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Data CentersDevelopmentIndustrialTop StoriesUtahWestern

J.P. Morgan, Starwood Provide $2B in Financing for Data Center Project Near Salt Lake City

by Taylor Williams

WEST JORDAN, UTAH — J.P. Morgan and Starwood Property Trust have provided $2 billion in financing for a data center project in West Jordan, located just south of Salt Lake City. The borrower, a partnership between Los Angeles-based investment firm CIM Group and regional operator Novva Data Centers, will use the proceeds to complete construction of the second and third phases of the latter entity’s 100-acre flagship Salt Lake City campus. At full build-out, the campus will span approximately 1 million square feet and have a total power capacity of 175 megawatts (MW). According to The Wall Street Journal, that is enough electricity to power about 175,000 U.S. homes of average size. Development of the campus began several years ago, with the first phase coming on line in 2023, the same year in which ownership secured a full-campus lease with an undisclosed global tech company. Construction of Phase II of the project began in December 2023 and will feature a 318,000-square-foot data center building that will have the capacity to produce 72 MW of power. Construction of Phase III commenced in January 2024 and will also feature a 318,000-square-foot data center with a 72-MW capacity. Completion of both facilities is …

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AcquisitionsOfficeUtahWestern

Fort Street Partners, Cumming Capital Purchase Lehi Spectrum Office Buildings in Utah

by Amy Works

LEHI, UTAH — Fort Street Partners has partnered with Cumming Capital Management to acquire Lehi Spectrum I and II, two Class A tech office properties in Lehi’s Silicon Slopes district. Terms of the transaction were not released. Built in 2018 and 2020, the buildings offer approximately 265,000 square feet of combined space. Onsite amenities at Lehi Spectrum include pickleball courts, a daycare, gym, locker rooms with showers, an open space auditorium and food services. Bryce Blanchard of Newmark, along with Woodley Real Estate, represented the undisclosed seller in the deal.

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AcquisitionsCompany NewsNew YorkNortheastTop StoriesUtahWestern

Apollo Agrees to Acquire Bridge Investment Group for $1.5B

by Taylor Williams

NEW YORK CITY AND SALT LAKE CITY — Global alternative asset manager and private equity firm Apollo (NYSE: APO) has entered into an agreement to acquire Bridge Investment Group Holdings Inc. (NYSE: BRDG) in an all-stock transaction valued at approximately $1.5 billion. The deal is expected to close in the third quarter. Based in Salt Lake City, Bridge operates nearly a dozen offices nationwide and has approximately $49 billion in assets under management. In addition to some 13.5 million square feet of industrial holdings, the company’s portfolio includes nearly 65,000 residential units across the market-rate, workforce/affordable housing, seniors housing and single-family rental verticals. Bridge was ranked No. 21 on the American Seniors Housing Association’s (ASHA) 2024 list of largest seniors housing owners. Under the terms of the agreement, Bridge stockholders will receive 0.07081 shares of Apollo common stock for each share of Bridge common stock at closing. Both parties value the per-share price at $11.50, which represents a premium of about 45 percent over the company’s closing stock price of $7.92 per share on Friday, Feb. 21. Upon closing, Bridge will operate as a standalone platform within Apollo’s asset management business. Bob Morse, the current executive chairman of Bridge, will …

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DevelopmentMultifamilyStudent HousingUtahWestern

University of Utah, ACC Break Ground on 1,400-Bed Student Housing Development in Salt Lake City

by Amy Works

SALT LAKE CITY — The University of Utah (The U) and American Campus Communities (ACC), in a public-private partnership, have broken ground on a $155 million student housing complex in Salt Lake City. The six-story residence hall will add 1,400 beds for first- and second-year students. The U will manage and program the first floor to feature common indoor and outdoor social areas, new dining facilities and fitness areas. The development is part of ACC’s American Campus Equity (ACE program), which enables universities to expand and enhance student housing without taking on additional debt. Under a 55-year lease agreement that includes two 10-year extensions for a final term of 75 years, ACC will manage and own a leasehold interest in the property. The project team includes MHTN Architects, Ayers Saint Gross and Okland Construction. The new residence hall is slated to open for occupancy in fall 2026.

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DevelopmentLoansMultifamilyUtahWestern

PCCP Provides $60M Senior Loan for 201-Unit Apartment Project in Downtown Salt Lake City

by Amy Works

SALT LAKE CITY — PCCP has provided a $60 million senior loan to J. Fisher Cos. for the construction of The Edison, a seven-story multifamily community in downtown Salt Lake City. Construction will commence in February with completion scheduled for February 2027. Located at 256 S. 200 East, The Edison will offer 201 apartments across five residential stories atop two levels of parking (158 stalls) and 7,800 square feet of ground-floor retail space. The unit mix will consist of 40 junior one-bedroom units, 105 one-bedroom units and 56 two-bedroom units with an average size of 823 square feet. The units will offer 10-foot ceilings, stainless steel appliances, quartz closets and full-size washers/dryers. Community amenities will include a swimming pool, hot tub, sauna, fitness center, golf simulator, arcade, clubhouse, coworking space, outdoor fireplace and a courtyard with barbecues.

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3255-W-500-South-Salt-Lake-City-UT
AcquisitionsIndustrialUtahWestern

ViaWest Group Sells 40,709 SF Warehouse in Salt Lake City

by Amy Works

SALT LAKE CITY — Arizona-based ViaWest Group has completed the sale of a freestanding warehouse located at 3255 W. 500 South in Salt Lake City. A St. Louis-based private real estate investment firm acquired the asset for an undisclosed price. Built in 2016 on 2.2 acres, the property offers 40,709 square feet of single-tenant space, which is fully leased on a long-term basis to a provider and distributor of industrial and manufacturing products. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield represented the seller in the deal. Phillip Eilers and Jon Schreck of Cushman & Wakefield provided market leasing services.

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Company NewsDevelopmentHealthcareUtahWestern

Fort Street Partners, Chestnut Healthcare Real Estate Form JV to Develop $150M in Healthcare Assets in Utah

by Amy Works

UTAH — Salt Lake City-based Fort Street Partners and Chestnut Healthcare Real Estate have formed a programmatic joint venture that can acquire and develop up to $150 million in assets over the next four years. The venture will focus on core/core-plus and value-add investments in outpatient medical and surgery center properties in Utah. The partnership has already closed on two medical outpatient developments in Syracuse and Eagle Mountain, Utah. CJ Kodani and Mark Root of JLL Capital Markets arranged the joint venture.

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AcquisitionsDevelopmentIndustrialUtahWestern

VanTrust Real Estate Buys 32-Acre Site Near Salt Lake City, Plans to Develop Four Warehouses

by Amy Works

WEST VALLEY CITY, UTAH — VanTrust Real Estate has acquired 32 acres, located at 5998 W. Parkway Blvd. in West Valley City, with plans to build four industrial warehouses. The site will accommodate four buildings offering a total of 600,000 square feet of Class A industrial space. The site’s location offers easy access to State Route 201, Salt Lake City International Airport, I-80, I-15 and the Union Pacific Railroad intermodal hub. VanTrust expects construction on the first two buildings to start in late spring 2025 and deliver in late spring 2026. Construction timing on the other two buildings is still to be determined. Specific tenants for the warehouses have not yet been identified.

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AcquisitionsHealthcareUtahWestern

Cypress West, TPG Angelo Gordon Buy 112,192 SF Renaissance Medical Center in Metro Salt Lake City

by Amy Works

BOUNTIFUL, UTAH — Cypress West Partners, in joint venture with TPG Angelo Gordon, has acquired Renaissance Medical Center, a medical outpatient building in Bountiful, about four miles north of Salt Lake City. Terms of the transaction were not released. Mountain West Surgical Center, a multi-specialty ambulatory surgical center owned by HCA Healthcare, anchors the 112,192-square-foot property that is located at 1551 S. Renaissance Towne Drive. Eight other medical specialties and services, including orthopedics, physical therapy, imaging, spine and urology, also occupy the property. Newmark Healthcare Capital Markets advised Cypress West Partners and arranged the credit facility on behalf of the joint venture.

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DevelopmentHospitalityUtahWestern

Hyatt Opens 436-Key Grand Hyatt Deer Valley Hotel in Park City, Utah

by Amy Works

PARK CITY, UTAH — Hyatt Hotels Corp. has opened Grand Hyatt Deer Valley, a 436-key resort at Extell Development Co.’s Deer Valley East Village in Park City. Grand Hyatt Deer Valley provides direct access to Deer Valley Resort, including more than 300 skiable acres, 20 debut runs and three chairlifts, and is expected to open for the 2024/2025 season in December, conditions permitting. Designed by Denver-based OZ Architecture, Grand Hyatt Deer Valley offers 381 guest rooms and 55 residences. All rooms are equipped with flat-screen HDTVs, Nespresso coffee makers, blackout curtains, individual climate control, hair dryers, bathrobes and minifridges. The resort also features a heated outdoor pool, three oversized hot tubs, a pool deck and a nighttime entertainment program. The property offers four restaurants, Remington Hall, Hidden Ace, Living Room and Double Blacks; nearly 30,000 square feet of indoor and outdoor event space, including a 10,000-square-foot ballroom; skier services; pet-friendly programming; Camp Hyatt Kids Club; and The Spa at Grand Hyatt Deer Valley.

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