Brixton Capital has purchased the Dillard’s building and parcel (the “Property”) located at Brixton’s Provo Towne Center in Provo, Utah for an undisclosed sum. The 206,240-square-foot, two-story building on 12.5 acres was acquired on February 24 from Little Rock, Arkansas-based Dillard’s, which will soon relocate its store.
“This acquisition is critical in our long-term plans for redeveloping Provo Towne Center,” said Brixton Capital President Mark Selman. “With our now total ownership of Provo Towne Center, we can advance our transformation of the entire center into a mixed-use project that will benefit the Provo community for years to come.”
Brixton Capital is in advanced negotiations to re-lease most of the Property to a prominent national retailer. Brixton Capital expects the new store to open within the next two years, once the renovation of the building is complete. The addition of this retailer will complement the ongoing plans Brixton Capital has for Provo Towne Center, including the addition of multi-family housing and other uses to improve livability, shopping and community within Provo’s East Bay neighborhood.
“We love being in Provo and are excited to start a new chapter in the future of this community asset,” added Selman.
Brixton Capital has owned Provo Towne Center since 2016. Renovation of the Dillard’s building for the new retailer will commence this summer.
About Brixton Capital
Brixton Capital is a preeminent private real estate investment firm that seeks to generate outstanding, risk-adjusted returns by unlocking embedded value in commercial real estate transactions spanning all property types. Headquartered in San Diego County’s Solana Beach, California, Brixton is led by a team of seasoned commercial real estate experts with an average of more than 25 years of experience. Brixton currently owns and operates a portfolio valued in excess of $1 billion, representing over 10 million square feet of retail, multi-family, office and land investments across the United States and Europe. For more information, visit www.brixtoncapital.com.