Utah

Partnership Plans 15 New Extended Stay America Premier Suites Hotels in Western Region

by Kristin Harlow October 19, 2022

CHARLOTTE, N.C. — Charlotte-based Extended Stay America has signed a development agreement with a partnership comprising Concord Hospitality and Whitman Peterson to build 15 new Extended Stay America Premier Suites hotels. The properties will be located in major markets throughout the West, including Denver, Phoenix, Las Vegas and Salt Lake City. Concord Hospitality is a hotel management and development company based in Raleigh, N.C., and will handle the development, branding and operations of the properties. Whitman Peterson is a private real estate equity company based in Westlake Village, Calif. The firm will provide equity, identify markets and assist with development. “Extended Stay America Premier Suites has a unique business model that will allow us to reach business and corporate extended-stay travelers looking for a higher level of amenities,” says Mark Laport, CEO and president of Concord. “This agreement is the first step in increasing our presence in the higher-end extended-stay segment.” The Extended Stay America Premier Suites brand comprises both new construction and renovated properties with upgraded amenities, including fully equipped kitchens, apartment-style layouts for working and dining, free in-room Wi-Fi, cable, onsite guest laundry, free breakfast and upgraded design elements such as larger TVs, increased storage space and a …

October 19, 2022

Development Industrial Utah Western

ViaWest Breaks Ground on 172,845 SF Spec Warehouse in Salt Lake City

by Amy Works October 18, 2022

SALT LAKE CITY — ViaWest Group has broken ground on 5 South Commerce Center, a Class A speculative warehouse facility located at 3175 W. 500 South in Salt Lake City. Slated for completion in second-quarter 2023, 5 South Commerce Center will offer 172,845 square feet of space divisible to 57,615 square feet. The building will feature a 2,500-square-foot office suite, additional office space to-suit, 32-foot clear heights, 56-foot by 54-foot column spacing, 35 dock-high doors, four grade-level doors, ESFR sprinkler system, 146 car parking stalls, ample power, clerestory windows and a paved and fenced outdoor storage yard. Phillip Eilers, Jon Schreck and Rick Newton of Cushman & Wakefield are handling project leasing efforts.

October 18, 2022

Acquisitions Multifamily Utah Western

Nella Invest, Brinkman Real Estate Buy Onyx Apartments in Midvale, Utah

by Amy Works October 13, 2022

MIDVALE, UTAH — Colorado-based Brinkman Real Estate has partnered with Nella Invest to acquire Onyx Apartments, a boutique multifamily community in Midvale. Terms of the transaction were not released. Built in 2021, Onyx Apartments features 48 one- and two-bedroom residences with in-unit laundry, stainless steel appliances, walk-in closets and balconies.

October 13, 2022

Acquisitions Development Industrial Utah Western

ViaWest Group, Clarion Partners Buy 25-Acre Industrial Development Site in Salt Lake City

by Amy Works October 12, 2022

SALT LAKE CITY — A partnership between ViaWest Group and Clarion Partners has acquired 25 acres of land in Salt Lake City’s Northwest Quadrant from Gannett Enterprises for an undisclosed price. Rusty Bollow and Bobby Stevens of Colliers represented the seller, while Phillip Eilers of Cushman & Wakefield represented the buyer in the deal. ViaWest plans to develop more than 340,000 square feet of Class A industrial space on the site, divided into a 100,000-square-foot building and a 240,000-square-foot building. The development will offer direct access to interstates 5 and 215 and State Route 201. Buildings will feature highway visibility, 107 shared trailer spaces, 67 dock doors and nearly 380 parking spaces. Colliers will serve as leasing agents for the new facilities.

October 12, 2022

Development Office Utah Western

St. John Properties Breaks Ground on 140,768 SF Office Building in Pleasant Grove, Utah

by Amy Works October 5, 2022

PLEASANT GROVE, UTAH — St. John Properties has broken ground for Valley Grove III, a five-story Class A office building in Pleasant Grove. Once complete, the facility will bring the company’s commercial real estate portfolio in Utah to more than 1 million square feet. The 140,768-square-foot property will be the 22nd building at St. John Properties’ Valley Grove, which includes office, flex/R&D, restaurant and retail space. St. John Properties first started development at Valley Grove in 2017.

October 5, 2022

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of 62-Unit Harmony Hills Seniors Housing Project in Lehi, Utah

by Amy Works September 27, 2022

LEHI, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of Harmony Hills, a 62-unit assisted living facility in Lehi, located on the north bank of Utah Lake between Salt Lake City and Provo. The community was built in 2016, totaling approximately 46,000 square feet on 1.5 acres of land. The property was vacant at the time of sale. The seller was a Utah-based developer looking to exit the industry. The buyer is a Utah-based skilled nursing and short-term rehab owner-operator expanding its portfolio into assisted living. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

September 27, 2022

Acquisitions Multifamily Seniors Housing Utah Western

IPA Brokers Sale of 144-Unit Lakeside Village Active Adult Community Near Salt Lake City

by Amy Works September 19, 2022

WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Lakeside Village, an active adult property in West Valley City. Constructed in 1997, Lakeside Village features 144 one- and two-bedroom residences with eight-foot ceilings, walk-in closets and private balconies or patios. The community includes a swimming pool, hot tub, community garden and pond. Danny Shin and Brock Zylstra of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Terms of the transaction were not released.

September 19, 2022

Legacy-Village-Sugar-House-Salt-Lake-City-UT

Loans Multifamily Seniors Housing Utah Western

KeyBank Provides $68.3M Refinancing for Seniors Housing Property in Salt Lake City

by Amy Works September 16, 2022

SALT LAKE CITY — KeyBank Real Estate Capital has arranged a $68.3 million permanent loan through Freddie Mac for The Woodbury Corp., Colmena Group and Western States Lodging. The loan refinances existing debt on Legacy Village of Sugar House, a seniors housing property in Salt Lake City. The 10-story Legacy Village of Sugar House features independent living, assisted living and memory care units. The property also offers retail space, parking and commercial space. Morgin Morris of KeyBank structured the 10-year, fixed-rate loan with an initial five years of interest-only payments. The property is within the master-planned Sugar House neighborhood of Salt Lake City.

September 16, 2022

Acquisitions Industrial Utah Western

GO Industrial Sells Two-Building Logistics Campus in Salt Lake City

by Amy Works September 13, 2022

SALT LAKE CITY — GO Industrial, in partnership with a real estate fund advised by Crow Holdings Capital, has completed the disposition of 5600 | Logistics, a two-building logistics campus in Salt Lake City. Terms of the transaction were not released. Totaling 505,692 square feet, 5600 | Logistics features a 265,120-square-foot building with 32-foot clear heights, 50 dock-high doors, four grade-level doors, 177 employee parking spaces and 72 trailer parking spaces, as well as a 240,654-square-foot building with 32-foot clear heights, 46 dock-high doors, four grade-level doors, 159 employee parking spaces and 62 trailer spaces. CBRE | National Partners negotiated the deal for the seller.

September 13, 2022

Development Loans Multifamily Utah Western

Square Mile Provides $61.8M Construction Loan for Multifamily Development in Salt Lake City

by Amy Works September 12, 2022

SALT LAKE CITY — Square Mile Capital Management has originated a $61.8 million loan to finance the ground-up development of 375 West Whitney Avenue, a 264-unit apartment community in Salt Lake City. The borrower is Minneapolis-based Roers Cos., a full-service real estate development firm that has developed 50 properties totaling 5,400 units. Gary Sefcik and Phillip Gause of Marcus & Millichap arranged the financing. Upon delivery, the six-story 375 West Whitney will feature 12 studios, 157 one-bedroom units, 90 two-bedroom units and five three-bedroom units. All units will feature quartz countertops, stainless steel appliances, luxury vinyl tile flooring and expansive views. Community amenities will include a rooftop sky lounge and club room with mountain views, a golf simulator, group/game room, fitness center, yoga studio, an outdoor pool and underground parking.

September 12, 2022

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