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In its 2011 Year End Report, Mountain West Retail/Investment outlined continued growth in Utah’s retail market. Through February 2012, this predicted trend continues as Utah’s business climate, economic strength and favorable real estate market continue to draw major national chains to the state.
Mountain West Retail/Investment experts have predicted a shift to high-quality space as both landlords and tenants seek to capitalize on current market conditions and opportunities to fill vacant space at favorable rates. In 2011 the amount of leased retail property increased by 26.77 percent and the amount of investment sales jumped 55.28 percent. These are growth trends that experts have expected to continue through 2012.
These indicators and expectations have continued as Mountain West Retail/Investment recently facilitated leases for a number of major chains seeking to increase their Utah presence.
Dollar Tree, a value driven variety store, has leased 10,000 square feet in the Oakwood Village Shopping Center at 5400 S. 900 E. in Murray. Mountain West Retail Specialists Garrett Blomquist and Brett Palmer represented Oakwood Village in the transaction, while Dollar Tree was represented by Matt Harlin with the Situs Retail Group.
Another major chain that is expanding in Utah is Jimmy John’s Gourmet Sandwiches. Mountain West Retail Specialists Ben Brown and Andy Moffit recently represented the Marketplace at 18th, the landlord, in the lease for Jimmy John’s restaurant at 1846 S. 300 W. in Salt Lake City.
Jimmy John’s is just one of a number of major restaurants and retailers who are renewing leases and continuing their commitment to Utah. “We have recently leased space to Jimmy John’s, Dickey’s BBQ, and Starbucks’ renewed their lease, all within the last 120 days,” said Moffit. These leases are another indicator of the momentum Utah’s business market has and the potential major chains see in Utah’s growing population and economy.
“These transactions highlight the improvements in the Utah retail market that began in 2011 and the continued optimism and growth that will be felt throughout 2012. An increasing number of retailers are entering the Utah market or are expanding their Utah presence,” said Palmer.