Utah

ViaWest Group Sells 40,709 SF Warehouse in Salt Lake City

by Amy Works January 8, 2025

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.

January 8, 2025

Company News Development Healthcare Utah Western

Fort Street Partners, Chestnut Healthcare Real Estate Form JV to Develop $150M in Healthcare Assets in Utah

by Amy Works January 3, 2025

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.

January 3, 2025

Acquisitions Development Industrial Utah Western

VanTrust Real Estate Buys 32-Acre Site Near Salt Lake City, Plans to Develop Four Warehouses

by Amy Works December 13, 2024

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.

December 13, 2024

1551-S-Renaissance-Towne-Dr-Bountiful-UT

Acquisitions Healthcare Utah Western

Cypress West, TPG Angelo Gordon Buy 112,192 SF Renaissance Medical Center in Metro Salt Lake City

by Amy Works December 10, 2024

BOUNTIFUL, UTAH — Cypress West Partners, in joint venture with TPG Angelo Gordon, has acquired Renaissance Medical Center, a medical outpatient building in Bountiful, about four miles north of Salt Lake City. Terms of the transaction were not released. Mountain West Surgical Center, a multi-specialty ambulatory surgical center owned by HCA Healthcare, anchors the 112,192-square-foot property that is located at 1551 S. Renaissance Towne Drive. Eight other medical specialties and services, including orthopedics, physical therapy, imaging, spine and urology, also occupy the property. Newmark Healthcare Capital Markets advised Cypress West Partners and arranged the credit facility on behalf of the joint venture.

December 10, 2024

Development Hospitality Utah Western

Hyatt Opens 436-Key Grand Hyatt Deer Valley Hotel in Park City, Utah

by Amy Works November 22, 2024

PARK CITY, UTAH — Hyatt Hotels Corp. has opened Grand Hyatt Deer Valley, a 436-key resort at Extell Development Co.’s Deer Valley East Village in Park City. Grand Hyatt Deer Valley provides direct access to Deer Valley Resort, including more than 300 skiable acres, 20 debut runs and three chairlifts, and is expected to open for the 2024/2025 season in December, conditions permitting. Designed by Denver-based OZ Architecture, Grand Hyatt Deer Valley offers 381 guest rooms and 55 residences. All rooms are equipped with flat-screen HDTVs, Nespresso coffee makers, blackout curtains, individual climate control, hair dryers, bathrobes and minifridges. The resort also features a heated outdoor pool, three oversized hot tubs, a pool deck and a nighttime entertainment program. The property offers four restaurants, Remington Hall, Hidden Ace, Living Room and Double Blacks; nearly 30,000 square feet of indoor and outdoor event space, including a 10,000-square-foot ballroom; skier services; pet-friendly programming; Camp Hyatt Kids Club; and The Spa at Grand Hyatt Deer Valley.

November 22, 2024

Three-Industrial-Bldgs-West-Valley-City-UT

Acquisitions Industrial Utah Western

Hyde Development, Mortenson Properties Buy Nine-Building Industrial Portfolio in Salt Lake City

by Amy Works November 12, 2024

SALT LAKE CITY and WEST VALLEY CITY, UTAH — A partnership between Hyde Development and Mortenson Properties has acquired the Salt Lake City Industrial Portfolio, a nine-building infill portfolio located just south of the Salt Lake City International Airport near the convergence of interstates 15 and 80. Terms of the transaction were not released. The portfolio is comprised of five single-tenant and four multi-tenant buildings totaling 787,000 square feet. At the time of sale, the asset was 96 percent leased to 13 blue-chip tenants. The portfolio includes 3595 W. Technology Drive and two buildings at 2323 S. 3600 West in West Valley City, and 2555-2595 W. Custer Road, 2525 W. 1700 South, 2534 W. Bridger Road, 2415-2435 E. Custer Road, 1765 Fremont Drive and 1855 Fremont Drive in Salt Lake City. Jeremy Ballenger, Tyler Carner, Rebecca Perlmutter and Brett Hartzell of CBRE National Partners represented the undisclosed seller in the deal.

November 12, 2024

Acquisitions Retail Utah Western

Continental Realty Corp. Acquires 630,000 SF Crossroads of Taylorsville Retail Center Near Salt Lake City

by Amy Works September 18, 2024

TAYLORSVILLE, UTAH — Continental Realty Corp. (CRC) has entered the Utah market with the purchase of The Crossroads of Taylorsville, a shopping center in Taylorsville, for an undisclosed price. The asset was purchased with funds from Continental Realty Opportunistic Retail Fund I, a closed-end fund for which approximately $323 million has been raised. Totaling nearly 630,000 square feet, The Crossroads at Taylorsville is located at 5400 S. Redwood Road, 12 miles south of Salt Lake City. The property consists of 10 buildings and seven separate outparcels or multi-tenant strip buildings, all of which is surrounded by a free surface parking lot that can accommodate nearly 3,900 vehicles. At the time of sale, the property was 94 percent leased. Current tenants include Target, T.J.Maxx, HomeGoods, Ross Dress for Less, EOS Fitness, Regal Cinema, PetSmart, Dollar Tree, Guitar Center, King Buffet, Lifetime Products, Mr. Mac, Rockler Woodworking and Sierra Trading Post. Mark Damiani of Eastdil Secured represented the seller, TriGate Capital, in the deal. With this transaction, Baltimore-based CRC has now acquired more than $700 million in retail real estate since the beginning of 2021.

September 18, 2024

Loans Multifamily Seniors Housing Utah Western

EBSC Lending Closes $14.5M Refinancing for Seniors Housing Property in Bountiful, Utah

by Amy Works September 16, 2024

BOUNTIFUL, UTAH — EBSC Lending has arranged the closing of a $14.5 million loan to refinance an assisted living and memory care community in Bountiful, a suburban community between Salt Lake City and Ogden, Utah. The undisclosed sponsor acquired the facility in 2019 and has expanded the property’s memory care capacity to capture more of the market demand for high-quality memory care and increased the allowable density by obtaining a zoning amendment allowing up to 73 beds. The sponsor increased occupancy, improved operations and hired a new management company to oversee the property. Additional amenities offered at the property include personalized care, healthcare coordination, chef-prepared meals, housekeeping and secure courtyards.

September 16, 2024

Acquisitions Office Utah Western

Dakota Pacific Real Estate Sells Two Office Buildings in Park City, Utah

by Amy Works August 28, 2024

PARK CITY, UTAH — Dakota Pacific Real Estate has completed the disposition of two office buildings in Park City’s Kimball Junction community. A local real estate investment firm and operator acquired the assets for an undisclosed price. Park City is a suburb located east of Salt Lake City. Totaling 122,000 square feet, the transaction includes NewPark One at 1441 Ute Blvd. and NewPark Three at 1389 Center Drive. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal.

August 28, 2024

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Arranges Sale of 64,500 SF Vault Storage Facility in Ogden, Utah

by Amy Works August 22, 2024

OGDEN, UTAH — The LeClaire-Schlosser Group of Marcus & Millichap has negotiated the sale of Vault Storage, a storage facility in Ogden, approximately 35 miles north of Salt Lake City. Mountain West Self-Storage acquired the asset from the original developer for an undisclosed price. Jordan Farrer and Adam Schlosser of The LeClaire-Schlosser Group represented the seller in the deal. Located at 1506 Gibson Ave., Vault Storage consists of eight one-story buildings offering a total of 371 climate-controlled and non-climate-controlled units. The facility has all metal buildings, metal interior walls, standing seam metal roofs, roll-up doors and asphalt driveways.

August 22, 2024

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