HOLLADAY, UTAH — Mountain West Commercial Real Estate has arranged the sale of Van Winkle Shopping Center, a 168,494-square-foot retail center located in Holladay, 11 miles southeast of Salt Lake City. VASA Fitness anchors the property. Chris Monson of Mountain West represented the seller, Glen Kitto. Ben Brown, also of Mountain West, represented the buyer, an undisclosed private investor.
PROVO, UTAH — California-based real estate investment firm Brixton Capital will invest approximately $80 million in the repositioning of Provo Towne Center, an 800,000-square-foot mall in Provo, located about 45 miles south of Salt Lake City. The project will transform the existing retail space into a mixed-use asset. New areas include a 30,000-square-foot dining district and two 6,000-square-foot restaurant spaces, as well as a 100,000-square-foot office tower and 200 residential units. Other features will include an outdoor park and a 50,000-square-foot space for an anchor tenant. According to Brixton Capital, which acquired the mall in 2016, the repositioning project represents a shift toward more entertainment- and experience-driven retail. “Our plans for Provo Towne Center have been met with excitement, renewed interest and many positive comments from the entire community,” says Travis King, CEO of Brixton Capital. Phase I of construction is already underway and will deliver a 100-room Marriott Residence Inn that will open next summer. Additional phases are scheduled to begin in early 2018. Provo Towne Center is located at 1200 Towne Centre Blvd., along the Interstate 15 corridor, roughly 2.5 miles from Brigham Young University. Approximately 65,000 students live or attend classes within a five-mile radius of the …
TAYLORSVILLE, UTAH — Construction has commenced for Summit Vista, a 105-acre continuing care retirement community in the Salt Lake Valley city of Taylorsville. Planning for the community began in 2015. Once completed, the property will feature a 62,000-square-foot clubhouse. Intermountain Healthcare will provide medical services at the community. Financial backers of the development include Gardner Co., iStar Inc., Solamere Capital and Zions Bank.
SALT LAKE CITY — Bridge Investment Group, an investment fund manager headquartered in Salt Lake City, has completed a $1.6 billion in equity commitments, which will be managed by the company’s subsidiary, Bridge Debt Strategies Fund Manager LLC. Bridge Debt Strategies invests in select Freddie Mac securitization vehicles. The strategy focuses on underserved parts of commercial real estate and lends against assets in multifamily housing, commercial office, and seniors housing and medical properties.
SALT LAKE CITY — SALT Development, a privately held commercial real estate developer, has broken ground on Hardware Village, a $275 million, four-building mixed-use development situated on 400 West between North Temple Street and 200 North in Salt Lake City. Situated one block from the Vivint Smart Home Arena, home of the Utah Jazz NBA franchise, the project will include two seven-story multifamily buildings known as Hardware West and Hardware East, a 10-story office building known as Hardware Station and a four-story office building known as Hardware Crossings. “From the beginning we have envisioned creating a experience where residents are excited to work and live,” says Thomas Vegh, managing partner of Salt Lake City-based SALT Development. “Hardware District is the perfect complement to 4th West Apartments and the Salt Lake Hardware Building as it provides a sense of community with first-class living and working amenities.” The 265-unit Hardware West will feature 48 studios, 134 one-bedroom units and 83 two-bedroom units ranging from 450 to 1,800 square feet. The ground floor will feature 37 two-story brownstone townhomes averaging 1,400 square feet. Completion of the Hardware West building is scheduled for February 2018. The 144-unit Hardware East building will feature 32 one-bedroom …
SALT LAKE CITY — NorthMarq Capital has acquired Western Capital Realty Advisors, a commercial mortgage banking firm in Salt Lake City. Western Realty Capital’s founder, John Bradshaw, joins the company as a managing director. The acquisition includes a $400 million loan servicing portfolio. Principals Nate Barnson, Larry Pinnock and Dale Christiansen will join NorthMarq, along with Tara Jewkes and Tom Bradshaw. The firm’s principals have completed more than $4 billion in commercial real estate debt and equity transactions and have relationships with many Utah-based developers. The office will begin operating as NorthMarq Capital immediately.
SALT LAKE CITY — The University of Utah Health has signed a lease for one of the two office buildings at the new Sugar House development in Salt Lake City. The project is located at 2290 S. 1300 East. The university’s new Sugar House Clinic will focus on promoting community health, offering health services to patients, including primary and preventative care, oncology care and weight-loss services. Westport’s Sugar House development is set to include two office towers and a multifamily residential building. Demolition on the site is expected to begin in June, with the U of U Health building scheduled for completion in mid-2019.
SALT LAKE CITY — Next spring, Dave & Buster’s will open its first Utah location at The Gateway in downtown Salt Lake City. In addition to its $100 million redevelopment plan, The Gateway and its parent company, Vestar, were looking for a big name, family-friendly venue to anchor its rebranding effort. With restaurants in 34 states and internationally, Dave & Buster’s offers a combination of entertainment and dining, offering its customers the opportunity to “eat, drink, play and watch,” all in one location. The Gateway is a mixed-use shopping and entertainment center with over 80 shops, restaurants and amenities — including Wiseguys Comedy Club, Larry H. Miller Megaplex Theatre, The Depot, Discovery Gateway Children’s Museum and Clark Planetarium. Vestar acquires, develops and manages shopping and entertainment destinations. Vestar’s current portfolio of retail properties totals 26 million square feet throughout the Western states. Founded in 1982 and headquartered in Dallas, Dave & Buster’s Entertainment Inc. is the owner and operator of 99 venues in North America.
SALT LAKE CITY — SALT Development has completed the first two phases of 4th West Apartments in downtown Salt Lake City. The 493-unit community is located at 255 N. 400 W. The two completed phases feature 373 units, common areas and a majority of the community’s amenities, including a sky lounge, health club, business center, bike shop and dog park. Phase III will contain 120 units that should be delivered in the third quarter of 2017. The project is estimated to cost about $100 million. Architecture Belgique designed the property.
LEHI, UTAH — Sorenson Media has leased 61,329 square feet of space at Thanksgiving Station 5 in Lehi, located south of Salt Lake City. The building is being constructed at 2300 N. Ashton Blvd. It will serve as Sorenson’s new headquarters. Chris Falk of Newmark Grubb Acres represented Sorenson.
