Accelerated Development, through their joint venture with Wadsworth Development recently completed the purchase of a 10,000 square foot building at 1145 N. Main Street in Logan, Utah. The highly visible building is in the heart of the retail district.
Located just south of the Cache Valley Mall and across from Home Depot, the building had gone through foreclosure and was lender owned. Pat Sauer of Accelerated Development commented on the acquisition, “We thought this building would work for one of our retailers. When working with the lenders we typically have to close very quickly, as lenders are interested in price, but they are even more interested in certainty.” After a short due diligence period, the group closed on the property, demolished the interior and funded a complete interior and exterior renovation.
Chad Moore and Jeff Harrison with Mountain West Retail represented the tenant who leased from Accelerated. Chad commented on the opportunity, “We’ve been looking for the right space in the market for Mattress Firm and we were pleased to find such a perfect fit in terms of location, access and exposure.” This will be the 16th Mattress Firm location in Utah.
Accelerated continues to be interested in build-to-suit opportunities and buy-to-suit opportunities for retailers looking to expand in markets where there may not be quality real estate available. They have primarily focused their efforts on the markets in the Southwest from Texas to California.