SALT LAKE CITY — Lowe Property Group, along with MVE + Partners as designer, has opened Dixon Place, a 49,049-square-foot mixed-used multifamily property in Salt Lake City. Located at 1034 E. Elm Ave., Dixon Place features 35 one-bedroom and 24 two-bedroom units with full kitchens and bathrooms, as well as washers/dryers. The property also includes 2,200 square feet of ground-floor commercial space. Community amenities include a business lounge and conference room for remote workers, a fitness center, bike storage, Bark Park for pets, electric vehicle charging stations, a coffee bar and pool table.
Utah
SALT LAKE CITY — Timberlane Partners has completed the disposition of The Morton, an apartment property in Salt Lake City. Nearon Enterprises acquired the complex for an undisclosed price. Built in 2019, The Morton features 137 apartments, access-controlled garage parking, a rooftop terrace with firepits and barbecue grills, a 24-hour fitness center and yoga studio, and a package locker system. Apartments features at least nine-foot ceilings, smart-home technology, walk-in closets and private patios or balconies, with an average unit size of 677 square feet. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
LEHI, UTAH — Yama Point LLC has acquired 333 N. Digital Drive, an office building in Lehi, from Utah Community Credit Union. The price was not disclosed. Yama Point plans to rebrand the seven-story, 74,257-square-foot property as Drive Tower. Drive Wealth Advisers, which provides financial planning, will occupy 10,755 square feet on the building’s top floor. David Nixon of JLL represented the buyer, while Josh Martin of Colliers International represented the seller in the transaction.
Arden Group, Vesta Realty Partners Acquire 318,831 SF Office Portfolio Near Salt Lake City
by Amy Works
DRAPER, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased a portfolio of office properties in Draper. Collectively known as 136 Center, the two-building portfolio features 318,831 square feet of office space spread across two adjacent, six-story buildings. The transaction also includes a land parcel that allows for additional development. The portfolio includes 13693 South 200 West, a built-to-suit office building for Dealertrack, a provider of digital solutions to the automotive retail industry. Dealertrack leases 112,900 square feet of the 163,725-square-foot building and the remaining space is occupied by a diverse mix of tenants, including Gold Standard Automotive, Summit Sotheby’s International and NAV Technologies. The second building, located at 13707 South 200 West, is a 155,106-square-foot property that serves as the corporate headquarters for Divvy, a financial technology company. Walker & Dunlop served as exclusive advisor to Arden Group and Vesta Realty Partners and brokered the financing for the transaction.
OGDEN AND ROY, UTAH — Next Wave Investors has purchased a portfolio of four apartment communities, totaling 114 units, in the Ogden-Clearfield metropolitan statistical area of Utah. Terms of the transaction were not disclosed. The portfolio includes: LaDawn Apartments, a 64-unit community located at 1777 W 4800 S in Roy Iron J Apartments, a 24-unit property at 2245 Jefferson Ave. in Ogden Jefferson Townhomes, a six-unit community at 110 Jefferson Ave. in Ogden Monticello Apartments, a 20-unit property at 560 27th St. in Ogden Next Wave plans to renovate the properties. Planned renovations include upgraded appliances, fixtures and countertops, new carpet and flooring in unit and common areas and fresh paint. Additionally, Next Wave may add carports, complete roof repairs, renovate the leasing offices, and upgrade community signage and landscaping at some of the properties.
WEST VALLEY CITY, UTAH — Montecito Medical has acquired Granger Medical Clinic, a medical office building located in West Valley City, a suburb of Salt Lake City. Terms of the transaction were not released. Built in 2020, the asset features nearly 95,000 square feet of space. Granger Medical Clinic fully occupies the property. Physicians at the property provide a variety of medical services, including urgent care, cancer care, endocrinology, ENT, audiology, family medicine, gastroenterology, internal medicine, ophthalmology, orthopedics, sports medicine, pediatrics and urology. The building also includes an imaging center, lab and pharmacy.
RIVERTON, UTAH — Matthews Real Estate Investment Services has arranged the acquisition of a retail property located at 12623 S. Redwood Road in Riverton. An undisclosed buyer purchased the asset for $8.4 million in a 1031 exchange. Anthony Connell, Preston Schwartz, David Harrington and Chad Kurz of Matthews handled the transaction.
Buchanan Street Partners Sells Incline at Anthem Active Adult Community in Herriman, Utah
by Amy Works
HERRIMAN, UTAH — Buchanan Street Partners has completed the disposition of Incline at Anthem, a 55-plus multifamily property in Herriman. Ridan acquired the community for an undisclosed price. Completed in 2018 on eight acres, Incline at Anthem features 298 apartments with open-concept living areas, vaulted ceilings, wood-style flooring, plush carpeting and washers/dryers. Community amenities include a pool and spa; a yoga, cycle and Cross Fit studio; a lounge with billiards and shuffleboard; and a business center and conference room. Daniel Shin, Brock Zylstra, Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer in the deal. Justin Forman of Marcus & Millichap served as broker of record in Utah.
Marble Partners Acquires 108-Unit Eastgate at Greyhawk Multifamily Community in Layton, Utah
by Amy Works
LAYTON, UTAH — Los Angeles-based Marble Partners has purchased Eastgate at Greyhawk, a multifamily property located in Layton, approximately 24 miles north of Salt Lake City. Keller Investment Partner sold the asset for an undisclosed price. Constructed in 2012 on five acres, Eastgate at Greyhawk features 108 apartments, a swimming pool, pet park, playground and covered parking. Apartments offer patios or balconies, large closets and in-unit washers/dryers. Brock Zylstra and Danny Shin of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the transaction.
HENDERSON, NEV. AND SALT LAKE CITY — Colliers International Las Vegas has arranged two separate land parcel sales totaling $6.6 million in Henderson and Salt Lake City. In the first deal, EOE Volunteer LLC sold an 0.84-acre land parcel at 3495 Volunteer Blvd. in Henderson. AutoZone Development LLC acquired the asset for $1.2 million. Steven Haynes of Colliers represented the seller in the transaction. In the second deal, an undisclosed buyer acquired a 0.48-acre land parcel at 3215 E. 3300 South in Salt Lake City for $5.4 million. The name of the seller was not released. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyer in the transaction.