Steele Ridge Retail Center 9 Retail Properties Offered at $43,772,030 in Saratoga Springs, UT

Pursue a high-yield retail investment with this stunning, brand-new construction shopping center at Steele Ridge Plaza. Comprising nine buildings and 83,576 square feet, this vibrant retail center boasts a prime location in the thriving Saratoga Springs suburb of the Salt Lake Valley at 333 E Crossroads Boulevard. Providing an incredibly efficient acquisition, the buildings are offered 83% pre-leased to strong tenants with new five-to-10-year lease agreements at market rents. This provides robust existing cash flow for a new owner along with significant value-add potential to fill the remaining vacancies. Currently, one building is completed, with the remaining eight buildings scheduled for delivery between August 2025 and March of 2026.

Steele Ridge Plaza’s functional and flexible facilities are perfectly poised to attract a wide variety of retail businesses. Offering frontage and access points from both Crossroads Boulevard and Riverside Drive, the center is easily accessible and highly visible to more than 17,000 daily vehicles. Capitalizing on this heightened exposure, most of the buildings feature drive-thru capabilities, and buildings 6 and 7 include outdoor patio seating potential, enhancing tenant desirability and catering to high-demand retail and dining concepts.

One of the fastest-growing communities in Utah, Saratoga Springs provides a valuable backdrop for both businesses and investors. Within just a mile of Steele Ridge Plaza, national retail locations for Walmart Supercenter, Costco, Vasa Fitness, The Home Depot, Smith’s Marketplace, and more draw steady consumer traffic to the area. The area is also rapidly emerging as a healthcare hub, with significant nearby developments such as Intermountain Health’s new hospital campus, the University of Utah’s upcoming medical center, and the new Primary Children’s Hospital. Additional draws within 10 minutes of the center include Thanksgiving Point, a regional destination with over 2 million annual visitors, and the Mountainland Technical College (MTECH) campus. With direct access off Crossroads Boulevard, the property is easily reachable from Downtown Lehi and benefits from the area’s booming tech industry.

Steele Ridge Plaza benefits from its placement in a highly constrained retail submarket, with 1.2 million square feet of retail inventory within 1 mile carrying a vacancy rate of just 1.5%. Currently, of the 280,000 square feet of new space under construction in the submarket, over 235,000 square feet have been pre-leased, reinforcing the strength of this coveted trade area.

Businesses operating at Steele Ridge Plaza benefit from access to an advantageous demographic profile of potential customers within 5 miles of the center. The population of over 164,000 has grown by more than 18% since 2020, with projections calling for growth to continue and even escalate in the coming years. Residents of the area wielded an average household income of more than $133,000 to deliver collected consumer spending of more than $2 billion during 2024.

Steele Ridge Plaza provides optionality to investors to acquire the entire shopping center as a portfolio, or purchase select buildings a la carte. Please review the Offering Memorandum for additional information.

Property tours are by appointment only; Please contact the Colliers team to schedule and to learn more about this existing offer.