Utah

Nearon Adds 730,000 SF of Industrial Space to its California, Utah Holdings

by Amy Works January 10, 2019

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 …

January 10, 2019

Loans Multifamily Seniors Housing Utah Western

PGIM Provides $17.2M Loan for Independent Living Community Near Salt Lake City

by Amy Works December 19, 2018

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.

December 19, 2018

Acquisitions Multifamily Utah Western

Kennedy Wilson Buys 222-Unit Alpine Meadows Apartments Near Salt Lake City for $49M

by Amy Works December 4, 2018

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.

December 4, 2018

Acquisitions Retail Utah Western

Faris Lee Investments Completes Sale of Two Retail Locations in Metro Salt Lake City

by Amy Works November 26, 2018

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.

November 26, 2018

Acquisitions Multifamily Utah Western

Gelt Sells 247-Unit Monaco Apartments in Salt Lake City to Bridge Investment Group

by Amy Works November 20, 2018

SALT LAKE CITY — Los Angeles-based Gelt Inc. has completed the sale of Monaco Apartments, a multifamily property located at 4115 S. 430 East in Salt Lake City. Bridge Investment Group acquired the property for an undisclosed price. Built in two phases in 1973 and 1978, the property is situated on 10.5 acres and features 23 three-story buildings offering 247 units in a mix of one- and two-bedroom layouts. Units features stainless steel appliances, walk-in closets and private balconies/patios. Additionally, select units offer fireplaces and washers/dryers. On-site amenities include a sport court and dog park, leasing office, clubhouse and fitness center. Gelt acquired the property in 2014 and made significant improvements to the asset, including rebranding the property with a new name and signage. Danny Shin and Brock Zylstra of Marcus & Millichap represented the buyer and seller in the deal.

November 20, 2018

Development Multifamily Seniors Housing Utah Western

Buchanan Street Completes 298-Unit Active Adult Community Near Salt Lake City

by Amy Works November 19, 2018

HERRIMAN, UTAH — Buchanan Street Partners, a real estate investment management firm based in Newport Beach, Calif., has completed construction of Incline at Anthem. The active adult community, restricted to residents over age 55, brings 298 apartment units to the Salt Lake City suburb of Herriman. Buchanan Street Partners purchased the partially completed Incline project in 2017 with a vision to reposition the original development plan, adding high-end finishes and upscale amenities to deliver a Class A community. Incline at Anthem is surrounded by a mountain backdrop and is adjacent to the southern boundary of Daybreak, Utah’s largest master-planned community. “Utah’s population has increased by 9 percent in the past five years, the highest rate in the country, putting added pressure on an already constrained housing market,” says Kevin Hampton, executive vice president of Buchanan Street Partners. “Regional growth and the increasing demand for a quality living experience by what we think are very youthful seniors bode well for the success of this project.”

November 19, 2018

Loans Multifamily Utah Western

Bellwether Enterprise Arranges $12M Loan for Multifamily Property in Millcreek, Utah

by Amy Works November 14, 2018

MILLCREEK, UTAH — Bellwether Enterprise Real Estate Capital has secured a $12 million conversion loan for Artesian Springs Phase III in Millcreek. Located at 36 E. Columbia Ave., the property features 120 units, of the larger property’s 134 total units, with long-term rent restrictions at 50 percent and 60 percent of area median income per a Land Use Restrictive Agreement with Utah Housing. Doug Taylor and Cindy Hannon of Bellwether Enterprise arranged the loan for the borrowers, David Bevan and David Peterson. The company provided a 24-month forward conversion using Chase Bank as the construction lender. Originally a Freddie Mac forward Tax-Exempt Loan closed in 2016, the forward loan converted to the Freddie Mac permanent loan prior to the forward commitment expiration date. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

November 14, 2018

Company News Development Retail Utah Western

Best Buy to Open its First New U.S. Store in Seven Years in Farmington, Utah

by Amy Works November 1, 2018

FARMINGTON, UTAH — Best Buy has opened its first new U.S. store in seven years at Station Park in Farmington. The 36,000-square-foot retail property features a variety of appliances, premium audio and home theater technology, and other products. The store employs 91 people and plans to hire additional employees for the holiday season. The company operates more than 1,000 stores across the United States, Canada and Mexico.

November 1, 2018

Acquisitions Office Utah Western

Terracom Acquires 120,000 SF Office Campus in Provo, Utah

by Amy Works October 30, 2018

PROVO, UTAH — Terracom has purchased The Park at Riverwoods, an office campus situated on 9.2 acres in Provo. Brentwood Provo sold the property for an undisclosed price. The two-building, 120,000-square-foot property formerly served as headquarters for Ancestry.com. Brandon Fugal, Josh Smith and James Bullington of Colliers International represented both parties in the transaction.

October 30, 2018

Acquisitions Multifamily Utah Western

TruAmerica Buys Country Lake Apartment Community in Salt Lake City for $45.7M

by Amy Works October 24, 2018

SALT LAKE CITY — TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Country Lake, a multifamily property located in Salt Lake City’s Silicon Slopes submarket. An undisclosed seller sold the asset for $45.7 million. This acquisition increases TruAmerica’s holdings in the market to 1,595 units. Built in 1973, Country Lake features 253 apartments in a mix of one- and two-bedroom layouts. On-site community amenities include a pool, clubhouse with Wi-Fi access, central garden, outdoor barbecue area, dog park, tennis court and a playground. TruAmerica plans to implement a capital improvement program, including upgrading apartment interiors, renovating all community amenities such as the fitness center, and refreshing exteriors and landscaping. Steve Gebing, Cliff Davis, Danny Smith and Brock Zylstra of Institutional Property Advisors brokered the transaction.

October 24, 2018

Newer Posts

Older Posts