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Phoenix & Southwest  + Southwest  + Retail  | 
Foothill Village

Asana Will Take a Thoughtful Approach to Foothill’s Tenant Mix

Foothill Village, a 270,000-square-foot neighborhood retail center in Salt Lake City, recently sold to Charlotte-based Asana Partners for $51 million. The property is anchored by a local grocery store and also features a broad retail mix and more than 60 retail shops. The seller was JTJG Foothill LLC, a group of local investors.

“Our core strategy is to acquire properties like Foothill Village in dense established neighborhood markets where we can add value by improving the physical space and enhancing the retail and dining offerings,” says Reed Kracke, Asana Partners managing director. “It would be very difficult to re-create Foothill Village today given its size, incredible location and standing in this community. And we wouldn’t want to. Instead, we have a rare opportunity to refresh one of the most well-known neighborhood centers in the market using our experience and expertise working with landmark properties like this one.”

Originally developed in 1954, Asana plans to renovate the existing buildings and parking garage on the 11-acre site while taking a thoughtful approach to the tenant mix. Renovations are expected to begin next spring with completion slated for the end of 2022.

Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Company represented both buyer and seller in the transaction.

“Foothill Village has cemented itself in the community, featuring an eclectic mix of tenants ranging from national brands to locally owned community favorites. Centrally located and next to the Wasatch Mountains, the center has been the predominant one-stop shopping and dining destination for Salt Lake’s East Bench for over six decades,” says Paul.

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Reed Kracke

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition