Utah

Newmark Affiliate Arranges $91.3 Sale of Retail Portfolio in Mountain West

by Taylor Williams April 23, 2018

SALT LAKE CITY — Newmark Grubb ACRES, a Utah-based brokerage firm, has arranged the sale of a portfolio of single-tenant retail properties leased to Codale Electric Supply Inc., a Salt Lake City-based distributor of electric, energy and lighting products. The sales price was $91.3 million. The portfolio includes nine properties, six of which are located in Utah. One of the assets is in Nevada (Elko), and two of the properties are in Wyoming (Rock Springs and Casper). Codale has a total of 13 retail locations throughout the western United States. According to Codale’s website, its stores range in size from 15,000 square feet to 54,000 square feet, not including the company’s 210,000-square-foot headquarters, which was one of the assets included in the portfolio sale. All totaled, the portfolio spans 476,500 square feet. Bryce Blanchard of Newmark Grubb ACRES represented the seller, Holt Properties, a real estate company owned and operated by the Holt family, which founded Codale Electric in 1975. Blanchard also procured the buyer, an undisclosed, out-of-state REIT. Sonepar, a French electronics distribution firm, acquired Codale in 2012. — Taylor Williams

April 23, 2018

Utah Western

Colliers International Acquires Coldwell Banker Commercial Advisors

by Nellie Day April 5, 2018

SALT LAKE CITY — Colliers International has acquired the operations of Coldwell Banker Commercial Advisors in Salt Lake City. The new company will be rebranded as Colliers International | Utah. Terms of the transaction were not disclosed. Colliers maintains 200 professionals who provide investment sales, lease brokerage, property management and consulting and advisory services to local, regional, national and global clients. “This addition is the latest in a series of strategic acquisitions that we have completed in the U.S., all of which have strengthened and diversified our operations to better serve our clients,” says Dylan Taylor, president and COO of Colliers International. “Our objective continues to be elevating the Colliers International platform as the global firm of choice for successful organizations anywhere they do business, and for professionals who thrive within an enterprising and entrepreneurial culture.”

April 5, 2018

Loans Multifamily Utah Western

CBRE Arranges Refinancing of 224-Unit Multifamily Community in Utah

by Amy Works March 23, 2018

HEBER CITY, UTAH — CBRE has secured an undisclosed amount of refinancing for Wasatch Commons Apartments, a 224-unit multifamily community located in Heber City. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the 10-year, interest-only, floating-rate Fannie Mae mortgage on behalf of the undisclosed owner. The property consists of 106 newly renovated one-, two- and three-bedroom units. Residences include walk-in closets, window coverings, private balconies/patios, air conditioning and in-unit washers and dryers. Community amenities include covered parking, a playground, barbecue areas, a heated swimming pool, a hot tub, clubhouse, 24-hour fitness room and guest parking.

March 23, 2018

Loans Multifamily Utah Western

Tower Commercial Arranges $2.9M in Financing for Multifamily Property in Salt Lake City

by Amy Works March 20, 2018

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.

March 20, 2018

Multifamily Utah Western

Olympus Property Acquires 315-Unit Apartment Community in South Jordan, Utah

by Nellie Day March 9, 2018

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.

March 9, 2018

Multifamily Seniors Housing Utah Western

Strategic Student & Senior Housing Trust Acquires Three Assisted Living Communities in Salt Lake City

by Nellie Day March 1, 2018

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.

March 1, 2018

Retail Utah Western

NKF Arranges $142M Sale of 688,549 SF Retail Center Near Salt Lake City

by Nellie Day February 26, 2018

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.

February 26, 2018

Industrial Utah Western

NWQ LLC Launches Phase I of 7.5 MSF Logistics Center in Salt Lake City

by Nellie Day February 21, 2018

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.

February 21, 2018

Office Utah Western

Pluralsight to Occupy 350,000 SF Office Space in Utah for New Headquarters

by Nellie Day February 16, 2018

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.

February 16, 2018

Multifamily Utah Western

Kennedy Wilson Buys 492-Unit Apartment Community in Utah for $79.5M

by Nellie Day February 1, 2018

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.

February 1, 2018

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