OGDEN -- One of Ogden's oldest and most recognizable shopping centers is in-line to receive a major face-lift before the year is out.
California-based LBG Real Estate Companies LLC has purchased The Family Center at Ogden Five Points for an undisclosed sum and will begin a major renovation project on the entire 161,795-square-foot community shopping center sometime within the next 30 days.
The acquisition also includes about six acres of adjacent land that could accommodate additional retail and residential development.
LBG, a privately-held real estate company, says it specializes in the acquisition, investment and development of commercial real estate in the western United States.
"Due to its strong location, the center has historically been well occupied and had long-term anchors with strong sales volumes," says Leslie Lundin, managing partner of LBG.
The Family Center was 95 percent leased at the time of sale and tenants at the property include Planet Fitness, Dollar Tree, Harbor Freight Tools, Key Bank and Radio Shack.
It is anchored by Harmons grocery store, which just completed a major renovation project at their store.
David Goldman, another managing partner with LBG, said the redevelopment project should be completed by the end of the year and include brand new shops, a tri-sided 30-foot tall LED pylon sign, and distinctive architectural upgrades to the facade, landscaping and parking lot.
"Most of the tenants in the complex do very well, but could do a lot better with an upgrade," Goldman said. "(The center) has been gradually deteriorating over the last 10 years and it's gotten to the point that it looks pretty crummy, but we're going to change that. It's going to look a lot more contemporary and eclectic."
Goldman said new tenants in the complex will likely include a sit-down restaurant and several "daily need" shops like a dry cleaner or a cafe.
"We want to create a much more community-based environment," he said. "Where people can eat, do errands, get their groceries. It's going to be much more synergistic."
Goldman says potential for the center is strong, with it's location near Ogden's five-point signalized intersection that boasts traffic counts in excess of 45,000 cars per day and provides visibility and accessibility from Washington Boulevard, Harrisville Road and Second Street.
"We believe it will be the nicest grocery anchored shopping center in the entire region," Goldman said.
Goldman said the renovation project will cost approximately $2 million. While the renovation should be complete before Jan. 1, Goldman says LBG hopes to have the complex full of new tenants within the next year.
Contact reporter Mitch Shaw at 801-625-4233 or email@example.com. Follow him on Twitter at @mitchshaw23.