REBusinessOnline

Arden Group Acquires 145,646 SF Solutionreach Office Building in Metro Salt Lake City

LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased Solutionreach, a five-story, Class AAA office property in Lehi.Located at 2600 Ashton Blvd., the 145,646-square-foot building serves as the headquarters for Solutionreach, a private equity-backed healthcare technology consulting company. The property was developed in 2016 as a build-to-suit corporate campus for the current tenant.Cushman & Wakefield represented the sellers, Gardner Co. and Boyer …

George Smith Partners Arranges $35.2M Construction Loan for Hotel-to-Multifamily Conversion in Salt Lake City

SALT LAKE CITY — The Davies Group at Los Angeles-based George Smith Partners has secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s The Granary District.The five-acre site features two landmark towers. The first phase of renovation includes the transformation of the property’s south tower into a 184-unit multifamily asset with boutique-style amenities. The planned future phase includes the …

D.A. Davidson Arranges $106M in Bonds for 278-Acre Black Desert Resort at Entrada in Utah

IVINS CITY, UTAH — D.A. Davidson’s Special District Group has successfully priced and closed $106 million of limited tax general obligation bonds for the 278-acre Black Desert Public Infrastructure District (PID). The proceeds will fund Black Desert Resort at Entrada, a commercial and residential resort in Ivins City.Black Desert Resort at Entrada will offer 148 hotel rooms; 299 hotel condominium units; a 200-acre, 19-hole golf course; miles of nearby trails; a wellness spa; and 46,160 …

BCC Construction to Develop 156-Unit Altitude Apartment Building in Salt Lake City

SALT LAKE CITY — BCC Construction has unveiled plans for Altitude, a multifamily property located near the Salt Lake City International Airport in Salt Lake City. The seven-story, 117,565-square-foot community will feature 156 apartments, a rooftop deck, fitness center and two levels of parking.Construction is slated to begin in spring 2022, with completion scheduled for summer

SRS Brokers $3.1M Sale of Maverick-Occupied Gas Station/Convenience Store in Salt Lake City

SALT LAKE CITY — SRS Real Estate Partners has arranged the sale of a gas station and convenience store property located at 2680 S. 2000 E in Salt Lake City. A Texas-based private investor and developer sold the asset to a Utah-based private independent petroleum marketer for $3.1 million.Maverick, an independent fuel marketer, occupies the 3,024-square-foot property. Built in 1983 and renovated in 2018, the property features an eight-pump gas station and high-volume convenience …

Felton Properties Sells 182,121 SF Lake Pointe Corporate Centre Near Salt Lake City

WEST VALLEY CITY, UTAH — Portland, Ore.-based Felton Properties has completed the sale of Lake Pointe Corporate Centre, a two-building suburban office campus located in West Valley City. A partnership between Advanced Medical Properties and George Urban Properties acquired the asset for an undisclosed price.Kevin Shannon, Ken White, Rick Stumm, Bryce Blanchard and Steve Walton of Newmark represented the seller in the deal. David Milestone and Brett Green, also of Newmark, secured …

Cushman & Wakefield Brokers $51M Sale of Foothill Village Shopping Center in Salt Lake City

SALT LAKE CITY — Cushman & Wakefield has brokered the sale of Foothill Village, a neighborhood retail center located at 1400 S. Foothill Drive in Salt Lake City. JTJG Foothill sold the asset to Charlotte, N.C.-based Asana Partners for $51 million.A premier grocery store anchors the 270,000-square-foot property, which also features a mix of restaurants, retailers, spas and salons. Asana plans to renovate the existing buildings and parking garage on the 11-acre site.The shopping …

TruAmerica Multifamily Acquires 276-Unit Multifamily Community Near Salt Lake City

SANDY, UTAH — TruAmerica Multifamily has purchased Falls at Hunters Pointe, an apartment community located on State Street in Sandy. The Wasatch Group sold the property for an undisclosed price.Falls at Hunter Pointe features 276 apartments in a mix of one-, two- and three-bedroom floor plans with open kitchens; large, dual-pane windows; private patios or balconies; and views of the Wasatch Mountains. Community amenities include a swimming pool, playground, walking and biking trails, …

Greystone Provides $9M Loan to Refinance 56-Unit Multifamily Property in Ogden, Utah

OGDEN, UTAH — Greystone has provided a $9 million loan through Fannie Mae for the refinancing of a newly constructed 56-unit multifamily property in Ogden, located about 40 miles north of Salt Lake City. Lorie Hanson and Shana Daby originated the financing on behalf of Knox on 12th Street LLC. The non-recourse loan carries a 12-year term, a fixed interest rate, four years of interest-only payments and a 30-year amortization period.Construction of the mid-rise, two-building Knox on 12th …

Pacific Industrial Breaks Ground on 824,000 SF Logistics Facility in Salt Lake City

SALT LAKE CITY — Pacific Industrial has broken ground on the Pacific Summit Logistics Center, an 824,000-square-foot industrial building in Salt Lake City. Pacific Industrial purchased the 48-acre property in an off-market transaction and began construction the day after the sale closed. The development will be located at 885 N. John Cannon Drive in the Northwest Quadrant, Salt Lake City’s most sought-after submarket, and adjacent to the Salt Lake City International Airport, with easy …

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