Brixton purchases Provo Dillard’s, negotiating with new tenant
Let the speculation begin!
Brixton Capital, owner of Provo Towne Centre, has purchased the Dillard’s building and parcel for an undisclosed sum, according to a company press release. However, the store’s replacement has yet to be publicly identified.
The 206,240-square-foot, two-story building on 12.5 acres was acquired on Feb. 24 from Little Rock, Arkansas-based Dillard’s, which will soon relocate its store.
“This acquisition is critical in our long-term plans for redeveloping Provo Towne Center,” Brixton Capital President Mark Selman said in the release. “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.”
According to the release, Brixton Capital is in advanced negotiations to re-lease most of the property to a prominent — but unnamed — national retailer. Brixton Capital expects the new store to open within the next two years, once the renovation of the building is complete. The addition of this retailer will complement the ongoing plans Brixton Capital has for Provo Towne Centre, including the addition of multifamily housing and other uses to improve livability, shopping and community within Provo’s East Bay neighborhood.
Dillard’s at University Place in Orem will open later this month. There has been much talk on Facebook and other social media platforms for several months about what business or group may take the place of the vacated Provo location.
“We love being in Provo and are excited to start a new chapter in the future of this community asset,” added Selman. Brixton Capital, a private real estate investment firm headquartered in Solana Beach, California, has owned Provo Towne Centre since 2016. Renovation of the Dillard’s building for the new retailer will commence this summer.
Nicole Martin, the spokesperson for Provo City, added that the purchase is a sign of good things to come economically for the area.
“The recent purchase of the Dillard’s box by Brixton Capital is representative of the forward momentum and economic vibrancy being displayed in every corner of Provo. Retail establishments around the globe have struggled in recent years but this acquisition is representative of the resiliency of Provo. The redevelopment of the Provo Towne Centre Mall into a mixed use project will stabilize and add value to this critical part of our community. I am excited to work with Brixton to develop a plan for the entire mall property that aligns with our commitment to economic vibrancy and will benefit our entire community.”