Utah

Institutional Property Advisors Arranges Sale of 277-Unit Active Adult Community Near Salt Lake City

by Amy Works August 25, 2022

DRAPER, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Ivy at Draper, a 277-unit active adult community. Located in the Salt Lake City suburb of Draper, the community features freeway access, with connectivity to interstates 15, 215 and 80 and immediate access to Bangerter Highway, a main thoroughfare throughout the Wasatch Front. The buyer, seller and price were not disclosed. “Draper’s prestigious location at the Point of the Mountain, in the south end of Salt Lake Valley and north end of Utah Valley, allows for easy connectivity to all areas in Salt Lake and Utah counties,” says Danny Shin, IPA senior managing director of investments. Shin and Brock Zylstra, IPA senior vice president of investments, represented the seller. “Being a top leader in the state’s economy as part of the Silicon Slopes tech corridor, and with over 1,000 businesses in various industries operating in our city, multifamily assets are highly coveted and garner significant attention from interested buyers,” says Zylstra. “The Ivy at Draper was a prime example of this, especially given its purpose to provide a resource-driven lifestyle to residents. With strong neighboring demographics, including a five-mile radius population of …

August 25, 2022

Acquisitions Industrial Utah Western

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

by Amy Works August 25, 2022

SALT LAKE CITY — GO Industrial, in partnership with a Crow Holdings Capital-advised real estate fund, has completed the disposition of 5600 | Logistics Southwest, a Class A industrial campus located at 1464 and 1568 S. 5500 West in Salt Lake City. The two buildings offer a total of 505,692 square feet. CBRE | National Partners negotiated the deal for the sellers. Terms of the transaction were not released. Situated on 14.9 acres, the 265,120-square-foot Building A features 32-foot clear heights, 50 dock-high doors, four grade-level doors, 177 car parking spaces and 72 trailer parking spaces. The 240,654-square-foot Building B features 32-foot clear heights, 46 dock-high doors, four grade-level doors, 158 employee parking spaces and 62 trailer spaces on 13.2 acres. Layton Construction’s National Building Group recently completed the buildings, which AE Urbia designed. CBRE’s Chris Liddell, Tom Dishman and Matt McAfee are leasing agents for the project.

August 25, 2022

Acquisitions Multifamily Utah Western

IPA Brokers Sale of 223-Unit North Union Multifamily Property in Midvale, Utah

by Amy Works August 24, 2022

MIDVALE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of North Union, a multifamily community in Midvale. Rockworth Cos. sold the asset to Keller Investments for an undisclosed price. Built in 2022, North Union features 223 apartments, common areas with full kitchens, dining rooms, workstations and a game room. Outdoor amenities include an outdoor rooftop deck with firepits, barbecue grilling stations and outdoor lounging seating; a fitness center with a yoga studio; a pool and hot tub area; and a bocce ball court. Additionally, the community features a pet spa and dog wash; secure parking and storage; a ski and bike repair center; and 7,455 square feet of main-floor retail space. Danny Shin and Brock Zylstra represented the seller in the transaction. Anita Paryani-Rice of IPA Capital Markets arranged the financing for the buyer. A debt fund provided the capital, which features a 73 percent loan-to-cost ratio. The nonrecourse loan has a term of three years with extensions that offer the borrower flexibility on exit.

August 24, 2022

Acquisitions Industrial Utah Western

MAG Capital Partners Purchases 61,881 SF Cold Storage Facility in Ogden, Utah

by Amy Works August 12, 2022

OGDEN, UTAH — Fort Worth, Texas-based MAG Capital Partners has acquired a cold storage facility located at 130 W. 28th St. in Ogden. Luis Ortega of Marcus & Millichap represented the seller, a private investor, in the deal. The sales price was not disclosed. Western Gateway Storage Corp. occupies the 62,881-square-foot property, which is situated on 1.3 acres. The tenant provides cold chain solutions, including cold and freezer storage warehousing, ambient and temperature-controlled fulfillment and refrigerated transportation services. The two-story facility features 22,000 square feet of both cooler and freezer spaces, a 16,550-square-foot warehouse and a roughly 1,800-square-foot office. The facility also features three loading docks and four drive-in doors with clear heights from 10 feet to 12 feet.

August 12, 2022

Acquisitions Industrial Utah Western

Gardner Batt Divests of 200,000 SF Logistics Building Near Salt Lake City for $103.8M

by Amy Works July 22, 2022

WEST JORDAN, UTAH — Gardner Batt has completed the $103.8 million disposition of an industrial logistics property located at 7001 New Bingham Highway in West Jordan. A joint venture between Greenlaw Partners and Mirae Asset Global Investments acquired the asset, along with two other buildings in the three-building portfolio, for a combined total of $291.5 million. Built in 2022 on 76 acres, the building totals 200,000 square feet. The other two buildings in the portfolio included a 201,096-square-foot asset at 989 W. Center St. in Salt Lake City and a 146,194-square-foot building at 398 E. 1100 South St. in American Fork, Utah. The facilities feature up-to-date clear heights, lighting, vehicle and trailer parking, and fire suppression. Jeff Chiate, 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 in the transaction.

July 22, 2022

Loans Multifamily Utah Western

Colliers Mortgage Arranges $9.8M Fannie Mae Loan for Siena Villas Multifamily Property in Orem, Utah

by Amy Works July 18, 2022

OREM, UTAH — Colliers Mortgage Southwest has arranged a $9.8 million Fannie Mae loan for the refinancing of Siena Villas, a multifamily community in Orem. Rob Prouty of Colliers Mortgage Southwest arranged the 10-year loan for the borrower, Siena Villas LLC. Constructed in 2011, Siena Villas features 81 market-rate apartments with in-unit washers/dryers, onsite management and covered and uncovered parking.

July 18, 2022

Acquisitions Loans Multifamily Utah Western

New York Life Provides $55M Acquisition Loan for The Ridge Apartments Near Salt Lake City

by Amy Works July 12, 2022

MIDVALE, UTAH — New York Life Investors has provided a $55 million loan to MAXX Properties for the purchase of The Ridge, a Class A multifamily property in Midvale. The fixed-rate loan features 10 years of interest-only payments. Built in 2017, The Ridge features 261 apartments. The property is located at 7611 S. Union Park Ave. Robert Prouty, Jordi DeHoyos and Katie Thompson of Colliers Mortgage advised the buyer on the financing. Rawley Nielsen, Darren Nielsen and Mark Jensen of Colliers International Salt Lake City brokered the transaction. MAXX Properties is a privately held, 86-year-old real estate firm consisting of multifamily, commercial and cooperatives. The firm’s portfolio includes 39 communities, consisting of 9,351 owned multifamily units in six states.

July 12, 2022

Acquisitions Industrial Utah Western

Vesta Realty Partners Acquires 1.1 MSF Distribution Center in Spanish Fork, Utah

by Amy Works July 12, 2022

SPANISH FORK, UTAH — Salt Lake City-based Vesta Realty Partners has purchased Western Distribution Center, located at 4000 E. Highway 6 in Spanish Fork. A pair of Knoxville, Tenn.-based investors sold the asset for an undisclosed price. Jarrod Hunt of Colliers International represented the seller and buyer in the deal. Initially built by Fingerhut Corp., the facility features 1.1 million square feet of warehouse and distribution space.

July 12, 2022

Acquisitions Industrial Utah Western

Dunleer Purchases 83,893 SF Industrial Park in Salt Lake City for Redevelopment

by Amy Works June 23, 2022

SALT LAKE CITY — Los Angeles-based Dunleer has acquired a multi-tenant industrial building, located at 2950 W. 500 S in Salt Lake City, for an undisclosed price. The transaction marks Dunleer’s first industrial investment in Utah. Situated on 4.8 acres, the 83,893-square-foot facility features 16 units, 20 ground-level doors, 20 restrooms and more than 110 parking spaces. At the time of sale, the property was 95 percent occupied. Dunleer plans to renovate the individual units as leases expire. Eli Priest of Newmark represented the buyer and undisclosed seller in the transaction.

June 23, 2022

Acquisitions Retail Utah Western

Brixton Capital Acquires 149,928 SF Shopping Center in American Fork, Utah

by Amy Works June 14, 2022

AMERICAN FORK, UTAH — Brixton Capital has purchased American Fork Center, a retail center at 648 E. State St. in American Fork, located between Salt Lake City and Provo. A partnership between Western Avenue Capital and ALTO Funds sold the asset for an undisclosed price in an off-market transaction. At the time of sale, the 149,928-square-foot shopping center was fully leased. Tenants include Vasa Fitness, JOANN, Big Lots, Dollar Tree and Del Taco. Brixton plans to upgrade the center through repainting, parking lot resurfacing, landscaping improvements and signage upgrades. Scott Brady and Garrett Blomquist of Mountain West Commercial Real Estate sourced the opportunity for Brixton.

June 14, 2022

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