Utah

LAYTON, UTAH — PGIM Real Estate has provided an $18.5 million mezzanine loan to Rockworth Cos. for a mixed-use multifamily and commercial portfolio in Layton, approximately 25 miles north of Salt Lake City. The 6.3-acre site features a newly constructed apartment community and two commercial buildings. The multifamily portion totals 252 units, and the two commercial buildings offer a total of 15,000 square feet of second-story office space and 15,130 square feet of ground-floor retail space. Daniel Kattan of PGIM secured the financing for the borrower.

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SOUTH JORDAN, UTAH — Texas-based Partners Real Estate has brokered the purchase of a retail store located at 11552 S. District Drive in South Jordan, a suburb of Salt Lake City. JCPenney occupies the 99,215-square-foot property. Dimitri Jordan of Partners Real Estate represented the buyer in the deal. No further details were disclosed.

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SALT LAKE CITY — Bridge Investment Group and Lowe Property Group have received $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Part of a three-phase project, Post District features 580 residential units across four buildings with approximately 26,000 rentable square feet of retail space. Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring of Walker & Dunlop co-originated the loan with Affinius Capital and Clarion Partners. The borrowers will use the loan proceeds to repay existing debt, fund future costs to complete the construction and repatriate equity to the client as the project continues the lease-up of its newly delivered units.

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SALT LAKE CITY — JLL Capital Markets has arranged the sale of and financing for Sandy Commerce Park, a Class A creative office property at 9490 S 300 West in Salt Lake City. Nuveen Real Estate sold the asset to Alturas Capital Partners for an undisclosed price. Completed in 2017, the five-story 121,197-square-foot building features 25,000-square-foot average floorplates, floor-to-ceiling glass curtain walls and 360-degree views of the Wasatch and Oquirrh mountains. At the time of sale, the property was fully leased to eight tenants with an average weighted lease term of 3.7 years. Phil Brierly and Cole Macadaeg of JLL’s investment sales and advisory team represented the seller in the deal. Mark Root and Will Haass of JLL’s debt advisory team secured a five-year, fixed-rate acquisition loan through a life insurance company for the buyer.

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SALT LAKE CITY — Dart Interest LLC has purchased a 2.32-acre development site in downtown Salt Lake City from an undisclosed seller for $19.7 million. Comprising two parcels, the site includes a vacant, 305,000-square-foot data center and a one-acre parking lot. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop two high-rise apartment projects on the site, which will undergo environmental remediation and demolition of the current data center. The site’s D1 zoning allows for buildings no less than 100 feet in height and no more than 375 feet in height.

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WEST VALLEY CITY, UTAH — X Development and Midloch Investment Partners have acquired Highbury at Lake Park, a Class A retail center in West Valley City, a suburb approximately 10 miles southwest of Salt Lake City. An undisclosed seller sold the asset for $30 million. Located at 5600 West, Highbury at Lake Park features 119,366 square feet of retail space. Current tenants include Target, Bank of America, Xfinity, Freddy’s Frozen Custard & Steakburgers, Marshalls and Café Rio. Kip Paul of Cushman & Wakefield facilitated the transaction. The buyers financed the transaction with a fixed-rate loan from America First Credit Union. Midloch is a preferred equity investor in the property, which is the firm’s first investment in the Salt Lake City market.

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SPANISH FORK, UTAH — Colmena Group has completed the sale of a distribution center, located at 3065 N. 200 E. in Spanish Fork, to Caspian Investments for an undisclosed price. Young Living Essential Oils fully occupies the 280,800-square-foot, Class A facility. The property features 56-foot column spacing, 36-foot clear heights, cross-dock loading, a high level of security, a fenced truck court, 35 dock-high doors, four corner storefronts and skylights. Bryce Blanchard of Newmark represented the seller, while Skyler Peterson of Newmark represented the buyer in the transaction.

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University-Utah-SLC-UT

SALT LAKE CITY — The University of Utah has selected American Campus Communities (ACC) for the development and management of 5,000 student housing beds on the university’s campus in Salt Lake City. Planned beds will be developed over the next decade and will double the amount of on-campus housing offered by the university upon completion. ACC will lead the development efforts in partnership with two Utah-based companies: MHTN Architects and Okland Construction. Design and architecture firm Ayers Saint Gross will also provide support for the projects. The first development will be built directly south of Kahlert Village in space that is currently a parking lot. The development will offer 1,500 beds upon completion, which is scheduled for fall 2026. Under terms of the public-private partnership agreement, the university will retain ownership of the land while ACC and its partners will finance, plan and construct the student housing. ACC will manage operations of the communities upon completion. 

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Skyline-View-Apts-Layton-UT

LAYTON, UTAH — Community Preservation Partners (CPP) has acquired Skyline View Apartments in Layton. CPP partnered with The Hampstead Cos., as co-owner and co-developer, for the community. CPP’s total development investment is approximately $39.5 million, which includes the $22 million purchase price and an estimated $70,000-per-unit renovation. CPP’s renovation and investment will renew the property’s affordability status for additional 20 years and preserve affordability for residents earning up to 50 percent of area median income. Comprised of eight two-story, garden-style buildings at 443, 448 and 430 N. Fairfield Road, Skyline View Apartments features 112 two-bedroom units, ranging in size from 720 square feet to 768 square feet. The asset was built between 1973 and 1978 and the buildings have not had significant renovations. Extensive renovations to interiors and exteriors will begin immediately with construction slated for completion in August 2024. Major enhancements will include installation of new windows, replacement of outdoor siding, and the addition of packaged terminal air conditioner units. Common amenity upgrades will include new paths of travel for improved accessibility, new tot lots, on-site parking for 123 vehicles, access to storage areas, a community laundry room and basketball court. Apartment upgrades will include new flooring, cabinets, countertops, lighting, …

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Escalante-Sandy-Draper

SANDY AND DRAPER, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Utah. The properties are located just a few miles from each other in the southern Salt Lake City suburbs of Sandy and Draper. The communities were built in 2001 and consist of a total of 140 units. The properties total 35,334 and 53,255 square feet and are situated on approximately 1.5 and 2.1 acres of land. The seller is a private equity group divesting to focus on its core assets. The buyer is a Utah-based private equity group with a Utah-based operator expanding its existing footprint in the state. The price was not disclosed. The new owners plan to invest in capital expenditures and marketing to rejuvenate the communities and enhance their overall performance. Vince Viverito and Jason Punzel of SLIB handled the transaction.

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