Salt Lake-based JP Realty, Inc. has acquired the Grand Teton Mall in Idaho Falls for $34.4 million.
The mall is located on 60 acres at the intersection of 17th Street and Hitt Road in the eastern section of Idaho Falls.The 524,000-square-foot shopping center is anchored by JC Penney, Sears, The Bon Marche and ZCMI.
A spokesman said the Grand Teton Mall is the only regional mall in the Idaho Falls trade area and is the core of the retail hub serving the 8 counties in the northern sector of eastern Idaho.
The acquisition was financed through the company's $50 million secured revolving credit facility.
The spokesman said the acquisition is in line with the company's strategy of owning major retail hubs within a particular trade area located in the Mountain West. Following the acquisition, JP will own 44 commercial properties.