Brixton Capital, a preeminent commercial real estate investment firm, has purchased the Dillard’s building and parcel located at Brixton’s Provo Towne Centre in Provo, Utah. The 206,240-square-foot, two-story building on 12.5 acres was owned by Little Rock, Arkansas-based Dillard’s, which will soon relocate its store. Brixton Capital purchased the building and its parcel for an undisclosed sum.
“This acquisition is critical in our long-term plans for redeveloping Provo Towne Center,” said Brixton Capital’s President, Mark Selman. “With our now total ownership of Provo Towne Centre, 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 has owned Provo Towne Centre since 2016. The addition of this property will complement Brixton’s plans for Provo Towne Centre, including the addition of multi-family housing and other uses to improve livability, shopping, and community in the region. Brixton Capital is already in advanced negotiations to re-lease most of the Dillard’s building to a prominent national retailer. Renovations to the building will commence this summer, and Brixton expects the new retailer to open its doors within the next two years.
For more information, visit Utah Business.
