LAYTON — Layton Hills Mall has been sold for $37.1 million, and the new owner, Second Horizon Capital, has big plans for the Davis County shopping center.
“As we navigate the ownership transition, we look forward to working directly with tenants, customers and neighboring communities. Through partnership and collaboration, we will enhance the center’s infrastructure, expand retail and entertainment offerings at the property and strengthen Layton Hills Mall’s position as an anchor of the community,” Howard Levine, co-founder and managing partner of Second Horizon Capital, said in a statement on Wednesday.
Layton Hills Mall is one of the main shopping centers in Davis County, along with Station Park in Farmington. The Layton shopping center faced a measure of tumult earlier this decade when its prior owner, CBL Properties of Chattanooga, Tennessee, filed for bankruptcy protection in U.S. Bankruptcy Court in Houston, Texas, in late 2020. But the court accepted a CBL restructuring plan the following year to address the financial situation, which CBL CEO Stephen Lebovitz said at the time created “a strong path forward for our company and our business.”
Second Horizon Capital officials are also bullish on the future prospects of Layton Hills Mall, though the new owner didn’t pinpoint any specific plans with the shopping center. The complex contains nearly 600,000 square feet of retail space and is anchored by Dillard’s, JCPenney, Dick’s Sporting Goods and Cinemark.
“Our objective is to enhance and energize Layton Hills Mall as a go-to destination for our community to shop, dine and gather,” Levine said in a message to KSL.com. “We look forward to strengthening the center’s infrastructure and implementing improvements for our shoppers and our tenants.”
CBL Properties said in its own statement that Layton Hills Mall is a “terrific example of the strength of stable enclosed mall assets.” Proceeds from the sale will help pay the principle of a CBL loan, reduced to $749.8 million after the deal closed.
Brick-and-mortar retailers, in general, have faced increasing competition from online retailers, however. And Second Horizon Capital’s upbeat talk notwithstanding, northern Utah shopping centers have weathered a measure of uncertainty in recent years, even setting CBL Properties’ 2020 bankruptcy protection filing aside.
Newgate Mall in Ogden was placed in receivership in 2020 after its owners defaulted on payments on the $58 million loan to acquire the shopping center in 2016, according to the Standard-Examiner newspaper. An entity called RSS UBSBB2012C4-UT NMH subsequently acquired the mall in an auction outside the 2nd District Court building in Ogden as part of a $20 million deal.
The Cache Valley Mall in Logan closed on April 1, and demolition of the complex started later that month to make way for a $205 million redevelopment project, according to the Herald Journal newspaper. The plans have been in the works at least since 2023, when the developer, Woodsonia Real Estate, outlined its vision in plans submitted to the Logan Planning Commission.
“The Cache Valley Mall has been an integral part of Logan’s community for nearly 50 years; however, with the rise of e-commerce, the loss of all the primary mall anchors and the lack of investment via its out-of-state ownership, the mall has struggled to thrive in this changing retail environment,” reads the Woodsonia application. The new plans call for a Target, 346 multifamily housing units and a 156-room hotel/retail building.
Nonetheless, Boca Raton, Florida-based Second Horizon Capital is optimistic about Layton Hills Mall’s prospects and plans “meaningful” investments.
“We are excited to invest in the long-term future of the center and support the ongoing addition of enhanced retail and entertainment offerings. We believe Layton Hills Mall has the potential to create meaningful experiences for shoppers while positively impacting the broader community for years to come,” Camilo Varela, co-founder and managing partner of Second Horizon Capital, said in a statement.