LBG Acquires The Family Center at Ogden Five Points in Ogden, UT

LOS ANGELES - Sept. 16, 2013 - PRLog -- LOS ANGELES, CA - An entity sponsored by LBG Real Estate Companies, LLC (“LBG”) has purchased the fee interest in The Family Center at Ogden Five Points, a 161,795 square foot community shopping center in Ogden, UT.  The acquisition also included approximately 6 acres of adjacent land which can accommodate retail and residential development.  The Family Center was 95% occupied at close.  The shopping center is anchored by Harmons grocery store, which has been a tenant in the center since 1977, and features a mix of nationally recognized tenants such as Planet Fitness, Dollar Tree, Harbor Freight Tools, Key Bank, and Radio Shack, among others.  Located at the five-point signalized intersection of Washington Boulevard, Harrisville Road and Second Street, the property is situated in one of the core retail corridors of Ogden, home to major retailers such as Lowe’s and Wal-Mart.  In addition, the center is ideally positioned one block south of Weber College’s Ogden campus and within close proximity to Business Depot Ogden (BDO), a 1,118-acre master planned business and industrial park with 6.5 million square feet of existing office and industrial space and approximately 3,500 employees.

Harmons’ store is currently undergoing a major renovation and LBG will be immediately implementing a major redevelopment of the shopping center, which will include brand new shops, a tri-sided 30-foot tall LED pylon sign, and distinctive upgrades to the shopping center’s façade, landscaping and parking lot.  “Harmons’ extensive renovation combined with the significant aesthetic and tenancy improvements that LBG is implementing will create a renewed, vibrant and premier community shopping environment in Ogden,” said David Goldman, Managing Partner of LBG.

Located approximately 40 minutes north of Salt Lake City, the City of Ogden has been experiencing low unemployment, high job growth and significant public infrastructure improvements over the past 4 years.  Ogden is ranked #6 in Forbes’ The Best Places For Business And Careers, #8 in Forbes’ Best Cities For Raising A Family, and #7 in CNN Money’s Most Affordable U.S. Cities To Buy A Home.  Ogden is also home to one of the largest IRS offices in the country, with over 6,500 employees and an annual payroll of approximately $300 million.

“The economic fundamentals of Ogden, the tremendous investments the City of Ogden has recently made in Ogden, the support we have received from the City of Ogden, and LBG’s resource commitment, all point to a very bright future for The Family Center at Ogden Five Points,” said Doug Beiswenger, Managing Partner of LBG.

“This is a perfect opportunistic buy,” said Leslie Lundin, Managing Partner of LBG.  “Due to its strong location, the center has historically been well occupied and had long term anchors with strong sales volumes.  The majority of the rents in the center are well below market.  Many of the leases dated back to the 1970’s and 1980’s and are on their final option thereby creating an opportunity for LBG to improve the center and increase rents to market.  It’s a classic value add deal with limited downside and tremendous upside.”