental Realty Corporation continuing to operate a successful property.”