Brixton Capital met another milestone in its renovation of Provo Towne Centre in Provo, Utah. National retailer Target will occupy approximately 135,000 square feet of the former Dillard’s building at the center.
Brixton Vice President of Development Justin Long said, “The lease with Target is an exciting first step toward the full transformation of Provo Towne Centre into a reimagined mixed-use center that meets the modern needs of the community.”
The renovations include a remodel and interior demolition of the two story, 206,000-square-foot box, originally built in 1996. Brixton Capital will completely refurbish the structure and associated 12.5 acres of land to accommodate a functional and fresh design for the community.
“We are thrilled to be able to offer Provo City residents a new Target store at the Provo Towne Centre, making this their second retail location” said Provo Mayor Michelle Kaufusi. “Target’s commitment to our community and Brixton’s efforts to revitalize an essential commercial center reflect the strength of Provo’s economy. We look forward to Brixton’s ongoing investment in Provo at Provo Towne Centre.”
Brixton’s plans for the remainder of the 40-acre Provo Towne Centre include the addition of multifamily housing and other mixed uses to improve livability, shopping and community within Provo’s East Bay neighborhood.
Brixton’s Vice President of Leasing Eric Li noted, “We are in active discussions with other retailers and restaurants that wish to move to Provo Towne Centre and will be providing additional information in the coming months.”
Joe Cooley and Troy Hardy of Mountain West Commercial represented Brixton Capital in the lease deal. Joren Peterson and Hayden Peterson of Landmark Property Development represented Target.
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.