The Valley Fair Mall in West Valley City has been sold to Satterfield Helm Management, a Sandy-based developer.
Financial terms of the transaction were not disclosed.
The mall previously was owned by New Plan Excel Realty Trust, a New York City-based development company.
The mall was built in 1970 and was renovated in 1986. It now has 102 stores in operation, employing roughly 1,000 people.
While no specific plans for the mall's renovation were disclosed, Scott Satterfield, vice president of Satterfield Helm Inc., said future plans will be significant.
"We have examined this property pretty deeply and feel that it's just got great potential," Satterfield said. "We're looking forward to being involved in enhancing that mall and working close with the tenants and the city in doing that. We believe that it has a great future out there."
Satterfield said his company is conducting market studies, which should be completed in the coming months.
"We do have an initial game plan that we will be tweaking and adjusting," Satterfield said. "Our hopes are that somewhere in the next one to two years we will make the full presentation and begin a revitalization program." The property's sale was brokered by Coldwell Banker Commercial NRT.
Richard Coles, a Coldwell representative who oversaw the transaction, said in a prepared statement that the mall would be converted to a "highly impressive retail hub."Satterfield Helm specializes in developing commercial real estate properties nationally and internationally. The company also has been involved in renovation and rehabilitation of older properties. The company owns one other shopping complex in Utah, Carillon Square, located west of the University Mall in Orem.
E-mail: [email protected]