There are few Provo residents who haven’t at least browsed the East Bay Mall at the southern entrance to town. Many shopped or ate at one of the area retailers and restaurants.
The mall has had its popularity ups and downs, with stores opening and closing over the past decade.
In July, the 172,000 square foot mall at 979 S. University Ave. was sold to new owner War Chest Real Estate, with two bases in Colorado and Florida.
Colliers brokers Brandon Goodman and Nate Monson represented the buyer, while Stuart Thain and McCall Alder represented the seller, Texas-based real estate fund manager Woodside. The transaction marks Utah’s largest real estate mall sale in the second quarter of 2022.
“The center offers solid credit lineup almost across the board and plenty of upside with below-market rents,” according to a statement from War Chest. “Utah and, specifically, Provo is a market where we see a lot of growth potential.”
The sale of the property reflects interest from outside companies in coming to Provo to purchase positive growth assets, according to Keith Morey, Provo’s director of economic development.
“It shows we have great financial strength,” Morey said. “It’s very telling that outside investment firms are looking to Provo. They buy it as an asset and see it as an opportunity.
Monson said while there might not be “a ton of opportunity to make big changes,” he suspects there will be some tenant upgrades in the future and maybe be another standalone pad site built.
“It’s a compelling story,” Monson said. “Our out-of-state group saw Provo as a place they wanted to deploy capital. This area is changing. It no longer flies under the radar.
Monson noted that the many changes to the South Provo area, including the Provo Towne Center as well as the East Bay Mall, will bring dynamic changes to the south end of town.
In the coming years, people will see big changes, according to Monson, who predicted that in 10 years the area will not be the same. Goodman and Monson work in the Utah County office of Colliers and know the area well.
Along with three buildings in line, the mall has potential space for an additional pad site. War Chest purchased the entire center occupied primarily by national brands including Ross, Starbucks, Sportsman’s Warehouse, Staples, Planet Fitness and Papa Murphy’s, among others.