Utah

NKF Negotiates $33.2M Sale of Retail Center in St. George

by Nellie Day October 19, 2017

SAINT GEORGE, UTAH — Newmark Knight Frank (NKF) has arranged the $33.2 million sale of Red Rock Commons, a 134,152-square-foot retail center in Saint George, a city in southwest Utah. Pete Bethea, Rob Ippolito and Glenn Rudy of NKF represented the seller, ShopCore Properties, an affiliate of The Blackstone Group. Pacific Castle acquired the asset. Constructed in 2011 and 2012, Red Rock Commons includes four multi-tenant buildings and two freestanding pad sites. At the time of sale, the center was fully leased to tenants including Dick’s Sporting Goods, Old Navy, PetSmart, Ulta Beauty and The Gap.

October 19, 2017

Multifamily Seniors Housing Utah Western

Marcus & Millichap Brokers $23.8M Sale of 159-Unit Active Adult Community in Sandy

by Nellie Day October 16, 2017

SANDY, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Sandy, a 159-unit active adult community in the Salt Lake City suburb of Sandy, for $23.8 million. Completed in 2013, the property is restricted to residents over the age of 55. The one-building community has three elevators and access hallways to each unit. Nearby shopping venues include a Walmart Supercenter, Harmons Grocery, Smith’s Food and Drug, and Lowe’s. Other nearby features include the Marv Jenson Recreation Center, Storm Mountain Park and the Henry J. Wheeler Historic Farm. Danny Shin and Brock Zylstra of Marcus & Millichap represented both the seller, a local developer, and the buyer, an out-of-state investor, in the transaction. The price equates to more than $149,000 per unit.

October 16, 2017

Office Utah Western

JV Plans Lone Peak Plaza Office Building in Lehi

by Nellie Day September 26, 2017

LEHI, UTAH — Gardner Co., Staker Co., WPI, CBC Advisors and L&T have unveiled plans for Lone Peak Plaza, a five-story office building in the North Utah submarket of Lehi. The Class A building is located at 3851 North Thanksgiving Parkway. Lone Peak Plaza will feature floor-to-ceiling glass, basketball courts, lockers and showers. Nature’s Sunshine Products has signed a long-term lease at the project.

September 26, 2017

Industrial Utah Western

Walker Tape Completes 33,232 SF Industrial Facility Near Salt Lake City

by Nellie Day September 21, 2017

WEST JORDAN, UTAH — Walker Tape has expanded its industrial footprint in the Salt Lake City suburb of West Jordan. The provider of tape and adhesive for hair replacement systems recently completed a 33,232-square-foot facility at 9312 S. Prosperity Road. The new building will allow the firm to nearly double its square footage. The space also includes 4,000 square feet of Class A office space. The former Walker Tape Building was sold to Multi-Fill, a manufacturer of filling equipment for the food industry. Skyler Peterson of Newmark Grubb ACRES represented Walker Tape.

September 21, 2017

Multifamily Seniors Housing Utah Western

Buchanan Street Partners Buys Unfinished Age-Restricted Property Near Salt Lake City

by Nellie Day September 14, 2017

HERRIMAN, UTAH — Buchanan Street Partners has acquired a 298-unit age-restricted apartment community in the Salt Lake City suburb of Herriman for an undisclosed price. The sellers were KeyBank and Bank of the West. Buchanan Street plans to finish construction of the unfinished property in early 2018. The name of the community was not released. Previously focused on the office, industrial and retail sectors, Buchanan Street launched a multifamily investment platform in March. The company plans to invest $500 million in multifamily properties over the next three years. Kip Paul and Camron Carpenter of Cushman & Wakefield represented the sellers in the transaction. Buchanan Street represented itself. Buchanan Street Partners is a real estate investment firm based in Newport Beach, Calif. Over its history, the company has invested more than $6 billion in real estate debt and equity.

September 14, 2017

Multifamily Utah Western

Lionsgate Apartments in Murray Sells for $67.2M

by Nellie Day September 8, 2017

MURRAY, UTAH — A Seattle-based investor has acquired the 400-unit Lionsgate apartments in Murray or $67.2 million. The community is located at 136 W. Fireclay Ave., eight miles south of Salt Lake City and 40 miles north of Provo. Lionsgate features one- to three-bedroom floorplans that range from 942 square feet to 1,165 square feet. Danny Shin of Marcus & Millichap represented both the buyer and seller, a local owner, in this transaction.

September 8, 2017

Retail Utah Western

Mountain West Brokers Sale of 168,494 SF Shopping Center Near Salt Lake City

by Nellie Day August 30, 2017

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.

August 30, 2017

Retail Top Stories Utah Western

Brixton Capital to Invest $80M to Reposition Provo Towne Center

by Taylor Williams August 7, 2017

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 …

August 7, 2017

Multifamily Seniors Housing Utah Western

Summit Vista Breaks Ground on 105-Acre CCRC in Utah

by Nellie Day July 10, 2017

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.

July 10, 2017

Loans Multifamily Office Seniors Housing Utah Western

Bridge Investment Group Completes $1.6B Capital Raise for Investment Fund

by Nellie Day June 29, 2017

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.

June 29, 2017

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