Utah

Midtown National Group Acquires Highland Marketplace in Utah, Plans 65,000 SF Development

by Amy Works May 20, 2021

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.

May 20, 2021

Affordable Housing Loans Multifamily Utah Western

KeyBank Provides $31.3M in Financing for Affordable Housing Project in Salt Lake City

by Amy Works April 26, 2021

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.

April 26, 2021

Acquisitions Multifamily Student Housing Utah Western

Joint Venture Acquires 1,156-Bed Value-Add Student Housing Community Near Brigham Young University

by Amy Works April 2, 2021

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.

April 2, 2021

Acquisitions Hospitality Utah Western

Hodges Ward Elliott Arranges Receivership Sale of 85-Room TownePlace Suites in Vernal, Utah

by Amy Works March 8, 2021

VERNAL, UTAH — Hodges Ward Elliott has brokered the sale of TownePlace Suites, a hotel in Vernal, located in the northeastern portion of the state near the Colorado and Wyoming borders. Terms of the transaction were not released. Clint Hodges, B.J. Patel and Cory Carter of Hodges Ward Elliott advised the special servicer in the receivership sale of the 85-key hotel, which was marketed on the Ten-X auction platform. The hotel features contemporary guest room amenities, a fitness center and business center.

March 8, 2021

Idaho Loans Retail Utah Washington Western

JLL Capital Markets Arranges $274.4M Refinancing for Six-Property West Coast Retail Portfolio

by Amy Works February 25, 2021

SEATTLE; BOISE, IDAHO; AND SALT LAKE CITY — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail properties totaling 2.7 million square feet across Seattle, Boise and Salt Lake City. The borrower is a joint venture between CenterCal Properties and a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were used to retire existing debt and rebalance leverage across the portfolio. The portfolio consists of four grocery-anchored shopping centers, one power center and one retail strip asset, all leased to a mix of national and credit-worthy tenants across various retail sectors. Kevin MacKenzie, Bruce Ganong, Paul Brindley, Sam Godfrey and Spencer Bergthold of JLL represented the borrower in the financing.

February 25, 2021

Acquisitions Industrial Utah Western

Industrial Outdoor Ventures Enters Salt Lake City Market, Buys Vacant Warehouse

by Amy Works February 10, 2021

SALT LAKE CITY — Industrial Outdoor Ventures (IOV) has purchased a vacant industrial facility located at 5 S. 5100 West in Salt Lake City. Standlee Premium Western Forage sold the asset for an undisclosed price. Situated on 23.2 acres and zoned M-1, the property features a 66,900-square-foot warehouse equipped with 11 dock doors and 2,000-square-foot of office space. IOV plans to make major site improvements to 16 acres of the property’s land area including grading, paving, fencing and site lighting. Additionally, the buyer plans to paint the exterior of the building, upfit warehouse lighting and prepare the office space for tenants. The transaction marks IOV’s entry to the Salt Lake City market. Mike Farmer and Phillip Eilers of Cushman & Wakefield brokered the transaction.

February 10, 2021

Acquisitions Multifamily Utah Western

IPA Negotiates Sale of 138-Unit ViA Apartment Building in South Salt Lake, Utah

by Amy Works February 5, 2021

SOUTH SALT LAKE, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of ViA, a multifamily property located in South Salt Lake, approximately 10 minutes south of Salt Lake City. Graycliff Capital acquired the property from an affiliate of Mountain Capital Partners, an affiliate of Dekel Capital and Castlewood Development for an undisclosed price. Built in 2016, the five-story property features 138 apartments with an average unit size of 700 square feet. Community amenities include community-wide WiFi, door-to-door trash pickup, heated swimming pool, hot tub and car-charging station. The property is located adjacent to the Meadowbrook station of the Utah Transit Authority’s TRAX light rail system and near Southgate Shopping Center, University of Utah, Salt Lake Community College and Westminster College. Brock Zylstra, Danny Shin, Steven Gebing and Cliff David of IPA represented the sellers in the transaction. Gary Mangum of Marcus & Millichap served as broker of record in Utah.

February 5, 2021

Acquisitions Multifamily Utah Western

Graycliff Capital Partners Purchases 183-Unit Milagro Apartments in Salt Lake City

by Amy Works January 12, 2021

SALT LAKE CITY — Greenville, S.C.-based Graycliff Capital Partners has acquired Milagro Apartments, a multifamily community located at 241 W. 200 South in downtown Salt Lake City. A joint venture between Colmena Group and PEG Cos. sold the property for an undisclosed price. Completed in 2018, the seven-story Milagro features 183 apartments in a mix of one- and two-bedroom floor plans with quartz countertops, gourmet kitchens with islands, and ceiling heights ranging between 9 feet and 12 feet. Community amenities include smart-home features; a fitness center with on-demand fitness classes; yoga studio; tiered seating movie theater; pet park; pet washing station; resort-inspired pool and deck; outdoor kitchen; fire pits; and interactive courtyard spaces for lawn games. Additionally, the property features two street-front restaurants. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the seller in the transaction.

January 12, 2021

Acquisitions Multifamily Utah Western

Magna Investment Divests of 264-Unit Apartment Community in Salt Lake Valley

by Amy Works January 5, 2021

SANDY, UTAH — Magna Investment and Development has completed the disposition of Icon 9700, a multifamily property located in Sandy, approximately 20 miles southeast of Salt Lake City. Starwood Capital Group acquired the community for an undisclosed price. Constructed in 2018, Icon 9700 features 264 apartments, a resort-inspired pool deck, fitness center, outdoor grilling stations, private garages and a multi-purpose sport court for soccer, basketball and pickleball. At the time of sale, the community was 97 percent occupied. Eli Mills and Patrick Bodnar of CBRE’s Salt Lake multifamily team represented the seller in the transaction.

January 5, 2021

Acquisitions Office Utah Western

Kennedy Wilson Buys 247,000 SF Office Campus in Salt Lake City for $55M

by Amy Works December 17, 2020

SALT LAKE CITY, UTAH — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has acquired three two-story office buildings and two development sites totaling 247,000 square feet in Salt Lake City. An undisclosed seller sold the assets for $55 million. Situated on 24.2 acres within Parkway Center, the campus is fully occupied by five tenants, including Amazon and Verizon, with both occupying single-tenant buildings. The acquisition expands Kennedy Wilson’s presence in the Mountain States. Currently, the Fund VI portfolio includes 15 multifamily and commercial assets in markets including San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The portfolio has an aggregate purchase price of $1.2 billion.

December 17, 2020

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