Utah

Trez Capital Closes $12.1M in Construction Loans for Two Multifamily Projects in Utah

by Amy Works July 21, 2020

OGDEN, UTAH — Trez Capital has closed two construction loans, totaling $12.1 million, for the development of two rental townhome communities along Canyon Road in Ogden approximately 40 miles from Salt Lake City. The two loans are part of Trez’s first financing agreement with the borrower, Lotus Co., to develop Class A affordable townhome rental properties. Construction for both properties, Foxridge and Whisperwood, began in January. Foxridge features 38,000 square feet of rentable space divided into 26 townhomes with two- and three-bedroom floor plans. Completion of Foxridge is slated for December. Totaling 57,000 rentable square feet, Whisperwood will feature 40 townhomes in a mix of two- and three-bedroom layouts. All units offer a high-end design with two-car garages and energy-efficient upgrades. Completion is scheduled for February 2021. Interiors of both properties will feature stainless steel appliance packages and custom kitchens with high-end countertops, upgraded plumbing and electrical fixtures and oversized windows. The properties will also offer residential community space, including barbecues, walking paths and gazebos.

July 21, 2020

Acquisitions Multifamily Utah Western

IPA Brokers Sale of 95-Unit Liberty Crossing Apartment Community in Salt Lake City

by Amy Works July 10, 2020

SALT LAKE CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Liberty Crossing, a multifamily property located in Salt Lake City. Elan Multifamily Investments acquired the community from Liberty Crossing Associates for an undisclosed price. Built in 2019, the 102,011-rentable-square-foot property features 95 apartments. Danny Shin and Brock Zylstra of IPA brokered the transaction

July 10, 2020

Development Mixed-Use Multifamily Office Restaurant Retail Utah Western

Lowe, BCG Holdings, Q Factor Break Ground on $144M Post House Mixed-Use Project in Salt Lake City

by Amy Works June 30, 2020

SALT LAKE CITY — A partnership between Lowe Property Group, BCG Holdings and Q Factor has broken ground on Post House. The mixed-use, pedestrian-friendly development will be located in Salt Lake City’s downtown Post District. MVE + Partners designed Post House, which will feature five buildings offering a total of 580 residential units, 22,405 square feet of retail space and 86,000 square feet of private and public outdoor space. Completion of the 488,765-square-foot project is scheduled for spring 2023, with the first residential and retail units slated to open in spring 2022. The current site holds features a variety of existing mixed-use industrial buildings, including the Newspaper Agency Corp. Building, that will be integrated into the community’s plan. The community’s walkable ground level will include 22,000 square feet of retail space, including Post House Market, a multi-tenant market hall. Comprising 461,921 square feet of rentable space, Post House Apartments will offer units ranging from 385 square feet to 2,030 square feet. Amenities will include lofts and private outdoor space, including four rooftop decks with firepits, bars, lounges, seating and barbecue grills. Additionally, the property will feature two private outdoor courtyards featuring a series of indoor/outdoor pools and a 5,604-square-foot fitness …

June 30, 2020

The-Square-Industrious-Salt-Lake-City-UT

Development Office Utah Western

Hines, Industrious to Open Coworking Space at Kearns Building in Salt Lake City

by Amy Works June 18, 2020

SALT LAKE CITY — Hines and Industrious will open The Square with Industrious Salt Lake City, the second flexible workspace location under the Hines2 platform, on June 22. Located in the historic Kearns Building at 136 S. Main St., The Square with Industrious Salt Lake City will be the first coworking space in Utah to pursue the International WELL Building Institute’s WELL Certification. Industrious will operate the asset. Hines has implemented a $25 million redevelopment project at the Kearns Building, which was built in 1911. The redevelopment program includes all new HVAC, technical upgrades and building amenities. The completed project will offer floor plates to accommodate large enterprises and small business across two floors totaling 25,000 square feet. Members of The Square with Industrious Salt Lake City will have access to a tenant lounge, event space, wellness center, fully equipped gym with two-story historic windows and a rooftop space. Additionally, the property will offer a member kitchen, daily gourmet breakfast and coffee, and a fully stocked café with snacks and soft beverages. Services provided at the coworking space will include 24/7 access, mail/package services, unlimited printing, secure shredding, audio/visual meeting support, fast and secure internet with VLAN in every office …

June 18, 2020

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Arranges Sale of 60-Unit Hidden Creek Storage in Sandy, Utah

by Amy Works June 15, 2020

SANDY, UTAH — The LeClaire Group of Marcus & Millichap has brokered the sale of Hidden Creek Storage, a self-storage facility in Sandy. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller, a private self-storage investor and developer, and procured the undisclosed buyer in the deal. The acquisition price was not released. The 60-unit Hidden Creek Storage features 14,400 net rentable square feet. The self-storage property features garden-style doors and all units are drive-up accessible. The facility is located within The Villas at Hidden Creek Homeowners Association.

June 15, 2020

Acquisitions Net Lease Retail Utah Western

DWG Capital Group Arranges $6.6M Acquisition of Walgreens-Occupied Building in Utah

by Amy Works June 8, 2020

SOUTH OGDEN, UTAH — Los Angeles-based DWG Capital Group has negotiated the purchase of a single-tenant, net-leased retail property located in South Ogden, approximately 35 minutes from Salt Lake City. A Sacramento, Calif.-based private family trust acquired the property for $6.6 million. Built in 2010, the 14,490-square-foot property is situated on 1.6 acres at 6016 S. 1550 East. A corporate-operated Walgreens occupies the property under a 17-year, triple-net lease. Judd Dunning of DWG Capital Group, along with Mitchell Asset Group, represented the buyer, while Deerfield Partners represented the undisclosed seller in the transaction. Victor Saponari of Quantum Capital Partners arranged debt financing for the buyer.

June 8, 2020

Acquisitions Multifamily Utah Western

Roundhouse Acquires 324-Unit The Alloy at Geneva Apartments in Vineyard, Utah

by Amy Works June 2, 2020

VINEYARD, UTAH — Roundhouse has purchased The Alloy at Geneva, a multifamily property located within Geneva, a master-planned community in Vineyard, within the Provo-Orem metro area. An affiliate of Dekel Capital and an affiliate of Mountain Capital Partners sold the asset for an undisclosed price. Built in 2015 on 15 acres, the 314,562-square-foot apartment complex features 14 three- and four-story residential buildings, offering a total of 324 units, and a clubhouse. The average unit size is 971 square feet. Brock Zylstra, Steve Gebing, Cliff David and Danny Shin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal. Phil Brierley of Marcus & Millichap served as the broker of record in Utah.

June 2, 2020

Acquisitions Industrial Net Lease Utah Western

Monmouth Real Estate Buys Industrial Building in Ogden, Utah for $12.9M

by Amy Works May 27, 2020

OGDEN, UTAH — Monmouth Real Estate Investment Corp. has purchased a LEED-certified industrial property, located at 985 W. Kershaw St. in Ogden, for $12.9 million. The name of the seller was not released. Federal Express Corp., a Delaware corporation, occupies the asset on a 15-year, net-lease basis. The 69,734-square-foot industrial property is situated on 7.5 acres.

May 27, 2020

Development Office Utah Western

St. John Properties to Develop Two Office Complexes in Utah for $120M

by Amy Works May 26, 2020

TAYLORSVILLE AND SPRINGVILLE, UTAH — St. John Properties | Utah has acquired development land for the construction of business parks in Taylorsville and Springville. Together, the company expects the two projects to total $120 million in new capital. In Taylorsville, the company is developing Beltway West on a 20-acre site. The project will feature five buildings offering a total of 300,000 square feet of office space for approximately 2,000 employees. Situated on 18 acres in Springville, Spring Pointe Exchange will feature six building totaling 225,000 square feet of office space for 750 employees. St. John Properties expects to begin construction this summer for the two new projects. The company’s Valley Grove development in Pleasant Grove, Utah, was started in 2017 and now features 15 buildings totaling 675,000 square feet of Class A office, restaurant and retail space.

May 26, 2020

Acquisitions Development Multifamily Utah Western

KBS Development Completes, Sells 453-Unit Hardware Apartments in Salt Lake City

by Amy Works May 14, 2020

SALT LAKE CITY — KBS Development, in partnership with Salt Development, has completed the construction of Hardware Apartments, a multifamily community located at 455 W. 200 North near downtown Salt Lake City. Immediately following the completion, Sacramento-based Oakmont Properties acquired the resort-style asset from KBS Real Estate Investment Trust III for an undisclosed amount in an off-market transaction. KBS and Salt Development began ground-up construction of the 453-unit apartment property in mid-2016 with Hardware West, the 267-unit first phase, delivered in June 2018. Hardware East comprises the remaining 186 units. Hardware Apartments is situated within Hardware Village adjacent to the historic Salt Lake Hardware Building, a five-story office building constructed in 1909. Hardware Apartments features a mix of penthouse, loft, studio, one-bedroom and two-bedroom apartments, as well as townhomes and brownstone row houses. Community amenities include a fitness center, yoga room, climbing wall, resident library, mediation garden, game room, conference room and rooftop lounge with infinity pool. Eli Mills and Patrick Bodnar of CBRE represented the buyer and seller in the deal. Although the price was not disclosed, the transaction represents the largest multifamily asset sale in the Utah’s history, according to CBRE. Additionally, Bruce Fischer, Tatyana Litovsky, Chrisdo Fan …

May 14, 2020

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