PARK CITY, UTAH — New York-based Extell Development and Hilton have announced plans to develop a new Canopy by Hilton hotel at Deer Valley East Village, North America’s first luxury alpine village to be developed since 1981. Slated to open in summer 2026, the 180-key hotel will mark Canopy by Hilton’s first hotel in Utah. Overlooking the Jordanelle Reservoir and Deer Valley Resort, Canopy by Hilton at Deer Valley will offer ski access, an apres-ski experience and access to a variety of restaurants. The hotel design features architecture by The Richardson Design Partnership and interior design by DLR/Brayton Hughes. The hotel will offer a curated suite of onsite amenities including a pool and hot tub, steam room and sauna, fitness room and golf simulator. Additionally, the hotel will offer a dedicated ski reception lobby and ski locker room, meeting and conference facilities and two levels of underground parking accommodating 176 stalls. Canopy at Deer Valley will feature more than 9,600 square feet of food-and-beverage facilities, including a signature restaurant, an apres-ski lounge, a grab-and-go coffee shop and a rooftop lounge with mountain views.
Utah
AMERICAN FORK, UTAH — CandyCo, a confectionary manufacturer, has signed a lease with owner/developer Robinson Brothers to occupy North Pointe Building F at 1260 S. 630 W in American Fork. The 110,004-square-foot facility is tailored to the tenant’s manufacturing needs. Jarrod Hunt of Colliers handled the negotiations for the lease.
WEST JORDAN, UTAH — J.P. Morgan and Starwood Property Trust have provided $2 billion in financing for a data center project in West Jordan, located just south of Salt Lake City. The borrower, a partnership between Los Angeles-based investment firm CIM Group and regional operator Novva Data Centers, will use the proceeds to complete construction of the second and third phases of the latter entity’s 100-acre flagship Salt Lake City campus. At full build-out, the campus will span approximately 1 million square feet and have a total power capacity of 175 megawatts (MW). According to The Wall Street Journal, that is enough electricity to power about 175,000 U.S. homes of average size. Development of the campus began several years ago, with the first phase coming on line in 2023, the same year in which ownership secured a full-campus lease with an undisclosed global tech company. Construction of Phase II of the project began in December 2023 and will feature a 318,000-square-foot data center building that will have the capacity to produce 72 MW of power. Construction of Phase III commenced in January 2024 and will also feature a 318,000-square-foot data center with a 72-MW capacity. Completion of both facilities is …
LEHI, UTAH — Fort Street Partners has partnered with Cumming Capital Management to acquire Lehi Spectrum I and II, two Class A tech office properties in Lehi’s Silicon Slopes district. Terms of the transaction were not released. Built in 2018 and 2020, the buildings offer approximately 265,000 square feet of combined space. Onsite amenities at Lehi Spectrum include pickleball courts, a daycare, gym, locker rooms with showers, an open space auditorium and food services. Bryce Blanchard of Newmark, along with Woodley Real Estate, represented the undisclosed seller in the deal.
NEW YORK CITY AND SALT LAKE CITY — Global alternative asset manager and private equity firm Apollo (NYSE: APO) has entered into an agreement to acquire Bridge Investment Group Holdings Inc. (NYSE: BRDG) in an all-stock transaction valued at approximately $1.5 billion. The deal is expected to close in the third quarter. Based in Salt Lake City, Bridge operates nearly a dozen offices nationwide and has approximately $49 billion in assets under management. In addition to some 13.5 million square feet of industrial holdings, the company’s portfolio includes nearly 65,000 residential units across the market-rate, workforce/affordable housing, seniors housing and single-family rental verticals. Bridge was ranked No. 21 on the American Seniors Housing Association’s (ASHA) 2024 list of largest seniors housing owners. Under the terms of the agreement, Bridge stockholders will receive 0.07081 shares of Apollo common stock for each share of Bridge common stock at closing. Both parties value the per-share price at $11.50, which represents a premium of about 45 percent over the company’s closing stock price of $7.92 per share on Friday, Feb. 21. Upon closing, Bridge will operate as a standalone platform within Apollo’s asset management business. Bob Morse, the current executive chairman of Bridge, will …
University of Utah, ACC Break Ground on 1,400-Bed Student Housing Development in Salt Lake City
by Amy Works
SALT LAKE CITY — The University of Utah (The U) and American Campus Communities (ACC), in a public-private partnership, have broken ground on a $155 million student housing complex in Salt Lake City. The six-story residence hall will add 1,400 beds for first- and second-year students. The U will manage and program the first floor to feature common indoor and outdoor social areas, new dining facilities and fitness areas. The development is part of ACC’s American Campus Equity (ACE program), which enables universities to expand and enhance student housing without taking on additional debt. Under a 55-year lease agreement that includes two 10-year extensions for a final term of 75 years, ACC will manage and own a leasehold interest in the property. The project team includes MHTN Architects, Ayers Saint Gross and Okland Construction. The new residence hall is slated to open for occupancy in fall 2026.
PCCP Provides $60M Senior Loan for 201-Unit Apartment Project in Downtown Salt Lake City
by Amy Works
SALT LAKE CITY — PCCP has provided a $60 million senior loan to J. Fisher Cos. for the construction of The Edison, a seven-story multifamily community in downtown Salt Lake City. Construction will commence in February with completion scheduled for February 2027. Located at 256 S. 200 East, The Edison will offer 201 apartments across five residential stories atop two levels of parking (158 stalls) and 7,800 square feet of ground-floor retail space. The unit mix will consist of 40 junior one-bedroom units, 105 one-bedroom units and 56 two-bedroom units with an average size of 823 square feet. The units will offer 10-foot ceilings, stainless steel appliances, quartz closets and full-size washers/dryers. Community amenities will include a swimming pool, hot tub, sauna, fitness center, golf simulator, arcade, clubhouse, coworking space, outdoor fireplace and a courtyard with barbecues.
SALT LAKE CITY — Arizona-based ViaWest Group has completed the sale of a freestanding warehouse located at 3255 W. 500 South in Salt Lake City. A St. Louis-based private real estate investment firm acquired the asset for an undisclosed price. Built in 2016 on 2.2 acres, the property offers 40,709 square feet of single-tenant space, which is fully leased on a long-term basis to a provider and distributor of industrial and manufacturing products. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield represented the seller in the deal. Phillip Eilers and Jon Schreck of Cushman & Wakefield provided market leasing services.
Fort Street Partners, Chestnut Healthcare Real Estate Form JV to Develop $150M in Healthcare Assets in Utah
by Amy Works
UTAH — Salt Lake City-based Fort Street Partners and Chestnut Healthcare Real Estate have formed a programmatic joint venture that can acquire and develop up to $150 million in assets over the next four years. The venture will focus on core/core-plus and value-add investments in outpatient medical and surgery center properties in Utah. The partnership has already closed on two medical outpatient developments in Syracuse and Eagle Mountain, Utah. CJ Kodani and Mark Root of JLL Capital Markets arranged the joint venture.
VanTrust Real Estate Buys 32-Acre Site Near Salt Lake City, Plans to Develop Four Warehouses
by Amy Works
WEST VALLEY CITY, UTAH — VanTrust Real Estate has acquired 32 acres, located at 5998 W. Parkway Blvd. in West Valley City, with plans to build four industrial warehouses. The site will accommodate four buildings offering a total of 600,000 square feet of Class A industrial space. The site’s location offers easy access to State Route 201, Salt Lake City International Airport, I-80, I-15 and the Union Pacific Railroad intermodal hub. VanTrust expects construction on the first two buildings to start in late spring 2025 and deliver in late spring 2026. Construction timing on the other two buildings is still to be determined. Specific tenants for the warehouses have not yet been identified.
Newer Posts