MILLCREEK, UTAH — Live Oak Bank has provided $5 million in financing. The borrower, All Seasons Health Services Co., will use the funds to acquire two assisted living properties in the Salt Lake City suburb of Millcreek. The two properties were built in 2013 and 2016 and feature 20 and 24 beds, respectively. Each stabilized community operates under the BeeHive Homes franchise system. The principal of the borrower lives in the area and is an operator of six BeeHive Homes locations in Utah. Live Oak’s loan package features a fully amortizing 25-year term. The bank sourced the financing in collaboration with Brady Johnson of Hunt Real Estate Capital.
CLEARFIELD, UTAH — Vectra Management Group (VMG) has arranged the sale of an office building located at 888 S. University Park Blvd. in Clearfield. Clearfield 888 acquired the property from 888 Associates for an undisclosed price. Situated on 11.3 acres, the 129,949-square-foot property features one building with a two-story north wing and a three-story south wing. The building was constructed from 1999 to 2001 and fully renovated from 2014 to 2016. Raju Shah and Bryan Barnes led the VMG team that represented the buyer and secured acquisition financing through KeyBank’s Salt Lake City commercial banking division. VMG and CBRE represented the seller in the transaction. The seller is a VMG-sponsored company that acquired the property in November 2015.
DRAPER, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Draper, a 277-unit age-restricted multifamily asset in the Salt Lake City suburb of Draper. A local developer and owner sold the community to Kennedy Wilson, a California-based global real estate investment company, for approximately $51.4 million. The price equates to $185,379 per unit. Built in 2015, the five-story community features all one- and two-bedroom units and offers space for full-service facilities. Marcus & Millichap’s Danny Shin and Brock Zylstra represented the seller in the transaction.
SALT LAKE CITY — NALS Apartment Homes has sold Cobble Creek, a multifamily property located six miles south of downtown Salt Lake City. An established, family-owned real estate investment business purchased the asset for an undisclosed price. Developed in 1974, the property was owned and operated by the seller for more than 25 years. Situated on more than 18 acres, the property features 309,696 square feet of net rentable space and 361 apartment units, with an weighted average unit size of 858 square feet. Steve Gebing of Institutional Property Advisors (IPA) and Cliff David, Danny Shin and Brock Zylstra of Marcus & Millichap represented the seller in the deal. Cody Cannon of Marcus & Millichap is the broker of record in Utah.
MIDVALE, UTAH — Alpha Wave Investors has purchased Park Station Apartments, a multifamily property located at 7155 High Tech Drive #3 in Midvale, a suburb of Salt Lake City. A Northern California-based private investor sold the property for an undisclosed price in an off-market transaction. Constructed in 1974, Park Station Apartments features 94 two-bedroom/one-bath apartment units. Alpha Wave plans to invest $1.5 million in capital improvements at the property. Renovations will include the addition of a swimming pool, fitness center and leasing office. The company will also address deferred maintenance and renovate exteriors and interiors, including adding washers and dryers to each unit. Brock Zylstra and Danny Shin of Marcus & Millichap represented the buyer and seller in the deal. David Walkin of Meridian Capital Group arranged acquisition financing, provided by Texas-based ReadyCap, for the buyer.
OREM, UTAH — Bellwether Enterprise has arranged a $10.5 million first mortgage loan to refinance a shopping center in Orem. Shelley Magoffin and Max Sauerman of Bellwether secured the financing for a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The non-recourse loan features a 10-year term, 25-year amortization schedule and flexible prepayment penalty for the latter half of the loan term. Constructed in phases between the 1950s and 1980s, the property features more than 100,000 square feet of retail space. At the time of financing, the asset was 95 percent leased to 11 tenants ranging in size from 1,400 square feet to 40,000 square feet. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.
LAYTON, UTAH — 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has purchased Twin Trees Apartments, a 43-unti multifamily property in Layton. The buyer plans to invest approximately $10,000 per unit in capital improvements, including upgraded countertops, cabinets, floors, appliances, lighting and fixtures. Exterior renovations include upgraded landscaping, new heating and air conditioning units, and curb appeal enhancements. The name of the seller and the acquisition price were not released.
PLEASANT GROVE CITY, UTAH — Four Foods Group (FFG) has acquired five acres of land for the development of a new corporate headquarters in Pleasant Grove City. FFG plans to begin construction on the parcel by this fall. In addition to the new headquarters, the company will develop a restaurant cluster housing some of its fast-growing brands, including R&R Barbecue, which is slated to open in July. The restaurant development, operations, finance and management company currently owns or manages 158 restaurants employing more than 5,000 workers in 11 states, 1,500 of those in Utah. The FFG family includes local Utah chains: Kneaders Bakery & Café, Mo’Bettahs Hawaiian Style Food, Swig and R&R Barbecue. Out-of-state restaurants include 74 Little Caesars locations across the south, including Alabama, Louisiana, Mississippi and Florida.
OGDEN, UTAH — Community Preservation Partners (CPP) has completed its first acquisition in Utah with the $14.3 million purchase of two apartment communities in Ogden. The seller was an undisclosed private developer. Renovations are currently underway at Normandie Apartments, a 58-unit property at 610 First St., and Osmond Heights, a 40-unit community at 630 23rd St. Planned improvements for both properties include full kitchen renovations; updated bathrooms; new carpeting throughout units and common areas; ADA accessibility improvements throughout exterior spaces; improved outdoor spaces, including parking repavement and landscaping; installation of new outdoor playground equipment; and remodeled laundry rooms and management offices. The transaction preserved all 98 units as affordable through the combination of a 20-year renewal on the existing 54 project-based Section 8 vouchers and reallocation of 44 project-based Section 8 vouchers from another property located outside the city. WNC & Associates, CPP’s parent company, is the lead investor for the project, which includes a loan from California Bank & Trust.
OREM, UTAH — The Muller Co. and an affiliate of Cerberus Capital Management have acquired Canyon Park Technology Center, an office campus in Orem, for an undisclosed price. Built between 1988 and 1992, the 924,634-square-foot campus consists of 14 one-, two- and three-story buildings situated on 85 acres. The property features spaces ranging from 100 square feet to 60,000 square feet, and it was 54 percent leased at the time of sale. WordPerfect Corp. leases a portion of the campus for its headquarters. The buyers plan to upgrade the common areas and grounds with new lobbies, restrooms and tenant amenities, including a dedicated amenity center featuring a lounge and game room, café and gym facilities.