SALT LAKE CITY — Tower Commercial Mortgage has arranged $2.9 million in Freddie Mac permanent financing for Brickyard Apartments, a multifamily property in Salt Lake City. The loan features a 10-year term with a 10-year floating-rate extension and a 30-year amortization schedule. The undisclosed sponsor completed the 24-unit property in August 2017, and the property was stabilized in December 2017. Mike Del Carlo of Tower Commercial Mortgage arranged the financing for the borrower.
SOUTH JORDAN, UTAH — Olympus Property has acquired the 315-unit Crossing at Daybreak in South Jordan for an undisclosed sum. The community is located at 4950 W. Frogs Leap Drive. Olympus plans to rebrand the asset as Olympus at Daybreak. The Class A community features a mix of one- to three-bedroom units with an average unit size of 1,110 square feet. Community amenities include 25 parks with sport courts, pavilions, ball fields, playground equipment, and community gardens and 30 miles of walking and hiking trails throughout the community. Oquirrh Lake offers 70 acres of kayaking, canoeing, paddle boarding, sailing and fishing.
SALT LAKE CITY — Strategic Student & Senior Housing Trust Inc. has acquired a portfolio of three assisted living communities in Salt Lake City totaling 294 units. The seller and price were not disclosed. The portfolio includes The Wellington, Cottonwood Creek and The Charleston at Cedar Hills. Although the operator was not named, all three communities appear on the website of California-based operator MBK Senior Living. The Wellington features 119 units, Cottonwood Creek features 111 units and The Charleston features 64 units. Strategic Student & Senior Housing Trust Inc. is a private real estate investment trust sponsored by SmartStop Asset Management. This acquisition marks SmartStop’s first entry into the seniors housing space. The company specializes in self-storage assets.
MIDVALE, UTAH — NKF Capital Markets has arranged the $142 million sale of a 688,549-square-foot portion of The Shops at Fort Union, a shopping center in Midvale, 12 miles south of Salt Lake City. The centers totals more than 830,000 square feet and was 86 percent leased at the time of sale to tenants such as Smith’s Food & Drug, Walmart Supercenter, Dick’s Sporting Goods, Ulta Beauty, Ross Dress for Less, Michaels and DSW. Pete Bethea, Rob Ippolito and Glenn Rudy of NKF Capital Markets, in conjunction with Ben Brown of NKF affiliate Newmark Grubb ACRES, arranged the transaction on behalf of the undisclosed seller. The buyer, CCA Acquisition Co. LLC, was represented internally.
SALT LAKE CITY — NWQ LLC, a joint venture between Colmena Group, Wadsworth Development Group and Stokes Partners, has launched Phase I of SLC Port Global Logistics Center, a 7.5 million-square-foot industrial development in Salt Lake City. The 3,000-acre logistics park located in Salt Lake City’s Northwest Quadrant. SLC Port Global Logistics Center has capacity to accommodate up to 50 million square feet of Class A speculative and build-to-suit buildings, combined with owner-occupied and mega-site land for sale. Phase I of the development consists of 10 buildings totaling about 7.5 million square feet of bulk distribution and manufacturing industrial space. Building 2, consisting of 532,000 square feet, and Building 3, consisting of 170,000 square feet, are scheduled for delivery in spring 2019. CBRE’s Tom Dischmann, Jeff Richards, Matt McAfee and Chris Liddell will oversee listing on behalf of NWQ LLC.
DRAPER, UTAH — Pluralsight has leased a 350,000-square-foot office property in Draper for its new worldwide headquarters. The space is located at 65 E. Highland Drive in an area known as Silicon Slopes. The enterprise technology learning company will break ground on its new office this summer. Pluralsight will lease the land from the Gardner Co./Staker Co., which owns the property and will develop Pluralsight’s new campus. Pluralsight will consolidate existing operations from Farmington and South Jordan to its new campus once it’s completed in late 2019. Newmark Grubb ACRES represented Pluralsight. Cushman & Wakefield represented the owner.
SANDY, UTAH — Kennedy Wilson (KW) has acquired the 492-unit Santa Fe Apartments in Cottonwood Heights for $79.5 million. The community is located at 1550 Fort Union Blvd. Santa Fe offers market-rate and affordable units with one- and two-bedroom layouts at an average of 790 square feet. KW plans to initiate its value-add asset management plan to execute interior unit renovations, as well as upgrades to the fitness center, sport court, leasing center and other common areas.
PARK CITY, UTAH — Sonnenblick-Eichner Co. has arranged $60 million in financing for the 177-room St. Regis Deer Valley resort in Park City. The resort is located at 2300 Deer Valley Drive E. The St. Regis Deer Valley offers 67 hotel condominium suites divisible into 177 hotel keys and 25 private whole-ownership residences. The ski-in, ski-out resort includes amenities like the 14,000-square-foot Remède Spa, fitness facilities, a Jean-Georges Vongerichten signature restaurant (J&G Grill) and the Deer Crest Club, a private club. A domestic life insurance company funded the loan in a highly structured transaction. Proceeds of this non-recourse financing were used to refinance existing debt with a new long-term, fixed-rate loan. The proceeds will also fund the next phase of the resort’s development, which will include additional condominium and hotel units, a destination restaurant and other amenities. Construction on the next phase is scheduled to begin in late 2018 or early 2019. This is the third financing Sonnenblick-Eichner has arranged for the ownership. This includes a $212.5 million construction loan and a subsequent permanent loan.
SALT LAKE CITY — PolarityTE has leased a 178,000-square-foot industrial facility in Salt Lake City. The facility is located at 1960 S. 4250 West. PolarityTE is developing tissue-regenerative medical procedures and technology. Jim Sheldon of Newmark Grubb ACRES executed the transaction.
SANDY, UTAH — Keller Investment Properties has purchased the Park at City Center, a 330-unit apartment complex in Sandy. Though the price was not disclosed, this was the “largest total dollar sale price for a single multifamily asset this year,” according to CBRE’s Patrick Bodnar and Eli Mills, who executed the transaction. The Park at City Center is located at 213 W. Civic Center Drive. Resort-style amenities include a swimming pool, hot tubs, golf simulator, executive-style lounge, expansive fitness center, designer clubhouse and mixed media room. Kaplan Development opened the property in July 2017.