To a local resident, we see construction happen, businesses pop up and grand openings with invitations to visit. Little do we know what it takes to build, develop and get approval in order to provide convenient services nearby our homes. Recently, Midtown National Group (MNG), a long-time boutique investment company, acquired Highland Marketplace after waiting three patient years due to prior legal issues to resolve and the title to be cleared. The Highland Marketplace is a mixed-use town center that houses major and local chain restaurants and services for the local community of Highland City, Utah, an affluent area that borders Utah’s infamous, Silicon Slopes.
MNG has completed the purchase of 40,000 square feet of existing retail and 9.2 acres of land for which they’ve received site approval to build on. Mountain West Commercial Real Estate’s agent Lance Pendleton helped in the success of the transaction and continues to help develop the space.
“Mountain West Commercial has played a critical role in our acquisition of this unique property from initial introduction to the final closing nearly 3 years later. Lance was instrumental in helping MNG navigate a complicated transaction that consisted of both existing commercial buildings and developable land ultimately closing 6 months into the COVID-19 pandemic,” said Daron Young, CEO of MNG.
Many buyers canceled contracts due to the pandemic, MNG demonstrated its commitment to the residents and City of Highland by closing on the existing retail this past July and recently exercising their option on the remaining land onsite. Young is a former resident of the area and a member of the new ownership group; he feels very confident in investing in Highland City’s future despite the uncertain market conditions.
“There has been pent-up demand at this location for over a decade. The first few weeks of marketing this development have been incredible. We are in final lease negotiations with a national bank, a boutique fitness user and we recently signed a long-term lease with Farr Ice Cream,” said Pendleton.
Midtown National is also under contract with a 65,000 square foot high-performance athletic facility that will be constructed on the north boundary line of the shopping center. This will bring visitors from all over the state on a daily basis as well as visits from professional athletes all over the country. The owners of this venture will also incorporate their family office on the top floor of the building.
Since the close of this deal, negotiations are still ongoing with multiple retailers and office users for the west side of the development. The property is also seeking tenants to fill the three multi-tenant buildings that are currently on the planned site.
Contact Lance Pendleton for retail/office leasing opportunities at Highland Marketplace.
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Highland City, Utah gets a long-awaited retail development