SALT LAKE CITY — Newmark Mountain West has brokered the sale of a 10-property C-A-L Ranch store portfolio spanning Idaho, Utah, Arizona and Nevada. Integra CRE sold the portfolio for an undisclosed price. The name of the buyer was not released. Totaling more than 637,000 square feet, the retail locations serve rural and suburban communities. Chad Moore, Drew Helm and Brendan Lee of Newmark Mountain West represented the seller in the deal.
HEBER VALLEY, UTAH — Angstrom Development Group has announced plans for The Slope, a new mixed-use resort project in Heber Valley, roughly 50 miles southeast from Salt Lake City International Airport. Situated along the Provo River, the development will feature an 86-room resort and more than 100,000 square feet of retail space. The Slope will also include 200 hotel-branded residences, which will be available for purchase or for short-term rentals. Residences at the project will be fully furnished, with rentals operated by the hotel brand’s professional management program. In addition to two- and three-bedroom condos located within the hotel, residential units will include four-bedroom, multistory villas. The villas will feature expansive patios and rooftop decks with hot tubs and saunas. Waterways, bike paths and pedestrian alleys will connect the development, and the resort will offer access to skiing, mountain biking, hiking trails, golfing and boating. Austin, Texas-based Angstrom Development Group develops high-end residential, mixed-use and resort projects across premier markets. — Hayden Spiess
WEST VALLEY CITY, UTAH — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Towne Storage Colt Plaza, a 60,325-square-foot self-storage facility in West Valley City. A joint venture between Towne Storage and a local development company sold the asset to UTEX Storage Partners for an undisclosed price. Situated on 2.6 acres, the 467-unit facility consists of five single-story buildings and one two-story building with 125 drive-up units. Towne Storage Colt Plaza amenities include a gated entry with a digital keypad, an onsite management office in front of the entrance gate, 24/7 video surveillance throughout the facility, asphalt driveways and units with roll-up doors. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller in the deal.
— By Will Moss of MMG Real Estate Advisors — After a turbulent stretch marked by oversupply and softening rents, Salt Lake City’s multifamily market is showing signs of stabilization in early 2025. Demand is returning, rent declines are easing and investor confidence is on the rise, all pointing to a market that may have found its footing. “We’re not calling a full recovery just yet,” says Will Moss, sales agent at MMG Real Estate. “But what we’re seeing is a return to fundamentals, steady demand, measured construction and buyers who are ready to transact again.” In first-quarter 2025, net absorption reached 1,044 units, outpacing the 894 units delivered and marking the first time in over a year that demand exceeded new supply. Over the past 12 months, approximately 4,500 units were absorbed, well above the metro’s historical average. Demand Rebounds, But Challenges Linger Salt Lake City mirrors national trends where improved economic confidence and easing inflation have begun to unlock pent-up housing demand. Notably, demand has been strongest among mid-tier renters, though even luxury properties, despite being the main source of new supply, posted a 1.8 percent rent increase year-over-year. Still, rents overall declined 0.3 percent annually, continuing a …
PARK CITY, UTAH — El Segundo, Calif.-based Calmwater Capital has provided a $22.8 million bridge loan to refinance Kimball on Main Street, a 25,429-square-foot retail center located within the Historic Old Town area of downtown Park City. Stanton Road Capital was the borrower, while DaJuan Bennett of Calmwater internally represented the firm. Originally built in 1990 and renovated in 2018, the property features seven storefronts, a second-floor event space that serves the Sundance Film Festival and a recently constructed three-story building. Kimball on Main Street is currently 83 percent leased and comprises a mix of tenants such as Arhaus, Free People, Sunglass Hut, Romy Park City, We Norwegians and The Collective. Stanton Road Capital acquired the property in 2022.
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.
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 …
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.
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.
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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