ARMSTRONG CAPITAL DEVELOPMENT ANNOUNCES SALE OF PRIME SHOPPING CENTER IN PROVO, UTAH
Provo, UT - Armstrong Capital Development (ACD) is pleased to announce the recent sale of Parkway Village, a 102,000 square foot, Walmart-anchored shopping center located at 2255 N University Pkwy in Provo. The sale follows ACD’s completion this spring of a value-add redevelopment program designed to leverage the property’s high-profile location, marquee tenancy and strong buyer appetite for stabilized, Class A retail investment opportunities. Brad Lyons of CBRE was the transaction broker
Acquired by ACD in August 2019, Parkway Village enjoys convenient proximity to two local universities as well as prime visibility on a major commercial arterial; and consists of a multitenant grocery-anchored inline building and three outparcels of various retail configurations, including two multi-tenant buildings with drive-thrus. “The inspiration behind Parkway Village was to optimize its functionality and appeal as a community amenity,” said Bryan Armstrong, Partner at ACD. “It was in good shape at acquisition, but we knew we could make it better.”
ACD, over its hold period, accomplished a number of value-add initiatives, including a complete overhaul of the property’s existing parking lot and the addition of new monument signage. These initiatives, as anticipated, helped draw interest from a variety of new, high-profile retailers.
According to Bryan, “We credit the success of this outcome to a set of well-executed and thoughtful improvements that increased the center’s efficiency, convenience, e-commerce compatibility and competitive position in the market in which it serves.”
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages opportunistic real estate investments in the Intermountain West, with a focus on value-add acquisitions. ACD is actively pursuing opportunities within the Utah, Colorado and Arizona markets.