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Sarah A. Miller, Deseret News
Sheryl White, Abby White, Casey White and Alan White of Salt Lake City walk through Trolley Square during the re-opening event at Trolley Square in Salt Lake City Saturday, Aug. 21, 2010.

Trolley Square has a new owner, it was announced Friday, with the historic shopping center being acquired by private investment company S.K. Hart Properties, L.C.

"This is a very exciting transaction for our company, the state of Utah, and the city of Salt Lake as a whole," CEO Khosrow Semnani said. "While the center poses certain challenges, we are excited to return Trolley Square to its former glory while simultaneously having a positive impact on the local neighborhood and the community at large."

Trolley Square, which covers a city block, consists of approximately 315,000 square feet of retail, restaurant and commercial space. Current stores and restaurants include Whole Foods, Pottery Barn, Weller Book Works, the Spaghetti Factory and Rodizio Grill.

"Despite the economic downturn, the current businesses at Trolley have continued to survive and thrive and we intend to complement them by bringing in first class retailers and restaurants from around the country, as well as local retailers," Semnani said.

In 2010, Trolley Square celebrated a grand re-opening after the building underwent exterior construction, a redesign and the opening of a new parking garage. The center also went green with a reclaimed water irrigation system and participation in Rocky Mountain Power's Blue Sky renewable energy program.

More information will be provided as it becomes available.