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AcquisitionsIndustrialSelf-StorageUtahWestern

ACD Buys 46,700 SF Self-Storage Facility in West Haven, Utah

by Amy Works

WEST HAVEN, UTAH — ACD, a Denver-based commercial real estate investment firm operating a portfolio of self-storage assets, has acquired a self-storage facility in West Haven from a local development company for an undisclosed price. ACD will assume management of the 46,700-square-foot property under its in-house brand, BriteLock Storage. The asset is currently managed by Extra Space. Built in 2020 on 2.6 acres, the property consists of nine single-story self-storage buildings with 250 drive-up units and 176 climate-controlled units. Amenities include a gated entry with digital keypad, a separate onsite management office in front of the entrance gate, 24/7 video surveillance, asphalt driveways and units with roll-up doors. Jordan Farrer and Adam Schlosser of the LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer in deal.

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DevelopmentHospitalityLoansTop StoriesUtahWestern

Extell Development Secures $600M Construction Loan for Four Seasons Resort and Residences in Park City, Utah

by John Nelson

PARK CITY, UTAH — Extell Development Co., a national real estate development firm based in New York City, has secured a $600 million construction loan for Four Seasons Resort and Residences Deer Valley, a new hospitality and condominium development currently underway in Park City, Utah’s premier ski town. New York-based JVP Management provided the financing. Extell broke ground on the development earlier this spring and plans to deliver the property in 2028. Designed by ODA Architecture, Four Seasons Resort and Residences Deer Valley will feature one- to seven-bedroom hotel suites ranging in size from 1,200 to 7,000 square feet, all with direct ski-in/ski-out access. Amenities at the property will include wellness and fitness facilities with saunas, steam rooms, whirlpools and spa services, as well as four dining venues and a ski-in/ski-out lounge with an outdoor terrace and fireplace. Additional amenities will include access to 50 miles of hiking and biking trails, an ice rink, indoor sports court and indoor and outdoor pools with panoramic views and private cabanas. The property will also feature a grand ballroom, three meeting rooms and an outdoor event terrace. Upon completion, the development will include a building with 68 private one- to five-bedroom residences as …

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2-South-400-West-SLC-UT
AcquisitionsHospitalityUtahWestern

CBRE Arranges Ground Lease Sale of 1.7-Acre Parcel in Downtown Salt Lake City

by Amy Works

SALT LAKE CITY — CBRE has arranged the leased fee interest sale of a 1.7-acre parcel in downtown Salt Lake City. Safehold Inc. acquired the asset, which includes a ground lease for over 98 years, for an undisclosed price. Asher Adams, a 225-key Autograph Collection hotel, occupies the site. The hotel was completed in 2024 and includes an adaptive reuse of the historic Union Pacific Depot Train Station. The parcel is located at 2 S. 400 West. Anthony DeLorenzo, Sammy Cemo, Bryan Johnson, Will Pike and Patrick Bodnar of CBRE represented the institutional seller in the transaction.

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Sugarmont-Apts-SLC-UT
AcquisitionsMultifamilyUtahWestern

Centerspace Acquires Sugarmont Apartments in Salt Lake City for $149M

by Amy Works

SALT LAKE CITY — Centerspace (NYSE: CSR) has purchased Sugarmont Apartments, a Class A mid-rise multifamily property in Salt Lake City’s Sugar House neighborhood, from Cottonwood Communities for $149 million. Centerspace has retained Cottonwood as property manager for the asset, which is located at 2191 S. McClelland St. Built in 2021, Sugarmont Apartments features 341 units in a mix of studio, one-, two- and three-bedroom floor plans, along with townhomes. Residences offer quartz countertops with mosaic tile backsplashes, smart home features, private balconies, walk-in closets and luxury plank flooring. Community amenities include a resort-style pool and spa, two landscaped courtyard terraces with fire pits and grills, a fitness club and yoga studio, pet park and resident clubhouse. Mark Jensen, Rawley Nielsen and Darren Nielsen of Northmarq’s Salt Lake City Multifamily Investment Sales team represented the buyer in the transaction.

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DevelopmentMultifamilyStudent HousingUtahWestern

Brinkmann Constructors, Kayne Anderson Break Ground on 607-Bed Student Housing Community in Salt Lake City

by Amy Works

SALT LAKE CITY — Brinkmann Constructors, in partnership with Kayne Anderson, has broken ground on Trolley North Apartments, an eight-story student housing community in Salt Lake City. The 395,000-square-foot property will offer 200 apartments units, totaling of 607 beds, and four levels of parking. Located near the University of Utah, Trolley North Apartments is being built in two phases. The first phase consists of the six-month construction of an eight-story stair tower to support rooftop cellular equipment. The cellular equipment must be relocated before the start of the second phase — the construction of the student housing development. BKV Group will serve as the project architect.

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1876-W-Fortune-Rd-SLC-UT
AcquisitionsIndustrialUtahWestern

Steel Peak Acquires Industrial Outdoor Storage Property in Salt Lake City for $7.6M

by Amy Works

SALT LAKE CITY — Steel Peak has purchased an industrial outdoor storage (IOS) property located at 1876 W. Fortune Road in Salt Lake City from Stalsberg Properties for $7.6 million. Philip Eilers of Cushman & Wakefield represented the buyer, while Charlie Davis of Cushman & Wakefield represented the seller in the transaction. Situated on 5.4 acres, the asset consists of two warehouse buildings totaling 31,460 square feet. The zoning allows for various industrial uses, including outdoor storage, commercial parking, contractor yards, heavy equipment, tire distribution/retail, truck freight terminals, auto and truck repair, industrial services and sales, and railroad repair/rail freight terminals.

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990-N-6550-West-Salt-Lake-City-UT
AcquisitionsIndustrialUtahWestern

Walmart Purchases 1 MSF Distribution Building in Salt Lake City

by Amy Works

SALT LAKE CITY — Walmart Inc. has acquired a 1 million-square-foot distribution building on nearly 60 acres in Salt Lake City. Terms of the transaction were not disclosed. Walmart Fulfillment Services was previously leasing the entire property located at 990 N. 6550 West on a long-term basis prior to the sale. Commonly known as the Salt Lake City Logistics Center, the property comprises a cross-dock industrial building with immediate freeway access, a clear height of 40 feet and immediate access to the Salt Lake City International Airport. The property was completed in 2022. Ed Lampitt, Will Strong, Jeff Chiate and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented Walmart in the deal.

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485-N-Jimmy-Doolittle-Salt-Lake-City-UT
AcquisitionsIndustrialLoansUtahWestern

Gantry Secures $13.5M Acquisition Loan for Industrial Building in Salt Lake City

by Amy Works

SALT LAKE CITY — Gantry has secured a $13.5 million permanent loan for the purchase of an industrial property located at 485 N. Jimmy Doolittle Road in Salt Lake City. Situated on 9.4 acres, the asset offers 148,263 square feet of Class A industrial space, a clear height of 32 feet, four drive-in bays, 29 exterior dock doors, 198 parking spaces and ample trailer storage space. The property is fully leased to two tenants. Mike Wood, Ben Johnson and Tim Brown of Gantry’s Seattle production office represented the borrower, a private real estate investor. The six-year, fixed-rate loan was provided by one of Gantry’s insurance company correspondent lenders and features full-term interest-only payments with prepayment flexibility.

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Market ReportsRestaurantRetailUtahWesternWestern Market Reports

Trends Shaping Salt Lake City’s Retail Revival

by John Nelson

— By Brian Anderson of CBRE —  Utah’s retail market is shaped by its young population and large households, driving demand for big box stores and quality consumer brands. Utah has the youngest median age of any state in the U.S. by nearly four years, and the largest median household size.  Our retail real estate market mirrors these realities. Large-box grocers and membership warehouses dot the landscape, creating gravity points that draw junior boxes, shops and restaurant users to these neighborhoods. Utah’s household incomes continue to rise, while the per capita income remains average. This has led to a concentration of quality — though not luxury — consumer brands in most retail centers. Despite challenges in construction and finance markets, Utah’s ongoing housing expansion is pushing box users and grocers to open new locations. The Salt Lake and Provo MSAs are expected to see several new big box and large grocery stores, mostly in outlying communities, after a quiet 2023 and 2024. Smaller-format grocers focused on organic food are also in permitting stages in established communities. These new locations will spark competition for restaurant and shop users. Health-conscious brands are expected to take space in desirable centers as 2025 progresses. …

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Market ReportsMultifamilyUtahWesternWestern Market Reports

Evolving Conditions Bring Optimism to Salt Lake City’s Apartment Market

by John Nelson

— By Rawley Nielsen and Mark Jensen of Northmarq — The Salt Lake City apartment market has undergone significant shifts over the past few years, shaped by broader economic headwinds and local supply dynamics. Fortunately, optimism is returning to the market as interest rates stabilize, supply is absorbed and buyers see new opportunities to enter at attractive pricing. Over the past 36 months, rising interest rates have created challenges for multifamily investment, which have impacted underwriting and transaction velocity. However, recent weeks have provided a reprieve as Treasury rates have come down, bringing renewed energy to the market. Volatility remains a factor, but there is a growing sense that we are at or near the bottom, leading to increased investor interest. One of the biggest headwinds in Salt Lake City has been the supply wave, particularly in the downtown market where an influx of new multifamily deliveries has made it difficult for buyers to underwrite rent growth. Both 2022 and 2023 brought unit deliveries totaling more than 4,000 units, nearly triple the average annual delivery count from the past 10 years.   We saw nearly 3,000 units delivered last year, and our team is tracking a similar amount for 2025. …

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