Utah

Faris Lee Negotiates $8.6M Sale of Garden Square Shopping Center in Midvale, Utah

by Amy Works July 20, 2021

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.

July 20, 2021

Acquisitions Multifamily Utah Western

IPA Brokers Sale of 348-Unit Broadmoor Village Apartments Near Salt Lake City

by Amy Works July 14, 2021

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.

July 14, 2021

Acquisitions Multifamily Utah Western

Colrich Sells 96-Unit Mountain View Multifamily Property Near Salt Lake City to Clear Capital

by Amy Works July 6, 2021

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.

July 6, 2021

Acquisitions Multifamily Student Housing Utah Western

MJW Investments, Redstone Buy 924-Bed Student Housing Community Near Brigham Young University

by Amy Works June 11, 2021

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.”

June 11, 2021

Acquisitions Development Retail Utah Western

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

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