Utah

SALT LAKE CITY — VanTrust Real Estate has acquired the Salt Lake Lumber Building, located at 205 N. 400 West in downtown Salt Lake City. Terms of the transaction were not released. Originally built in 1909 as the Morrison-Merrill Lumber Co. office building, the three-story, 26,997-square-foot brick property features exposed heavy timber, brick and stone walls, maple flooring, a wood staircase, exposed wood ceilings and brick arches around the windows. VanTrust plans to convert the building into a contemporary office space and regional headquarters. Demolition and interior renovations are slated to start this summer, with delivery scheduled for early 2025.

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OGDEN, UTAH — Philadelphia-based CenterSquare lnvestment Management has purchased Ogden Commons, a 19,723-square-foot shopping property in Ogden. Ogden Commons features three buildings with wrap-around drive-thrus. At the time of sale, the property was 100 percent leased to an array of national tenants. The seller and sales price were not disclosed.

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WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of and financing for Crossroads Apartments, a multifamily community in West Valley City, a suburb of Salt Lake City. Brock Zylstra and Danny Smith of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing for the buyer. Built in 1986 on more than 10 acres, Crossroads Apartments offers 240 apartments, a swimming pool, children’s playscape, basketball and tennis courts, a picnic area and clubhouse. The property offers a mix of one- and two-bedroom apartments with walk-in closets, storage rooms and a patio or balcony. The buyer, seller and acquisition price were not disclosed.

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SANDY, UTAH — SSG Realty Partners and Hanley Investment Group Real Estate Advisors have arranged the sale of Canyon Center, a shopping center at 2025-2137 9400 South in Sandy, approximately 15 miles south of Salt Lake City. A Michigan-based private investor sold the asset to a Cincinnati-based investor for an undisclosed price. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners, along with Kevin Fryman and Bill Asher of Hanley Investment Group Real Estate Advisors, represented the seller. Richard Webb of Dallas-based Emersons Commercial Real Estate represented the buyer in the deal. Built in 1987 and expanded in 1988, Canyon Center features 48,537 square feet of retail space. At the time of sale, the 6.5-acre property was 96 percent occupied by a variety of tenants, including Wells Fargo, Domino’s Pizza, F45 Training, Club Pilates, Fantastic Sam’s, Palm Beach Tan, Nautical Bowls, Ski ‘N See, Vessel Kitchen, Kibbles & Cuts, Chocolate Covered Wagon, Salt Cycles Bike Shop, Pella Nails, Brightside Chiropractic, Tiger Rock Martial Arts and Rainbow Sakura Massage. The sale also included ground leases for outparcels occupied by Wendy’s and Smith’s Fuel Station.

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— By Nadia Letey, senior vice president, CBRE — The global office landscape has markedly changed post-pandemic. Now, amidst economic headwinds and the ongoing stabilization of return-to-office mandates, U.S. office markets like Salt Lake City are undergoing various shifts that are set to shape real estate dynamics in 2024. At the same time, Utah’s economy remains a highly desirable location to do business, in large part bolstered by an exceptionally strong talent pool. What’s Changing: Development Slowdown Poised to Ease Supply Demand Imbalances Salt Lake City saw a 42 percent year-over-year decrease in total office space under construction in fourth-quarter 2023, marking an all-time low. High interest rates, along with record-high vacancies, will continue to deter developers from breaking ground in the near term without significant pre-lease activity. This thinning construction pipeline will likely reduce supply side risks over the next several years as demand can be placed within second-generation space with elevated vacancy. Existing properties — especially in amenity-rich locations — will do well to attract tenants. The emphasis on creating a collaborative and inviting workspace will continue to be important to bring employees into the office.  Projects that are moving from planned to under construction are hedging their risk by …

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PARK CITY, UTAH — Driftwood Capital has secured $33 million in refinancing for the Sheraton Park City, a hotel at 1895 Sidewinder Drive in Park City, a resort destination renowned for its ski slopes east of Salt Lake City. Michael Weinberg, Scott Wadler, Alec Fox and Edmund Aramayo of Berkadia arranged the five-year, fixed-rate CMBS loan through Goldman Sachs Bank USA. Originally constructed for the 2002 Winter Olympics, Sheraton Park City features 200 guest rooms, an indoor atrium pool with hot tub and sauna, a game room, coffee shop and Timbers Restaurant & Bar with outside covered patio and fire pits. The hotel also offers more than 12,000 square feet of meeting and event space with indoor and outdoor options and shuttle services to historic Main Street and area ski resorts.

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— By Jarrod Hunt, vice chair, Colliers — The Utah industrial market continues to perform very well given the reduction in the average deal size in 2023 (illustrated in the charts for both Utah and Salt Lake Counties below).  The entrepreneurial spirit that continues to be the backbone of Utah’s economy is evident with the smaller lease sizes. This was a welcome opportunity for companies confined to limited options for growth over the past economic run-up. However, we have seen a notable increase in out-of-market tenant inquiries, with many in search of larger blocks of space in the New Year. We expect the pendulum to swing the other direction this year with an increase in the average square footage of completed deals, an overall increase in the number of deals and a reduction in the vacancy rates, which will put a solid floor on lease rates.  The reduction in vacancy is most attributable to the stark reduction of construction deliveries in the two main county markets, Salt Lake and Utah counties (per the charts below). This dramatic reduction in speculative building activity is “on brand” for Utah, being a very disciplined market for new construction compared to several other high-growth …

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SALT LAKE CITY — Cushman & Wakefield has arranged the sale of Mountain View Industrial Park Building B, an industrial property in Salt Lake City. Terms of the transaction were not released. Situated on 10.3 acres, the 179,400-square-foot Building B features 32-foot clear heights, 4,000 amps of power, off-dock trailer parking and abundant loading. WALT fully occupies the property. Building B is part of a larger industrial project known as Mountain View Industrial Park, which comprises three buildings totaling 1.25 million square feet. Jeff Chiate, Jeff Cole, Rick Ellison, Will Strong, Matt Leupold, Tom Freeman, Travis Healey, Jeremy Terry, Rob Rubano and Brian Share of Cushman & Wakefield’s National Industrial Advisory Group West team led the transaction.

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SALT LAKE CITY — ViaWest Group and Clarion Partners have broken ground on Central Commerce Center, an industrial project in Salt Lake City. Big D Construction is serving as general contractor for the project. Spanning 25.1 acres, Central Commerce Center will feature two LEED-certified industrial buildings offering a total of 340,000 square feet of space. Rusty Bollow and Bobby Stevens of Colliers will oversee the property marketing and leasing of the facility.

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PROVO, UTAH — Target has signed a deal to occupy 135,000 square feet of retail space at Provo Towne Centre in Provo. Brixton Capital is currently remodeling the shopping center. The Target will include CVS/pharmacy, Starbucks Coffee, Ulta Beauty, Target Optical and an adult beverage department. Greely, Colo.-based Roche Construction Mountain West is the general contractor for Target, while Big D Construction Mountain West is the general contractor for Provo Towne Centre.

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