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.
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.
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.
SALT LAKE CITY AND AMERICAN FORK, UTAH — Gardner Batt has completed the disposition of a 347,290-square-foot, Class A industrial portfolio near Salt Lake City to a joint venture between Greenlaw Partners and Mirae Asset Global Investments for $187.7 million. Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group, along with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office, represented the seller in the transaction. The portfolio consists of a 201,096-square-foot facility situated on 56 acres at 989 W. Center St., which was delivered in 2021, and a 146,194-square-foot property at 398 E. 1100 South St. in American Fork, which was delivered in 2020. Both facilities feature 40-foot clear heights, excess van/trailer parking, ample loading and ESFR sprinklers. The last-mile facilities are both fully leased to a Fortune 10 global e-commerce company.
MOAB, UTAH — MAG Capital Partners has purchased 27 resort condominiums at 2331 Mesa Road in Moab, with plans to develop 60 additional units at the site. The assets are part of the seven-acre Sage Creek at Moab resort. The bank-owned property was acquired for an undisclosed amount, with many of the existing 48 units pre-sold prior to construction and now operating as vacation rentals. Sage Creek at Moab’s amenities include a tiered pool with waterfalls, grotto-style hot tub and pool house facilities that operate year-round. A community deck and patio includes an outdoor fireplace barbecue grills, outdoor showers and bocce ball court. The community also features custom exterior bike storage and gated parking for RVs and boats. The condos each feature three full-sized bedrooms, two-and-a-half bathrooms, a full-sized laundry room and private balconies, some with private hot tubs. Led by principals Dax Mitchell and Andrew Gi, MAG Capital Partners plans to add food and beverage services at the site this summer, among other facility amenities, to serve the local community and annual visitors.
SALT LAKE CITY — Watt Investment Partners and Walton Street Capital have completed the disposition of Harvest Apartments, a multifamily property in downtown Salt Lake City. A joint venture between New York-based Cadre and Ethos Real Estate acquired the asset for an undisclosed price. Located at 580 North and 300 West, the five-story podium building features 252 residences, ranging from studio to two-bedroom units averaging 785 square feet. Units features kitchen islands, stainless steel appliances, quartz and black granite countertops, modern fixtures and balconies. Community amenities include a heated swimming pool, fitness center, top-level view lounge with outdoor space, multiple community gathering areas, bike storage and 12 fire pits throughout the common areas. Eli Mills and Patrick Bodnar of CBRE represented the sellers in the deal.
WEST VALLEY CITY, UTAH — Sansone Group, in partnership with Invesco Real Estate, has acquired an 18.5-acre land parcel in West Valley City. The partnership plans to develop a 289,100-square-foot Class A industrial facility on the site. Rusty Bollow of Colliers will handle leasing for the development, and Sansone Group will manage the asset. The Sansone Group team involved in the development include Jeff Greenwalt, Jake Corrigan, John Brown and John Benoist.
SALT LAKE CITY — Salt Lake City-based RealSource Properties has announced the launch of its real estate investment trust (REIT) with 10 existing properties. The $390 million REIT targets multifamily properties nationwide. Assets in the REIT will be managed by the same value-add real estate strategy currently deployed at RealSource multifamily assets across the country. The 10 existing properties already owned by RealSource Properties REIT include 2,897 apartments in Ohio, Texas, North Carolina and Colorado.
LOGAN, UTAH — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Williamsburg, an 82-unit independent living and assisted living community in Logan. Located in the northern portion of Utah near the Idaho border, the facility was built in 1981 and renovated in 2015. It totals approximately 62,953 square feet and is situated on approximately 1.8 acres of land. The seller was a regional owner-operator based in Utah. The buyer is a California-based private owner looking to expand its portfolio of independent living communities. As such, the new owner plans to convert the facility to all independent living units. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction. The price was not disclosed.
LAYTON, UTAH — PSRS has secured $5 million in refinancing for a 655-unit self-storage facility in Layton. William DeFanti of PSRS arranged a nonrecourse loan with a seven-year term and 30-year amortization. The lender provided prepayment flexibility along with a 3.45 percent interest rate.
