Utah

Lowe Property Group Breaks Ground on $40M Mixed-Use Development in Downtown Salt Lake City

by Amy Works September 14, 2020

SALT LAKE CITY — Developer Lowe Property Group, architect MVE + Partners and general contractor Zwick Construction have broken ground on 6th & Main, a mixed-use development in downtown Salt Lake City. The eight-story structure will feature 10,100 square feet of commercial space and 141,149 square feet of residential apartments. Totaling 283,936 square feet, 6th & Main will offer 170 market-rate apartments in a mix of modern studio, one- and two-bedroom layouts, a street-level lounge, co-working space, parking garage, two-level fitness center, swimming pool, spa, rooftop clubroom and viewing terrace. The property is slated to open for leasing in fall 2022.

September 14, 2020

Acquisitions Industrial Self-Storage Utah Western

Towne Storage Sells 379-Unit Towne Storage Sandy Near Salt Lake City

by Amy Works September 11, 2020

SANDY, UTAH — Towne Storage has completed the disposition of Towne Storage Sandy, a self-storage facility located off Interstate 15 in Sandy, approximately 20 minutes south of downtown Salt Lake City. Terms of the transaction were not released. Storage…Etc. will rebrand and manage the 60,700-square-foot facility. Built in 1993 and 1997, the property features 379 rentable spaces ranging from 25 square feet to 400 square feet, a leasing office, gated access, digital video surveillance and an on-site manager. Jordan Farrer and Adam Schlosser of The LeClaire-Schlosser Group of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the deal.

September 11, 2020

Acquisitions Multifamily Utah Western

Orchard Apartments Acquires 20-Unit Parkwood Apartments in Metro Salt Lake City

by Amy Works September 11, 2020

OGDEN, UTAH — Chicago-based Orchard Apartments has purchased Parkwood Apartments, a multifamily property located at 120 Dan St. in Ogden. Crapse Building One sold the property for close to the $3.3 million list price. Vicente Cantua of Cushman & Wakefield represented the seller in the deal. Parkwood Apartments features 20 two-bedroom units, 15 of which are two-bedroom/two-bath layouts and five are two-bedroom/one-bath floor plans. The property is 100 percent Section 8 housing with a 20-year Housing Assistance Payments contract that renewed in June.

September 11, 2020

Development Industrial Utah Western

Sansone Group, Argos Capital to Develop 404,800 SF Industrial Project Near Salt Lake City

by Amy Works September 8, 2020

WEST VALLEY CITY, UTAH — Sansone Group, in partnership with Argos Capital Partners, has acquired a 24.8-acre land parcel located in West Valley City for an undisclosed price. The partnership plans to develop a two-building, rear-load, Class A industrial property on the site. The development will offer a total of 404,800 square feet. This the first partnership between Sansone and Argos Capital Partners, a private investment management firm focused on serving ultra-affluent families.

September 8, 2020

Acquisitions Industrial Utah Western

LPC Enters Utah Market with Purchase of 212,950 SF Access Park Industrial Portfolio

by Amy Works September 3, 2020

KAYSVILLE, UTAH — Lincoln Property Co. (LPC) has acquired Access Park, an industrial campus in Kaysville and the company’s first acquisition in Utah. Access Park LLC sold the property for an undisclosed price. Located at 505 N. Kays Drive within Kaysville Business Park, Access Park features a total of 212,950 square feet of Class A industrial space spread across three fully occupied buildings. The park includes two newly built, 69,101-square-foot distribution buildings and one 74,784-square-foot industrial and manufacturing building. The facilities offer clear heights ranging from 22 feet to 32 feet and a total of 74 dock-high and ground-level doors. LPC Desert West will manage Access Park as part of its more than 7 million-square-foot regional management portfolio. Kip Paul, Rhett Bue and Jorgi Paul of Cushman & Wakefield represented the seller in the transaction.

September 3, 2020

Development Top Stories Utah Western

Salt Lake City International Airport Completes $4B Expansion Project

by Kristin Harlow September 2, 2020

SALT LAKE CITY — The first phase of Salt Lake City International Airport’s $4 billion expansion is now complete and set to open Tuesday, Sept. 15. HOK Architects designed the project, which features more efficient passenger flow, visual aesthetics, new amenities and high environmental standards. The airport serves more than 26 million passengers per year. Airport officials say that the original facilities, designed 50 years ago, were no longer efficient for use as a modern hub airport and were not built to today’s earthquake standards. The project was funded with federal grants, user fees, airport revenue bonds and airport reserves. Construction began in July 2014. Completion of all phases is slated for 2024. Leading the construction was HDJV, a joint venture between Holder Construction and Big-D Construction. AOJV, a joint venture between Austin Commercial and Okland Construction, led construction of the North Concourse. Design and engineering partners included HNTB, Colvin Engineering, Reaveley Engineers + Associates and Dunn Associates. The new terminal is designed to eliminate airplane parking bottlenecks and enable airlines to get planes back in the air more quickly. Napa, Calif.-based artist Gordon Huether completed art installations within the project. The largest installation, The Canyon, reflects Utah’s landscape and …

September 2, 2020

Acquisitions Healthcare Office Utah Western

CBRE Brokers Sale of 108,456 SF Medical Office Building in Metro Salt Lake City

by Amy Works August 27, 2020

WEST VALLEY CITY, UTAH — CBRE has facilitated the sale of 4100 Bangerter, a medical office building located in West Valley City, a suburb of Salt Lake City. Terms of the transaction, including the names of the buyer and seller and acquisition price, were not released. Located on 7.1 acres at the intersection of 4100 South and Bangerter Highway, the building features 108,456 square feet of space. The buyer plans to convert the property, which was vacant at the time of sale, into a series of condominiums equipped for medical, lab and office space. Marty Plunkett, Vickey Walker, Craig Thomas and Melissa McIntyre of CBRE’s Salt Lake City office represented the seller in the transaction.

August 27, 2020

Loans Multifamily Utah Western

Gantry Arranges $9.8M in Financing for The Lake Apartments in Coeur d’Alene, Idaho

by Amy Works August 12, 2020

COEUR D’ALENE, IDAHO — Gantry has secured $9.8 million in permanent financing for The Lake Apartments, a newly constructed multifamily community located in Coeur d’Alene. Demetri Koston and Joyce Chen of Gantry arranged the 12-year, fixed-term, Fannie Mae refinancing, which includes a $1.5 million cash-out. The name of the borrower was not released. Delivered this year, The Lake Apartments features three interconnected buildings offering a total of 46 apartments in a mix of studio, one-, two- and three-bedroom units.

August 12, 2020

Acquisitions Net Lease Retail Utah Western

Ostler Holding Sells Family Dollar-Occupied Retail Property in Helper, Utah

by Amy Works August 12, 2020

HELPER, UTAH — Ostler Holding Limited Company of Utah LLC has completed the disposition of a retail building located at 610 US-6 in Helper. An in-state limited liability company acquired the asset for $1.3 million. Built in 2019 on 1.4 acres, the property features 8,320 square feet of retail space. Family Dollar occupies the building on a double net lease with 8.5 years remaining on the term. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the transaction.

August 12, 2020

Arizona Loans Multifamily Utah Western

Hunt Real Estate Capital Funds $41.4M in Fannie Mae Loans for Manufactured Housing Communities in Arizona, Utah

by Amy Works August 6, 2020

TEMPE, ARIZ., AND UINTAH AND ROY, UTAH — Hunt Real Estate Capital has funded three Fannie Mae conventional loans, totaling $41.4 million, to refinance three manufactured home communities in Arizona and Utah. All three transactions lowered interest rates for the borrower and provided cash-out options. The three communities, which are 100 percent mission driven and share the same management company, include: Tempe Cascade Mobile Home Estates, a 273-site property built in 1971 in Tempe Cottonwood Estates, an 83-site community developed in 1976 in Uintah Midland MHC, a 224-site first developed in 1938 and redeveloped in 1973 in Roy The loans for Tempe Cascade Mobile Home Estates and Cottonwood Estates share the same terms: a fixed interest rate and seven-year term. The Midland MHC loan features a fixed interest rate, 10-year term and two years of interest-only payments. Tom Houlihan of Sterling Financial Mortgage & Investment arranged the transactions.

August 6, 2020

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