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Salt Lake City— S.K. Hart Properties, L.C., recently closed on its acquisition of the historic Trolley Square Shopping Center in the heart of Salt Lake City, Utah. The landmark shopping destination has been a staple of the Salt Lake community for many years, but had been a challenging asset in recent years due to the severe downturn in the economy and was in receivership.
Trolley Square is located at 700 East and 500 South and occupies more than an entire city block. The shopping center consists of about 315,000 square feet of retail, restaurant and commercial space, with tenants that include national retailers such as Whole Foods, Pottery Barn and lululemon, as well as restaurants the Spaghetti Factory, Desert Edge Brewery and Rodizio Grill.
“This is a very exciting transaction for our company, the state of Utah and the city of Salt Lake as a whole,” said Khosrow Semnani, CEO of SK Hart Properties, L.C. S.K. Hart plans to make significant upgrades and improvements to the center while retaining its historic integrity and charm. Semnani added: “While the center poses certain challenges, we are excited to return Trolley Square to its former glory while simultaneously having a positive impact on the local neighborhood and the community at large. Despite the economic downturn, the current businesses at Trolley have continued to survive and thrive and we intend to complement them by bringing in first-class retailers and restaurants from around the country, as well as local retailers.”