DRAPER, UTAH — Alliance Residential has opened The Ivy, an active adult community in Draper, approximately 17 miles south of Salt Lake City. The luxury community, located in what the developer calls “one of Salt Lake City’s most stylish suburbs,” will be restricted to residents over the age of 55.
RIVERDALE, UTAH — CIM has completed the disposition of The Family Center at Riverdale, a shopping center located on 42 acres at 1083 W. Riverdale Road in Riverdale, approximately 35 miles from downtown Salt Lake City. CCA Acquisition Co. acquired the property for $48.2 million. At the time of sale, the 427,828-square-foot property was 97 percent occupied by Target (165,550 square feet), Sportsman’s Warehouse, Best Buy, Pier 1 Imports, Show Carnival, PetSmart, Dollar Tree and Joann Fabrics. The retail center was built in phases from 1995 to 2008. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank, along with Ben Brown and Brandon Goodman of Mountain West, represented the seller. The buyer was self-represented.
PLEASANT GROVE, UTAH — Evergreen Devco has opened Pleasant Grove Town Center, its first retail development in Utah. Located at 855 W. State St. in Pleasant Grove, the 1-acre site is now home to Mo’ Bettahs Hawaiian Style Food, which opened on Feb. 22, and Beans & Brews Coffee House, which opened in late January. The third, and final, anchor tenant, Dough Co., is scheduled to open its third edible cookie dough shop at the retail center this spring. Completed in November 2018, the fully leased development site was built by Draper, Utah-based Rimrock Construction and designed by Farnsworth Group.
KEARNS, UTAH, AND CASA GRANDE, BULLHEAD CITY AND KINGMAN, ARIZ. — MedCore Partners, in partnership with Trinity Private Equity Group, has acquired four seniors housing assets throughout Arizona and Utah for $98 million. The acquisition is the first tranche of a five-property, 531-unit, $130 million portfolio acquisition for the partnership. The final property is still under construction, with the sale slated for completion upon delivery in May. SunTrust Bank provided financing for the transactions. The four communities involved in this deal total 409 units of assisted living and memory care. The properties include Caliche Senior Living in Casa Grande with 105 units, Joshua Springs Senior Living in Bullhead City with 104 units, White Cliffs Senior Living in Kingman with 103 units and the 97-unit Summit Senior Living in Kearns. Immediately upon closing on the assets, Watermark Retirement Communities took over the management of each of the properties.
OREM, UTAH — A joint venture between PEG Cos. and Woodbury Corp. has broken ground on The Green on Campus Drive near Utah Valley University in Orem. The five-building community will offer 1,605 beds and feature a pedestrian tunnel for direct, walkable access to campus. Phase I of development will include the construction of the first three buildings, set to open in fall 2020. The remaining two buildings are scheduled to open in fall 2021. R&O Construction is the general contractor for the project, which Humphreys & Partners Architects designed.
TREMONTON, UTAH — Marcus & Millichap has brokered the sale of Secure Storage Tremonton, a self-storage facility located in Tremonton, north of Salt Lake City near the Idaho border. A local family sold the property for an undisclosed price. The 119-unit facility features a fully fenced yard with electronic gate, paved driveways, drive-up access to each unit, steel sloped roofs, roll-up doors and concrete floors. At the time of sale, the property was 100 percent occupied. Jordan Farrer of Marcus & Millichap’s Salt Lake City office, along with Adam Schlosser of Marcus & Millichap’s Denver office represented the seller in the deal. The name of the buyer was not released.
SACRAMENTO, CALIF., AND SALT LAKE CITY — Nearon has added 730,000 square feet of industrial space to its portfolio of industrial properties through two separate transactions. In the first deal, Nearon acquired three buildings, totaling 521,000 square feet, in Sacramento, for an undisclosed price. American Building Supply, a subsidiary of Jeld-Wen Holding, occupies and utilizes the properties for manufacturing, distribution and headquarters functions. The portfolio includes a 196,267-square-foot asset at 8360 Elder Creek Road, a 217,500-square-foot building at 6300 S. Watt Ave. and a 108,000-square-foot property at 8920 43rd Ave. Nick Rini of Nearon directed the Sacramento portfolio acquisition, while Kevin Partington and Matt Cologna of Cushman & Wakefield represented the undisclosed seller. In the second transaction, the company completed a sale-leaseback with Regis Corp. for an 210,000-square-doot distribution center located at 5300 W. Harold Gatty Drive within Salt Lake International Center in Salt Lake City. Upon close of escrow, Regis leased the property, which was developed as a build-to-suit for the tenant in 2001, for 15 years. Chang Soo Lee of Nearon orchestrated the off-market acquisition and sale-leaseback, while Wick Udy and Andrea Robb of JLL sourced the transaction on behalf of Nearon. With these acquisitions, Nearon’s industrial portfolio …
SOUTH JORDAN, UTAH — PGIM Real Estate Finance has originated a $17.2 million Fannie Mae Choice refinancing for Legacy Retirement Center, an independent living community in the Salt Lake City suburb of South Jordan. Western States Lodging owns the 162-unit community, along with 16 other seniors housing properties in Utah, Nevada, Arizona and Colorado. An assisted living and memory care community is located adjacent to the property. David Stein and Christopher Fenton of PGIM Real Estate Finance originated the 10-year, fixed-rate loan, which will help fund upgrades to the units and common areas at the community.
SANDY, UTAH — Kennedy Wilson has acquired Alpine Meadows, a wholly owned apartment community located at 845 E. 9000 South in Sandy, for $49 million. The name of the seller was not disclosed. Situated 15 miles from downtown Salt Lake City, Alpine Meadows is a low-density, garden-style community with one-, two- and three-bedroom units. Kennedy Wilson plans to implement a $3 million upgrade to the 222-unit property to refresh unit interiors and common-area amenities. Current amenities include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area. The company invested $20 million of equity in the property with a corresponding 10-year, $29 million loan at a 4.28 percent interest rate. Alpine Meadows was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50 percent owned, 260-unit apartment community in Vallejo, Calif.
TAYLORSVILLE, UTAH — Faris Lee Investments has completed the combined fee simple interest sale of national single tenant retailers located within Taylorsville Shopping Center in Taylorsville. A Southern California-based private investor bought the properties for an undisclosed price. The assets are 24 Hour Fitness and Old Spaghetti Factory. Additional tenants at the shopping center include T.J. Maxx, PetSmart, Ross Dress for Less, Regal Theaters, Chick-fil-A, Panda Express, Starbucks Coffee and Chase Bank. Don MacLellan, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller and buyer in the deal.
