SALT LAKE CITY — Blueprint Healthcare Real Estate Advisors has arranged a new tenant for a 12-property, 1,275-bed skilled nursing portfolio in Utah. Blueprint was approached by a longstanding client to find a best-in-class tenant for the portfolio, which the client was under contract to acquire. The seller was a Utah-based owner and operator of skilled nursing facilities that was in the process of executing on a strategic firm-wide recapitalization. The new tenant is a Nevada-based operator that had strong interest in leasing the portfolio from the future buyer. However, after further discussions with its capital partner, a very compelling bid was submitted to acquire the portfolio.
SALT LAKE CITY AND BUFFALO, N.Y. — Extra Space Storage Inc. (NYSE: EXR), a Salt Lake City-based REIT, has entered into a definitive agreement to acquire Buffalo-based REIT Life Storage (NYSE: LSI) in an all-stock transaction. According to multiple news outlets including The Wall Street Journal and Reuters, the deal is valued at $12.7 billion. The combined portfolio will yield the largest self-storage operation in the country, with over 3,500 locations spanning over 264 million square feet that serve more than 2 million customers. In announcing the deal, executives of both REITs noted that combining their respective platforms creates opportunities to maximize value for shareholders via additional scaling of third-party management services and access to elevated levels of joint-venture equity and bridge-loan debt for future developments and acquisitions. Under the terms of the agreement, Life Storage shareholders will receive roughly nine-tenths of a share of Extra Space common stock for each share of Life Storage stock that they own. At closing, Extra Space and Life Storage shareholders are expected to own approximately 65 percent and 35 percent of the combined company, respectively. The boards of directors of both companies have unanimously approved the transaction, and the deal is expected to …
WEST VALLEY CITY, UTAH — Westcore has purchased Raceway Commerce Center in West Valley City for $52.2 million. The two-building, 397,894-square-foot industrial property is located at 6075 W SR-201 Frontage Road and 2234 South 5900 West. The brand-new, tilt-up construction center is 33 percent pre-leased to three tenants. Westcore plans to build out improvements for the tenants, and potentially build out two more spec office suites, one per building. Westcore represented itself in the transaction. Phillip Eilers and Jon Schreck of Cushman & Wakefield represented the seller, Brennan Investment Group.
LOS ANGELES — A fund sponsored by CBRE Investment Management has acquired a portfolio of 14 self-storage assets located in Southern California and Utah that totals 8,697 units. The fund now owns 100 self-storage properties across the U.S., totaling 55,477 units. The seller and price were not disclosed. The self-storage assets, which will operate under the StorQuest brand, are primarily single-story, drive-up units in the key infill markets of Los Angeles, the Inland Empire, San Diego and Salt Lake City. The portfolio includes a mix of indoor, climate-controlled units and outdoor units. The properties are currently 95 percent leased. Nick Walker of CBRE’s National Self Storage Advisory Group represented the seller in the transaction. Tom Traynor and James Millon of CBRE’s Large Loans division, along with Talonvest, arranged the financing in the transaction.
Greystone Provides $20.3M in Fannie Mae Financing for Patriot Pointe Apartments in North Ogden, Utah
NORTH OGDEN, UTAH — Greystone has provided $20.3 million Fannie Mae Delegated Underwriting & Servicing (DUS) Green Rewards loan to refinance Patriot Pointe Apartments, an 87-unit multifamily property in North Ogden. Patriot Pointe Apartments was built in 2020 and features one- to three-bedroom units. The nonrecourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy upgrades. Loan proceeds enabled the borrower to monetize a portion of the equity in the property.
ROY, UTAH — CBRE has facilitated the sale of Orchards at 19th, a townhome community located at 4499 S. 1900 W. in Roy, a suburb 30 miles north of Salt Lake City. Crockett & Koehler LLC sold the asset to California-based Warmington Properties for an undisclosed price. Featuring 14 two-story buildings, Orchards at 19th offers 75 residences in a mix of one-, two- and three-bedroom layouts, averaging 1,241 square feet. Built in 2020, the townhomes feature open-concept floorplans, large kitchens, granite countertops, walk-in closets, private patios, attached garage parking and private driveways. Community amenities include a fitness center, clubhouse, playground, walking trails, dog park and mountain views. Patrick Bodnar of CBRE represented the seller in the transaction.
DRAPER, UTAH — Clearlink has signed a deal to occupy 135,000 square feet of office space at 42 Future Way in Draper. The company will consolidate its existing offices at Salt Lake Center International Center and Utah County into the new campus. The Class A office campus, which was originally designed for Pluralsight, offers new furniture, fixtures, conference facilities, a cafeteria and fitness facilities. In 2022, Utah-based Clarke Capital Partners partnered with Sitel Group to drive the growth of Clearlink as a platform that empowers customers to make informed decisions around daily purchases. Brandon Fugal of Colliers represented Clearlink in the lease.
MOAB, UTAH — Sonneblick-Eichner Co. has secured $50 million in construction financing for Phase I of Lionsback Resort, a 175-acre development in Moab. Situated adjacent to Canyonlands and Arches national parks, Lionsback’s $350 million, five-year development plans includes 188 single-family residences and a resort hotel. Proceeds from the fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single-family homes, as well as the horizontal infrastructure of Phase II. Moab is located in the eastern portion of Utah, near the Colorado border, Colorado River and Arches National Park.
PHOENIX — Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self-storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City, two properties are in Denver and one asset is in Boise, Idaho. John Smeck and Alix Hanna of Colliers Arizona, along with Grant Frankel, Adam Licari, John Caraviello and Lucas Blumenfeld of Eastdil Secured’s New York City office, arranged $160 million in non-recourse, fixed-rate financing for the buyer. Tom Gustafson of Colliers’ National Self Storage team in Cleveland, Ohio, procured the buyer for the off-market transaction.
ST. GEORGE, UTAH — Utah Tech University is set to break ground on the 564-bed third phase of its Campus View Suites residence hall project in St. George. Set to open in fall 2024, the final phase of the development will span 164,600 square feet. Shared amenities will include a fitness room; multipurpose room; laundry facilities, common kitchens and living rooms on each floor; indoor bike storage; game room; grocery store stocked with fresh fruit, vegetables and dairy; private and shared study rooms; and housing staff offices. The 352-bed first phase of development was delivered in fall 2016. The second phase of the project was completed in fall 2021 and offers 534 beds. The development team for Phase III includes DFCM, Layton Construction and Method Studio.