Utah

HFF Secures $69M Refinancing for 726,306 SF Shopping Center in Metro Salt Lake City

by Amy Works October 17, 2018

TAYLORSVILLE, UTAH — HFF has secured a $69 million refinancing for Crossroads of Taylorsville, a 726,306-square-foot retail center located 10 miles outside Salt Lake City in Taylorsville. Jim Curtin of HFF worked on behalf of the borrower, Dallas-based TriGate Capital, to place the three-year, floating-rate loan with NexBank. Loan proceeds will be used to refinance the current loan amount, provide capital for tenant improvements and leasing commissions to fully stabilize the asset, and allow TriGate to complete its business plan. The property is home to tenants such as Shopko, Jo-Ann Fabric and Craft, FYE, Ross Dress for Less, 24-Hour Fitness, PetSmart, Guitar Center, T.J.Maxx and Regal Cinemas. The center is also shadow-anchored by a Harmons supermarket and a Starbucks Coffee.

October 17, 2018

Acquisitions Office Utah Western

Unico Properties Acquires 229,600 SF City Centre Office Tower in Salt Lake City

by Amy Works October 16, 2018

SALT LAKE CITY — Unico Properties, a subsidiary of Unico Investment Group, has purchased City Centre I, a high-rise tower in downtown Salt Lake City, for an undisclosed price. Located in Salt Lake City’s central business district, the 10-story property features 229,600 square feet of Class A office space. Additionally, the acquisition includes an adjoining 1.8-acre surface parking lot. The building is situated on the TRAX light rail line and offers direct freeway access to Interstate 15, as well as walkability throughout the downtown core. This transaction is Unico’s third investment in the Salt Lake City market, bringing the company’s downtown Salt Lake City portfolio to more than 1 million square feet of space.

October 16, 2018

Acquisitions Office Utah Western

Central Utah Water Buys 92,042 SF Corporate Campus in Orem for New Headquarters

by Amy Works October 15, 2018

OREM, UTAH — Central Utah Water has purchased the former Xactware campus within Intermountain West in Orem for an undisclosed price. The two-building asset totals more than 92,042 square feet of Class A office space. Central Utah Water’s primary responsibility is to deliver clean, useable water to customers by managing the network of water facilities. The company manages three water treatment facilities in Utah Valley, Ashley Valley and Duchesne County, and administers the sale of water to its customers. Brandon Fugal and Cody Black of Colliers International | Utah brokered the transaction.

October 15, 2018

Loans Multifamily Utah Western

Arbor Funds $8.4M Fannie Mae Loan for Apartment Complex in Metro Salt Lake City

by Amy Works October 10, 2018

MILLCREEK, UTAH — Arbor Realty Trust has funded an $8.4 million Fannie Mae DUS Loan for Tapestry Townhomes, a multifamily property in Millcreek, a suburb of Salt Lake City. Consisting of seven three-story buildings, Tapestry Townhomes features 42 units. The apartments feature high-end wood cabinets, soaking tubs, gourmet kitchens, in-unit washers/dryers and private balconies. Garth Davis of Arbor’s San Francisco office originated the loan, which was funded through Fannie Mae’s Streamline Rate Lock product. The Tier II loan is structured with a 12-year, fixed-rate term and a five-year interest-only payment period, followed by a 30-year amortization schedule.

October 10, 2018

Acquisitions Restaurant Retail Utah Western

Hanley Arranges $3.2M Sale of Single-Tenant Property Leased to Café Rio in Salt Lake City

by Amy Works October 4, 2018

SALT LAKE CITY — Hanley Investment Group Real Estate Advisors has arranged the $3.2 million sale of a 2,513-square-foot, single-tenant building leased to Café Rio in Salt Lake City’s Sugar House district. The building is a renovated Carl’s Jr. property with a drive-thru. Jeremy McChesney and Dylan Mallory of Hanley Investment Group represented both the buyer and seller in the off-market transaction. The buyer was a private investor from the San Francisco Bay Area, and the seller was a private investor based in Salt Lake City.

October 4, 2018

Acquisitions Multifamily Utah Western

Alpha Wave Investors Purchases 76-Unit Cove on Bruce Apartments in Metro Salt Lake City

by Amy Works October 2, 2018

CLEARFIELD, UTAH — Alpha Wave Investors has acquired Cove on Bruce Apartments, a multifamily property in the Salt Lake City suburb of Clearfield, for an undisclosed price. The 76-unit property features two-bedroom/one-bath floorplans with in-unit washer/dryer hookups. Community amenities include covered parking, a children’s playground and a pet-friendly environment. The buyer plans to invest more than $750,000 in capital improvements, including a new leasing office and fitness center, exterior paint, signage and landscape upgrades, interior renovations, and the installation of energy-efficient fixtures. Jason Wadsworth of Carpenter Commercial represented the buyer and undisclosed seller in the deal. This transaction is Alpha Wave’s fourth acquisition in the Salt Lake City metro area in the past 12 months.

October 2, 2018

Loans Multifamily Utah Western

Ready Capital Closes $9.5M Loan for Apartment Complex in Metro Salt Lake City

by Amy Works September 13, 2018

MIDVALE, UTAH — Ready Capital Structured Finance has secured a $9.5 million loan for the acquisition, renovation and stabilization of an apartment complex located in the Union Park District of Midvale. The undisclosed borrower plans to renovate the 96-unit property. The plan includes interior upgrades to most units, the addition of a swimming pool to the courtyard, the construction of a new leasing office and fitness center, and various other capital improvements. The non-recourse, part floating-rate/part fixed-rate loan features a 60-month term, flexible pre-payment terms and is inclusive of a facility to provide future funding for capital expenditures and working capital reserves.

September 13, 2018

Acquisitions Multifamily Utah Western

Arrowroot Real Estate Buys 64-Unit Multifamily Property in Salt Lake City

by Amy Works September 10, 2018

SALT LAKE CITY — Santa Monica, Calif.-based Arrowroot Real Estate has purchased Edgewood Park Apartments, a multifamily property located in the Cottonwood Heights submarket of Salt Lake City, for an undisclosed price. Built in 1994, the value-add property features 64 apartments. The asset is the fourth investment made by Arrowroot Real Estate Fund I thus far in 2018. James Wadsworth and Greg Barratt of Berkadia facilitated the transaction. The name of the seller was not released.

September 10, 2018

Acquisitions Multifamily Student Housing Utah Western

Vintage Capital Partners Sells 265-Bed Student Housing Community Near Dixie State University

by Amy Works September 6, 2018

ST. GEORGE, UTAH — Vintage Capital Partners, an investment affiliate of Redstone Residential, has sold Vintage Tabernacle, a 265-bed student housing community located near Dixie State University in St. George. The property opened in 2018 and offers two-, four- and five-bedroom units with shared amenities including a swimming pool and fitness center. An investor based in California acquired the community for an undisclosed price. Brock Zylstra and Danny Shin of Marcus & Millichap brokered the transaction. Redstone Residential will continue to manage the project for the new owner. “We are proud of what we have built at Dixie and look forward to our continued association with the property in a management role,” says Grant Collard, CEO at Redstone Residential. “We had contemplated holding the property for many years, but received an attractive, unsolicited offer at our year-eight pro-forma price.”

September 6, 2018

Acquisitions Multifamily Student Housing Utah Western

Joint Venture Acquires 282-Bed Student Housing Community Near Utah Valley University

by Amy Works September 5, 2018

OREM, UTAH — A joint venture between Millstream Partners and Redstone Residential has acquired Summerwood Condos, a 282-bed community located near Utah Valley University in Orem. The property was built in 2003 and is set to undergo a complete renovation and rebranding. Unit interiors will be updated with new furniture and appliances; new flooring; fresh paint; quartz countertops; and a gigabit Internet upgrade. Exterior upgrades will include the addition of a new fitness center and clubhouse; a triple-decker hot tub; fire pit; and refreshed outdoor living amenities. The property was purchased under a Freddie Mac green program. In accordance, the new ownership will be installing equipment to reduce water consumption by more than 50 percent and will install solar panels to offset common area electric expenses. The seller in the transaction and a timeline for renovations were undisclosed.

September 5, 2018

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