Provo Towne Centre has a new owner. Brixton Capital, based in San Diego, announced today that it acquired the 802,000-square-foot mall from General Growth Properties. JLL will manage and lease the property.
“Provo Towne Centre’s is located in one of the fastest-growing cities in Utah that’s home to some of the world’s most successful tech companies, and in close proximity to Brigham Young and Utah Valley universities,” said Cynthia Murphy, senior vice president of JLL, who will lead the leasing for the mall. “The trade area brings the buying power of more than 60,000 students to the mall, making it a top destination for retailers looking to expand in the region.”
The company has plans for a “robust capital expenditure program” for the mall, focusing on the wants and needs of the community, according to a press release.
“I’m really excited about the new ownership group,” said Provo Mayor John Curtis. “They’s show real interest in investing in the mall. … It’s great news for Provo residents. We all want the mall to reach is maximum potential.”
He said he’s heard the new owners are interested in putting up better signage, redoing the mall entrances and having better leases to attract bigger-name tenants.
“I’m really excited about the new ownership group. They’s show real interest in investing in the mall. … It’s great news for Provo residents. We all want the mall to reach is maximum potential.” —Provo Mayor John Curtis
[/pullquote]Deputy Mayor Dixon Holmes said the new owner may develop some of the property around the mall. Plus, it hasn’t been remodeled since it opened in 1998. They may add some non-traditional mall development, like office or maybe even residential.
“There could definitely be redevelopment,” he said. … “We’re just excited for a new owner that seems to be very interested in a change in direction. It’s a great place and a great location.”
Dixon thinks the changes will have a positive impact on that area of the city. “I think it will be momentum-building. … Anything that brings more traffic to the area will be good.”
The mall was built in 1998 and has a Cinemark movie theater, as well as anchors Sears, JCPenney and Dillard’s.
Brixton Capital is part of BruttenGlobal, which owns and manages holdings valued at more than $3.3 billion in industries, including professional sports, real estate, aviation and banking. JLL is the nation’s largest third-party retail property manager. It manages, leases and/or handles the disposition of more than 710 centers.
Updated on Feb. 4, 2016 at 4:45 p.m.