SALT LAKE CITY — Pacific Industrial has broken ground on the Pacific Summit Logistics Center, an 824,000-square-foot industrial building in Salt Lake City. Pacific Industrial purchased the 48-acre property in an off-market transaction and began construction the day after the sale closed. The development will be located at 885 N. John Cannon Drive in the Northwest Quadrant, Salt Lake City’s most sought-after submarket, and adjacent to the Salt Lake City International Airport, with easy access to I-80, I-215 and I-15. The project is being built on a speculative basis. The project will be feature 131 dock-high doors in a cross-dock configuration, oversized truck courts that are up to 213 feet deep, and a minimum clear height of 40 feet. Construction is slated for completion in the second quarter of 2022. Pacific Industrial is a privately held real estate development and acquisition firm based in Southern California.
WEST HAVEN, UTAH — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors age 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or suffering from homelessness. All units are reserved for seniors who earn between 30 percent and 80 percent of the area median income (AMI). The $9.5 million development marks TWG’s first property in the state of Utah and will feature numerous amenities such as a computer room, in-unit laundry, raised garden beds, on-site storage, bike racks and a community fitness center. Construction began this month, and the project is slated for completion in fall 2022. TWG was awarded low-income housing tax credits (LIHTC) from the Utah Housing Corp. to develop this project. Other partners include the Weber Housing Authority, Raymond James, Olene Walker Housing Loan Fund, Horizon Bank and Rocky Mountain Community Reinvestment Corp.
DRAPER, UTAH — Bellevue, Wash.-based Sterling Realty Organization has purchased Vista Station, a Class A office portfolio in Draper. A joint venture between The Boyer Co. and Gardner Co. sold the asset for an undisclosed price. Located within Vista Station Office Park, the portfolio consists of four buildings totaling 541,678 square feet. Constructed from 2016 to 2018, the buildings feature solar panels and immediate access to FrontRunner at Draper Station. Kip Paul of Cushman & Wakefield and Eli Mills of CBRE represented the seller, while the buyer was self-represented in the transaction.
MIDVALE, UTAH — Faris Lee Investments has arranged the sale of Garden Square, a neighborhood shopping center in Midvale. The asset traded hands for $8.6 million. The names of the buyer and seller were not released. Garden Square features a combination of low-rent-paying local and regional tenants, allowing for an acquisition well below replacement cost, high in-place yield and strong upside potential in a market with excellent economic fundamentals, according to Faris Lee. Nick D’Argenzio, Tom Chichester and Joe Chichester of Faris Lee Investments represented both sides in the transaction.
WEST JORDAN, UTAH — Institutional Property Advisors (IPA), a division Marcus & Millichap, has arranged the sale of Broadmoor Village, a multifamily property located in West Jordan. Bridge Investment Group acquired the asset from Wasatch Property Group for an undisclosed price. Danny Shin and Brock Zylstra of IPA represented the seller and procured the buyer in the deal. Developed in 1986 on 16 acres, Broadmoor Village is a garden-style asset that features 348 apartments in one-, two- and three-bedroom layouts, with an average apartment size of 867 square feet. Community amenities include landscaped grounds, walking paths, a heated swimming pool and community courtyard.
WEST VALLEY CITY, UTAH — Colrich has completed the sale of Mountain View, an apartment community located in West Valley City. Clear Capital acquired the asset for an undisclosed price. Situated 12 miles south of downtown Salt Lake City, Mountain View features 96 two-bedroom apartments with in-unit washers/dryers and private balconies or patios. The property features landscaped, tree-lined grounds with mountain views, walking paths and outdoor amenities, including a swimming pool, grilling stations and playground. The asset was built in 1985. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
PROVO, UTAH — A joint venture between MJW Investments and Redstone Residential has acquired a 924-bed student housing community located near Brigham Young University in Provo. The property offers shared amenities including a sand volleyball court, hot tub, swimming pool, on-site laundry and a game area. The partnership plans to renovate the property’s units and shared amenity spaces. Voya Investments provided financing for the acquisition. Redstone Residential will oversee operations and property enhancements. “The property’s close proximity to campus and remarkable offerings are just a few of the aspects that make this property incredibly attractive” says Mark Weinstein, president and founder of MJW Investments. “This brings our 2021 acquisitions to more than 2,000 beds in Provo.”
HIGHLAND CITY, UTAH — Midtown National Group (MNG) has purchased Highland Marketplace shopping center and 9.2 acres of development land in Highland City. Located at 5300 W. 11000 North, the shopping center offers 40,000 square feet of existing retail space with storefronts ranging from 1,010 square feet to 5,641 square feet. A 65,000-square-foot athletic facility is slated to be built on the development land, which is on the north boundary of the shopping center. Lance Pendleton of Mountain West Commercial Real Estate handled the transaction and will manage the retail and office leasing opportunities for the property.
SALT LAKE CITY — KeyBank Community Development Lending and Investment (CDLI) has provided a $31.3 million private placement construction and permanent loan to Wasatch Residential Group for the development of Quade Apartments, an affordable multifamily property in Salt Lake City. The five-story Quade Apartments will feature 237 units in a mix of studio, one-, two- and three-bedroom floor plans, a parking structure, clubhouse, swimming pool, hot tub, fitness center and outdoor courtyard with picnic area. All apartments will be restricted to residents earning 60 percent of the area median income under the Low-Income Housing Tax Credit (LIHTC) program. Additional financing will be provided by LIHTCs purchased by Goldman Sachs. The Utah Housing Corp. issued the tax credits and private activity bonds. Sarah Geis and Tim Gerstmann of KeyBank’s CDLI team structured the financing.
PROVO, UTAH — A joint venture between investment affiliates of Redstone, MJW Investments and MHE Enterprises has acquired The Lodges at Glenwood, a 1,156-bed student housing community located near Brigham Young University in Utah. The community offers a mix of studio, one- and three-bedroom units. Communal amenities include a study area, swimming pool and spa, volleyball court, gaming tables, cabanas and barbecue grill. Brian Eisendrath and Cameron Chalfant of CBRE secured acquisition financing for the property through a prominent life insurance company. Significant renovations are planned for the community, details of which were undisclosed. The seller and price were also undisclosed.