Utah

Buchanan Street Partners Sells Incline at Anthem Active Adult Community in Herriman, Utah

by Amy Works November 19, 2021

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.

November 19, 2021

Acquisitions Multifamily Utah Western

Marble Partners Acquires 108-Unit Eastgate at Greyhawk Multifamily Community in Layton, Utah

by Amy Works November 11, 2021

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.

November 11, 2021

Acquisitions Nevada Retail Utah Western

Colliers Las Vegas Arranges Land Sales in Nevada, Utah for $6.6M

by Amy Works November 8, 2021

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.

November 8, 2021

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Brokers Sale of Self-Storage Facility in Murray, Utah

by Amy Works November 5, 2021

MURRAY, UTAH — Marcus & Millichap has negotiated the sale of The Storage Center Salt Lake City, a self-storage facility in Murray. Terms of the transaction were not released. Located at 4317 S. Commerce Drive, the 100,450-square-foot property was constructed in phases from 1976 to 1992. The asset features a leasing office, resident manager’s quarters and 570 units. The buyer plans to complete a large-scale renovation on the property to bring it to institutional standards. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the transaction.

November 5, 2021

Acquisitions Office Utah Western

Arden Group Acquires 145,646 SF Solutionreach Office Building in Metro Salt Lake City

by Amy Works October 19, 2021

LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased Solutionreach, a five-story, Class AAA office property in Lehi. Located at 2600 Ashton Blvd., the 145,646-square-foot building serves as the headquarters for Solutionreach, a private equity-backed healthcare technology consulting company. The property was developed in 2016 as a build-to-suit corporate campus for the current tenant. Cushman & Wakefield represented the sellers, Gardner Co. and Boyer Co., in the deal. Terms of the transaction were not released.

October 19, 2021

Development Hospitality Loans Multifamily Utah Western

George Smith Partners Arranges $35.2M Construction Loan for Hotel-to-Multifamily Conversion in Salt Lake City

by Amy Works October 8, 2021

SALT LAKE CITY — The Davies Group at Los Angeles-based George Smith Partners has secured $35.2 million in construction financing for the first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s The Granary District. The five-acre site features two landmark towers. The first phase of renovation includes the transformation of the property’s south tower into a 184-unit multifamily asset with boutique-style amenities. The planned future phase includes the adaptive reuse of the property’s north tower. The land site offers 2.7 acres of excess developable land, creating an opportunity for future mixed-use infill development. Malcolm Davies, Zack Streit, Drew Sandler, Alexander Rossinsky, Aiden Moran, Brandon Asherian and Ben Tracy of The Davies Group sourced the financing on behalf of the undisclosed sponsor.

October 8, 2021

Development Hospitality Loans Mixed-Use Multifamily Office Restaurant Retail Utah Western

D.A. Davidson Arranges $106M in Bonds for 278-Acre Black Desert Resort at Entrada in Utah

by Amy Works October 1, 2021

IVINS CITY, UTAH — D.A. Davidson’s Special District Group has successfully priced and closed $106 million of limited tax general obligation bonds for the 278-acre Black Desert Public Infrastructure District (PID). The proceeds will fund Black Desert Resort at Entrada, a commercial and residential resort in Ivins City. Black Desert Resort at Entrada will offer 148 hotel rooms; 299 hotel condominium units; a 200-acre, 19-hole golf course; miles of nearby trails; a wellness spa; and 46,160 square feet of retail and restaurant space. The property will also feature 32 single-family estates, 783 condominium units and approximately 214,000 square feet of commercial space, with the amenities of the resort center available for full-time residents. The first phase of development is expected to create 500 new jobs and future long-term employment opportunities. Construction on the first phase commenced in 2020 and full buildout of the commercial and residential resort is slated for 2027. The development is being undertaken by Enlaw LLC, a Delaware limited liability company that is primarily owned by Reef Capital Partners.

October 1, 2021

Development Multifamily Utah Western

BCC Construction to Develop 156-Unit Altitude Apartment Building in Salt Lake City

by Amy Works September 24, 2021

SALT LAKE CITY — BCC Construction has unveiled plans for Altitude, a multifamily property located near the Salt Lake City International Airport in Salt Lake City. The seven-story, 117,565-square-foot community will feature 156 apartments, a rooftop deck, fitness center and two levels of parking. Construction is slated to begin in spring 2022, with completion scheduled for summer 2023.

September 24, 2021

Acquisitions Net Lease Retail Utah Western

SRS Brokers $3.1M Sale of Maverick-Occupied Gas Station/Convenience Store in Salt Lake City

by Amy Works September 20, 2021

SALT LAKE CITY — SRS Real Estate Partners has arranged the sale of a gas station and convenience store property located at 2680 S. 2000 E in Salt Lake City. A Texas-based private investor and developer sold the asset to a Utah-based private independent petroleum marketer for $3.1 million. Maverick, an independent fuel marketer, occupies the 3,024-square-foot property. Built in 1983 and renovated in 2018, the property features an eight-pump gas station and high-volume convenience store. Jack Cornell, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the deal.

September 20, 2021

Lake-Pointe-Corporate-Centre-West-Valley-City-UT

Acquisitions Office Utah Western

Felton Properties Sells 182,121 SF Lake Pointe Corporate Centre Near Salt Lake City

by Amy Works August 20, 2021

WEST VALLEY CITY, UTAH — Portland, Ore.-based Felton Properties has completed the sale of Lake Pointe Corporate Centre, a two-building suburban office campus located in West Valley City. A partnership between Advanced Medical Properties and George Urban Properties acquired the asset for an undisclosed price. Kevin Shannon, Ken White, Rick Stumm, Bryce Blanchard and Steve Walton of Newmark represented the seller in the deal. David Milestone and Brett Green, also of Newmark, secured acquisition financing for the buyer. Located at 2850 and 2875 S. Decker Lake Drive, the property consists of 182,121 square feet of industrial space. At the time of sale, the asset was 97 percent leased to a roster of nationally recognized tenants. Since 2018, the property has undergone significant capital upgrades, including fully renovated lobbies, digital tenant directors, fitness center enhancements, elevator modernizations, prominent signage, refurbished restrooms and corridors, and tenant interior improvements.

August 20, 2021

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