Midloch, X Development Acquire Retail Center in Salt Lake City

X Development and Chicago-based Midloch Investment Partners have acquired Highbury at Lake Park, a Class-A shopping center in the West Valley City submarket of Salt Lake City, Utah. Consisting of 119,366 square feet, the center is anchored by Target and features a unique tenant mix of national and local restaurants, national big box retailers and small local boutiques.

The acquisition price was $30 million. Kip Paul of Cushman & Wakefield facilitated the transaction. Midloch is a preferred equity investor in the property, which is the firm’s first investment in the Salt Lake City market. The purchase was financed with a fixed-rate loan from America First Credit Union.

Highbury at Lake Park is located in a busy retail corridor with multiple large employers, office parks and significant residential housing. Tenants at the shopping center include Bank of America, Xfinity, Freddy’s, Marshalls and Cafe Rio.