SALT LAKE CITY — SRS Real Estate Partners has arranged the $1 million leasehold sale of a newly constructed, single-tenant retail property in Salt Lake City. Wadsworth Development sold the asset to a Washington-based investor for $1 million. Starbucks Coffee occupies the 1,920-square-foot, drive-thru building, which is located at 421 E. 400 S. The coffee retailer signed a corporate-guaranteed, 10-year triple-net lease for the property when it opened its doors in late 2019. Sabrina Kortland, Kyle Fant, Jack Cornell and Britt Raymond of SRS National Net Lease Group represented the seller in the deal.
OGDEN, UTAH — Mountain West Commercial Real Estate has directed the sale of Canyon Plaza, a shopping center located at 2060 Harrison Blvd. in Ogden. Canyon Plaza Properties LLC acquired the asset from Christian W. Monson with Winkel Family LLC for an undisclosed price. Situated within three miles of Weber State University, Canyon Plaza features 13,691 square feet of leasable space on one acre of land. Brandon Goodman and Chris Monson of Mountain West represented the seller, while Goodman and Kyle Bloomfield, also of Mountain West, represented the buyer in the transaction.
PARK CITY, UTAH — CBRE Capital Markets’ Debt & Structured Finance has provided $19.3 million in construction and permanent financing for the development of Lincoln Station, a mixed-use community in Kimball Junction area of Park City. Mollie Means of CBRE’s Debt & Structured Finance team in Seattle partnered with Doug Birrell, Bruce Francis, Bob Ybarra, Dana Summers and Shaun Moothart, also of CBRE Debt & Structured Finance, to originate the loan through CBRE’s FHA lending platform on behalf of the borrower, Lincoln Station. The loan is funded through the HUD Section 221(d)4 new construction mortgage insurance program, providing an interest-only construction period of 20 months with a 40-year, non-recourse, fully amortizing permanent loan. Lincoln Station will feature 68 apartments spread across four three-story residential buildings, eight three-story townhomes and one two-story commercial/office building. The non-residential building will contain three office suites with approximately 4,686 square feet of rentable space and 164 square feet reserved for the leasing office. The property’s 76 units will consist of a mix of one- and two-bedroom apartments and three-bedroom townhomes. A total of 52 units will be designated for residents earning 50 percent to 120 percent of the area median income. The remaining units will …
SOUTH SALT LAKE CITY, UTAH — PMJ Cos. has completed the sale of Interpointe Shopping Center located at 200 W. 2100 South in South Salt Lake City. DBA Midtown National Group acquired the retail center for an undisclosed price. Situated on seven acres, Interpointe Shopping Center features 100,000 square feet of leaseable space. Current tenants include Best Buy and Office Depot. Chris Monson of Mountain West Commercial Real Estate represented the seller, while Lance Pendleton, also of Mountain West, represented the buyer in both transactions. Alongside the sale of Interpointe Shopping Center, Mountain West was able to broker the sale of a 3,399-square-foot retail pad located on the same property. Carl’s Jr occupied the property at the time of sale.
OGDEN, UTAH — Mountain West Commercial Real Estate has arranged the sale of a commercial land parcel located at 2961 S. Washington Blvd. in Ogden. Ogden No. 1, dba Flower Patch, sold the asset to Slow BLVD LLC for an undisclosed price. The land parcel currently features a vacant retail building. The buyer plans to develop a low-income seniors housing property on the two-acre site. The 78-unit proposed development has received Utah low income housing tax credits. Chris Monson of Mountain West represented the seller in the transaction.
SALT LAKE CITY — Newmark Knight Frank (NKF) has arranged the sale of an industrial property located at 9669 S. Prosperity Road in Salt Lake City. KPFN Properties sold the asset to ARKA Properties Group for $30.1 million. Visible SCM Logistics, a supply chain management company, occupies the single-tenant, 363,996-square-foot facility. The property is located near Mountain View Corridor, a phased transportation infrastructure project that when complete will offer a 35-mile freeway spanning from Interstate 80 in Salt Lake City to State Route 73 in Utah County. Bryce Blanchard, Kyle Roberts and Lucas Burbank of represented the seller and buyer in the deal.
LAYTON, UTAH — Hunt Real Estate Capital has funded a $6 million Fannie Mae DUS conventional multifamily loan for the refinancing of two manufacturing housing communities in Layton. The 10-year loan features interest-only payments for the first four years. Country Village MHC and Mountain View Estates MHC are the two non-contiguous communities. Developed in 1973 and 1975, respectively, the properties 145 manufactured housing sites and 310 parking spaces, including two spaces for each home. Country Village offers 34 single-wide sites and 28 double-wide sites, and Mountain View features 59 single-wide sites and 24 double-wide sites. Community amenities include a clubhouse, playground and basketball courts.
BOUNTIFUL, UTAH — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired Barton Creek Senior Living, a 62-unit assisted living facility located on the campus of Lake View Hospital in Bountiful, a suburb of Salt Lake City. The acquisition price of the off-market transaction was not disclosed. The Barton Creek facility has been added to CareTrust’s existing master lease with seniors housing operator Bayshire LLC. For the seller, the nonprofit South Davis Community Hospital Campus, the sale was part of a strategic decision to focus on its adjacent higher-acuity operations. The property will be Bayshire’s first in Utah. Annual cash rent under the Bayshire master lease will increase by approximately $600,000. The remaining lease term is just under 15 years, plus two five-year renewal options, and carries annual CPI-based rent escalators. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.
SOUTH SALT LAKE CITY, UTAH — Playa Vista, Calif.-based DB Capital Management has acquired a two-property multifamily portfolio in South Salt Lake City for an undisclosed price in an off-market transaction. The properties are Haven Gardens, built in 1961, and Hidden Chalet, built in 1976. The buyer plans to spend approximately $24,000 per unit in interior and exterior renovations to the properties, as well as address deferred maintenance issues. Mark Jensen, Greg Ratliff and Rawley Nielson of Colliers International, Utah, arranged the transaction. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged acquisition bridge financing for the buyer. The name of the seller was not released.
DRAPER, UTAH — Ready Capital has closed a $2.2 million loan for the acquisition, renovation and lease-up of the 25,000-square-foot in-line retail space portion of a Class B neighborhood shopping center in Draper. At the time of financing, the property was 63 percent occupied, but 98 percent leased due to a dark Whole Foods Market space. The non-recourse, fixed-rate loan features an 84-month term and 36 months of interest-only payments. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement minor capital expenditures and will attempt to negotiate a new lease with Whole Foods Market.