Retailers expand presence in Utah

Retailers expand presence in Utah

By Laura Hancock, Deseret News
Published: Wednesday, May 6, 2009 10:01 p.m. MDT

Foursquare Properties Inc., owner of Jordan Landing, is preparing for a handful of new tenants this spring and summer.

Also, Johansen-Thackeray Commercial Real Estate Services opened a $60 million project, The Commons at Southtowne, 10400 S. State, last week. Tenants include PetSmart, Staples, Nordstrom Rack, DSW Shoes, ULTA Salons, Cosmetics & Fragrance, Bed, Bath & Beyond and Sports Authority.

Could the new developments be a sign that the commercial real estate market along the Wasatch Front is turning around?

Maybe, if it were not for the Shops at Riverwoods in Provo, which is in foreclosure, and the former Cottonwood Mall, which was supposed to become a mixed-use development but is currently stalled as its owners, Chicago-based General Growth Properties LLC, are in bankruptcy.

Darrell Tate, a retail and land specialist with commercial real estate firm Commerce CRG, says the developments at Jordan Landing and The Commons at Southtowne may have been in the works for years, raising funds before the credit freeze. The Commons' developers said theirs was a 10-year project. "Those types of transactions take a very long time," Tate said.

Also, the relative strength of Utah's economy in comparison with other places is enticing to a retailer that wants to expand.

"When (retailers) look at where to expand, they're looking at relative strengths of markets right now," Tate said. "And Utah, we've certainly seen some impact from the overall economic climate. But if you are looking to expand, Utah does look like a relatively safe market, especially when you compare it to a Las Vegas or a Phoenix, where vacancies are higher and the housing market is worse."

The Jordan School District will occupy about 47,000 square feet of newly developed office building space at Jordan Commons. The school district could be in Jordan Landing as soon as July, according to a news release from the company, based in Carlsbad, Calif.

Susie's Deals discount retailer will be located near Rue 21 and Target. Red Rooster Waffle Co, Cafe Perk, Radio Shack, Gamestop and Sakana Sushi will open for business in late spring in the portion of Jordan Landing that is anchored by Sports Chalet and Michaels.

E-mail: lhancock@desnews.com
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