Thursday, January 23, 2025
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AcquisitionsIndustrialUtahWestern

Dakota Pacific Real Estate, Brasa Capital Sell Two Warehouse Buildings in Pleasant Grove, Utah

by Amy Works

PLEASANT GROVE, UTAH — Dakota Pacific Real Estate, in partnership with Brasa Capital Management, has completed the sale of two Class A industrial warehouses in Pleasant Grove, between Salt Lake City and Provo. A national industrial investment firm acquired the assets for an undisclosed price. Totaling more than 427,000 square feet, the two buildings are fully leased to six diverse companies. The project development team included Big-D Construction, Mitre Peak and Zions Bank. Lucas Burbank and Ben Richardson of Newmark led the leasing efforts of the project. Burbank, Richardson and Jim Linn of Newmark handled the sales transaction.

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AcquisitionsRetailUtahWestern

SEG Buys The Shops at South Town in Sandy, Utah for NHL Practice Facility Development

by Amy Works

SANDY, UTAH — Pacific Retail Capital Partners (PRCP) has completed the sale of The Shops at South Town in Sandy to Smith Entertainment Group (SEG) for an undisclosed price. SEG plans to develop a state-of-the-art practice and training facility for its incoming National Hockey League franchise on the 111-acre site to create a mixed-use destination. PRCP plans to use the proceeds from the sale to pay off the outstanding balance of the loan in full and reinvest elsewhere in its portfolio. PRCP will continue to manage and lease The Shops at South Town to ensure continuity with the ownership transition and minimize disruption for consumers. PRCP will lead SEG’s leasing efforts for The Shops at South Town, in partnership with Woodley Real Estate.

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AcquisitionsIndustrialUtahWestern

Stos Partners Buys 279,233 SF Industrial Complex in Salt Lake City

by Amy Works

SALT LAKE CITY — Stos Partners has entered the Salt Lake City market with the acquisition of an industrial complex located at 900 W. 2900/2950/3100 S in Salt Lake City for $35 million, or $118 per square foot. The name of the seller was not released. Stos Partners plans to immediately implement a capital improvement program to stabilize and re-tenant the asset. Situated on 14.5 acres, the 279,233-square-foot facility features 22-foot clear heights, 49 dock-high doors and 18 drive-in ground-level doors. Eli Priest, Jeff Heaton and Kyle Roberts of Newmark are handling leasing for the property. Alex Harrold of Mathews Real Estate represented Stos Partners in the off-market transaction.

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AcquisitionsRetailUtahWestern

Capstone Enters Utah Market, Acquires Trail Crossing Shopping Center in South Jordan

by Amy Works

SOUTH JORDAN, UTAH — Capstone Advisors has entered the Utah market with the acquisition of Trail Crossing Shopping Center, a retail property at 5414 W. Daybreak Parkway in South Jordan, a suburb south of Salt Lake City. Wright Development Group sold the asset for an undisclosed price. Completed in 2017, Trail Crossing Shopping Center offers 38,397 square feet of retail space across five buildings. At the time of sale, the property was fully occupied, with Smith’s Food and Drug as the anchor tenant.

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DevelopmentHealthcareLoansOfficeUtahWestern

JLL Arranges Equity for Development of Syracuse Medical Office Building in Utah

by Amy Works

SYRACUSE, UTAH — JLL has arranged an equity placement for the Syracuse Medical Office Building development in Syracuse, approximately 30 miles north of Salt Lake City. CJ Kodani and Mark Root of JLL Capital Markets secured the equity through Chesnut Healthcare Real Estate for the developer, Fort Street Partners. Located at 3000 W. Antelope Drive, the 20,399-square-foot medical office building is fully pre-leased by three regional physical groups. Completed is slated for 2025.

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AcquisitionsMultifamilyUtahWestern

Investor Capital Group Divests of 288-Unit The Falls at Canyon Rim Apartments in Ogden, Utah

by Amy Works

OGDEN, UTAH — Investor Capital Group has completed the disposition of The Falls at Canyon Rim, a multifamily property in the Salt Lake City suburb of Ogden. TruAmerica Multifamily purchased the asset for an undisclosed price. Built in 2001 on more than 14 acres, the 12-building community features 288 one-, two- and three-bedroom apartments ranging in size from 937 square feet to 1,420 square feet. Each unit offers full-size washers/dryers, plank flooring and a private patio or balcony. Community amenities include two playground areas, a swimming pool and tennis court. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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CaliforniaDevelopmentIndustrialMarket ReportsUtahWesternWestern Market Reports

Badiee’s Industrial Trifecta: San Diego, Sacramento, Salt Lake City

by Jeff Shaw

Badiee Development has logistics and industrial projects throughout the Western U.S., but its current focus is the region’s three S’s: San Diego, Sacramento, Calif., and Salt Lake City. “Badiee Development is prioritizing leasing at our existing projects in San Diego and Sacramento, and entitling future projects in San Diego, Sacramento and Salt Lake City,” says Ben Badiee, the firm’s founder and CEO. “Our company holds a ‘land bank’ with plans to develop more than 2 million square feet across four distinct projects in three markets.” San Diego Badiee’s headquarters is ripe with industrial ventures for the firm. These include the two-building, 242,969-square-foot Sanyo Logistics Center and the 38-acre Britannia Airway Logistics Center, both of which are being built near the Mexican border in Otay Mesa.  Britannia Airway has also been entitled for an interim use of industrial outdoor storage (IOS), allowing the project to accommodate about 1,000 trucks and trailers.  “Being in our ‘backyard,’ Otay Mesa has proven to be a highly successful market for the firm,” Badiee says. “It is at the forefront of the onshoring/nearshoring trend for the U.S. and Mexico, and land availabilities are scarce.” Sacramento Land scarcity has also been a driver for Badiee in Sacramento …

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AcquisitionsMultifamilyUtahWestern

TruAmerica Buys 288-Unit The Falls at Canyon Rim Apartments in South Ogden, Utah

by Amy Works

SOUTH OGDEN, UTAH — Los Angeles-based TruAmerica Multifamily has purchased The Falls at Canyon Rim, an apartment property in South Ogden, approximately 25 miles north of Salt Lake City. Terms of the transaction were not released. The Falls at Canyon Rim offers 288 one-, two- and three-bedroom apartments averaging nearly 1,200 square feet. Community amenities include a swimming pool, year-round hot tub, 24-hour fitness center, barbecue grills, two playgrounds, basketball courts, tennis courts, recreation rooms and a dog park. Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal.

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AcquisitionsOfficeUtahWestern

VanTrust Real Estate Buys Salt Lake Lumber Building in Downtown Salt Lake City

by Amy Works

SALT LAKE CITY — VanTrust Real Estate has acquired the Salt Lake Lumber Building, located at 205 N. 400 West in downtown Salt Lake City. Terms of the transaction were not released. Originally built in 1909 as the Morrison-Merrill Lumber Co. office building, the three-story, 26,997-square-foot brick property features exposed heavy timber, brick and stone walls, maple flooring, a wood staircase, exposed wood ceilings and brick arches around the windows. VanTrust plans to convert the building into a contemporary office space and regional headquarters. Demolition and interior renovations are slated to start this summer, with delivery scheduled for early 2025.

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AcquisitionsRetailUtahWestern

CenterSquare Purchases 19,723 SF Shopping Center in Ogden, Utah

by Amy Works

OGDEN, UTAH — Philadelphia-based CenterSquare lnvestment Management has purchased Ogden Commons, a 19,723-square-foot shopping property in Ogden. Ogden Commons features three buildings with wrap-around drive-thrus. At the time of sale, the property was 100 percent leased to an array of national tenants. The seller and sales price were not disclosed.

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