Brixton Capital based in Solana Beach has purchased a two-story retail building in a Utah shopping center that it owns with plans to renovate the building.
The company declined to say what it paid for the 206,240 square-foot building in Brixton’s Towne Center.
“This acquisition is critical in our long-term plans for redeveloping Provo Towne Center,” said Brixton Capital 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 is in negotiations to re-lease most of the property to a prominent national retailer and expects the new store to open within the next two years, once the renovation of the building is complete, Selman said.
The addition of this retailer will complement the ongoing plans Brixton Capital has for Provo Towne Center, including the addition of multi-family housing and other uses to improve livability, shopping, and community within Provo’s East Bay neighborhood, Selman said.
Brixton Capital has owned Provo Towne Center since 2016.