ST. GEORGE AND LINDON, UTAH — 1031 Crowdfunding has acquired its first two seniors housing communities in Utah. Totaling 178 units of assisted living and memory care, the communities are in the Provo suburb of Lindon and St. George, which is located approximately 130 miles northeast of Las Vegas. Both properties total 156,473 square feet across 5.85 acres, offer seven-year leases, and are within a four-mile radius of local hospitals. “As 1031 Crowdfunding continues to grow, we plan to move into other regions of the country,” says Edward Fernandez, president and CEO of 1031 Crowdfunding. “Seniors housing facilities are needed throughout the country as the baby boomers continue to age, so we continue to look for opportunities to grow our real estate portfolio in targeted markets where we see seniors housing growth potential. The Utah market is attractive to us because the state offers an ideal environment for businesses, lower taxes and a mix of diverse and varied industries that draw people who want to live and work in the state.” The facilities, Spring Gardens St. George and Spring Gardens Lindon, were built in 2011 and 2016. Avista Senior Living is the operator.
SOUTH JORDAN, UTAH — Stellar Senior Living has acquired Anthology of South Jordan, a 103-unit seniors housing community in South Jordan, a suburb of Salt Lake City. The new owner has changed the name to Copper Creek Senior Living. The property offers independent living, assisted living and memory care services. Copper Creek is located near retail, entertainment, recreational and healthcare destinations. Utah-based Stellar Senior Living is a family-owned senior living provider operating 28 senior living communities in nine states in the Western United States.
CLINTON, UTAH — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Barrington Place, a 66-bed memory care community in Clinton, 30 miles north of Salt Lake City. The facility was built in 2016, totaling approximately 32,862 square feet on 2.9 acres of land. A national owner-operator seeking to sell non-core assets sold the property to a family office based in the West for an undisclosed price. The new owner plans to install Ridgeline Management Co. as the operator. Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction. “Barrington Place is a well-constructed, newer, standalone memory care community that fits in well with the new owner’s long-term strategy to expand its seniors housing portfolio,” says Punzel.
OGDEN, UTAH — Greystone has arranged a $22.5 million loan to refinance debt on TREEO South Ogden, a seniors housing community in Ogden, approximately 30 miles north of Salt Lake City. Tyler Armstrong, managing director at Greystone, placed the bank loan for Leisure Care, which owns the 143-unit independent living community. The regional bank loan was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured 12 months of interest-only payments and a mid-200 basis points loan spread.
SALT LAKE CITY — Dwight Capital has provided a $21.4 million HUD 223(f) loan for Paxton 365, a mixed-use multifamily property in Salt Lake City. The refinancing benefitted from a Green Mortgage Insurance Premium Reduction, as Paxton 365 is Energy Star certified. The asset features a five-story building with 121 residential units and three commercial spaces, including Paxton Pub. Community amenities include a dog park, courtyard with fire pit, fitness center, roof terrace, community lounge, grill areas and electric vehicle charging stations.
SALT LAKE CITY — Matthews Real Estate Investment Services has arranged the all-cash sale of a retail property located at 1545-1555 W. 2100 South in Salt Lake City. The property traded for $7.7 million, or $462.24 per square feet. Sunbelt Rentals, an equipment and tool rental company, occupies the 16,658-square-foot facility. Ahstead Group owns Sunbelt, which is the second largest equipment rental company in the United States and has more than 1,150 locations nationwide. Isaac Wulff and Alexander Harrold of Matthews represented the seller in the transaction. The names of the seller and buyer were not released.
SPRINGVILLE, UTAH — Regents Park Brixton has completed the disposition of Next Step Business Park, a three-building industrial campus in Springville, a suburb of Provo. San Diego-based Hearthstone Capital acquired the 75,864-square-foot asset for an undisclosed price. Located at 317 N. 2000 W, Next Step Business Park consists of three single-story, newly constructed buildings ranging in size from 18,926 square feet to 28,480 square feet. The property is fully leased to a variety of tenants. Bryce Blanchard of Newmark brokered the transaction.
SALT LAKE CITY — Pacific Industrial has completed the construction of Pacific Summit Logistics Center, an industrial facility at 885 N. John Cannon Drive in Salt Lake City. The development and investment firm has already sold the asset on a forward basis to Principal Global Investors, a global real estate investments platform based in Des Moines, Iowa, for an undisclosed price. Situated on 48 acres, the 824,320-square-foot facility features 40-foot clear heights, nearly 200 trailer parking stalls, a private perimeter vehicle access road and a modern entry. At the time of sale, the building was 50 percent preleased to Quality Distribution, a third-party logistics provider headquartered in Utah. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group together with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office represented the seller. Freeman and Healey were retained by Principal Global Investors to handle leasing of the project. According to Cushman & Wakefield, the transaction is one of the largest ever single-building industrial property sales in Salt Lake City.
OGDEN, UTAH — Marcus & Millichap has brokered the sale of South Weber Storage, a self-storage facility in Ogden. Terms of the transaction were not released. Jordan Farrer and Adam Schlosser of Marcus & Millichap’s LeClaire-Schlosser Group represented the seller, a local partnership, and procured the undisclosed buyer. Totaling 26,060 square feet, South Weber Storage consists of five single-story buildings offering a total of 136 non-climate-controlled drive-up units. The facility features brick front dividers with all metal interior walls, slightly pitched standing seam metal roofs, roll-up doors and asphalt driveways.
LAYTON, UTAH — A local investment and development group has completed the disposition of Storage General – Layton, an 86,105-square-foot self-storage facility located on Antelope Drive in Layton. A REIT acquired the asset for an undisclosed price. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller and procured the buyer in the transaction. Storage General – Layton features 11 single-story buildings offering interior, drive-up, climate-controlled and traditional self-storage units with roll-up doors. The property has cinderblock front dividers with all metal interior walls, slightly pitched standing seam metal roofs, roll-up doors and driveways.