Utah

KeyBank Arranges $191M Refinancing for Five-Property Wasatch Group Multifamily Portfolio

by Amy Works March 9, 2022

LOGAN, UTAH — KeyBank Real Estate Capital has arranged $191 million in life company loans for the Wasatch Group, a fully integrated real estate development, construction, property management and guaranty capital company based in Logan. The loans will refinance debt on five apartment communities across the Rocky Mountains and Western United States. The portfolio comprises 1,398 units in Arizona, California, Colorado and Utah. Brian Caudel, Mike Keach, Greg Halvorson and Jack Tidrick of KeyBank structured the financing, which includes loans with seven-year, full-term interest-only structures and a 2.62 percent interest rate.

March 9, 2022

Acquisitions Retail Utah Western

Brixton Capital Acquires 206,240 SF Dillard’s Building in Provo, Utah

by Amy Works March 1, 2022

PROVO, UTAH — Brixton Capital has purchased the Dillard’s building and parcel at Brixton’s Provo Towne Center in Provo for an undisclosed price. Little Rock, Ark.-based Dillard’s sold the two-story, 206,240-square-foot building, which sits on 12.5 acres. The company is relocating the department store. Brixton Capital is in advanced negotiations to re-lease most of the property to a prominent national retailer and expects the new store to open within the next two years, once renovation of the building is complete. The addition of this retailer will complement the ongoing plans Brixton Capital has for Provo Towne Center, including the addition of multifamily housing and other uses to improve livability, shopping and community within Provo’s East Bay neighborhood. Brixton has owned Provo Towne Center since 2016. Renovation of the Dillard’s building is scheduled to commence this summer.

March 1, 2022

Acquisitions Office Utah Western

Arden Group, Vesta Realty Partners Buy 125,000 SF Younique Headquarters in Lehi, Utah

by Amy Works February 2, 2022

LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased an office building located at 3400 W. Mayflower Ave. in Lehi. Terms of the transaction were not released. Younique, a health and wellness direct sales firm, fully occupies the 125,000-square-foot property on a lease basis through 2026. Situated on 7.1 acres, Stack Real Estate developed the asset in 2016 as a fully amenitized corporate campus and showcase property for Younique. The property features 25,000-square-foot floor plates, a full-size commercial kitchen, cafeteria, lounge, outdoor seating, auditorium, five balconies with seating, full-service salon and R&D lab.

February 2, 2022

Development Multifamily Utah Western

Lowe Property Group, MVE + Partners Open Dixon Place Apartment Community in Salt Lake City

by Amy Works February 2, 2022

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.

February 2, 2022

Acquisitions Multifamily Utah Western

Timberlane Partners Divests of 137-Unit Morton Apartments in Salt Lake City

by Amy Works January 11, 2022

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.

January 11, 2022

Acquisitions Office Utah Western

Yama Point Purchases Seven-Story Office Building in Lehi, Utah

by Amy Works January 3, 2022

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.

January 3, 2022

Acquisitions Office Utah Western

Arden Group, Vesta Realty Partners Acquire 318,831 SF Office Portfolio Near Salt Lake City

by Amy Works December 20, 2021

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.

December 20, 2021

Acquisitions Multifamily Utah Western

Next Wave Buys 114-Unit, Four-Property Multifamily Portfolio in Utah

by Amy Works December 20, 2021

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.

December 20, 2021

Granger-Medical-Clinic-Salt-Lake-City-UT

Acquisitions Healthcare Office Utah Western

Montecito Medical Buys 95,000 SF Granger Medical Clinic Near Salt Lake City

by Amy Works December 17, 2021

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.

December 17, 2021

Acquisitions Retail Utah Western

Matthews Brokers $8.4M Sale of Walgreens-Occupied Retail Property in Riverton, Utah

by Amy Works November 23, 2021

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.

November 23, 2021

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