OGDEN, UTAH — An out-of-town investor has purchased a 258,902-square-foot industrial building in Ogden for an undisclosed sum. The building is located at 1330 W. 3300 S. The deal represents one of the largest transactions of its kind in Weber County this year. Jeff Heaton and Eli Priest of Newmark Grubb ACRES represented the seller.
SALT LAKE CITY — Hines Global REIT II has purchased Cottonwood Corporate Center, a 490,030-square-foot office complex in Salt Lake City, for an undisclosed sum. The four-building center is situated on East Cottonwood Parkway near the mouth of Big Cottonwood Canyon. This was the REIT’s first acquisition in Utah. CBRE’s Eli Mills and Timothy Richey, along with NGKF’s Ken White, represented the seller, CommonWealth Partners LLC, in this transaction.
TAYLORSVILLE, UTAH — CBRE Group Inc. has arranged the sale of Taylorsville Town Center, a 127,231-square-foot shopping center in Taylorsville, for an undisclosed price. Associated Foods Fresh Market anchors the 97 percent occupied shopping center, which is also home to Rite Aid, The UPS Store, Pizza Hut and Fantastic Sam’s. Brad Lyons and Tim Richey of CBRE represented the seller, Weingarten Realty Investors, in the transaction. Slate Asset Management purchased the property.
PROVO, UTAH — Walker & Dunlop Inc. has provided three loans totaling $48.8 million for a portfolio of three student housing properties located near Brigham Young University in Provo. Properties include The Lodges at Glenwood, Raintree Commons, and Cambridge Court. Each loan — utilizing Freddie Mac financing — was structured with a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule. The garden-style communities offer amenities including private balconies and patios, furnished units, parking, pools with cabanas, clubhouses with television lounges, on-site maintenance, laundry facilities and barbecue areas.
OGDEN, UTAH — Time Equities Inc. has acquired Newgate Mall, a 718,035-square-foot regional mall located in Ogden, for $69.5 million. Tenants at the 98 percent occupied mall include Dillard’s, Burlington Coat Factory, Sears, Cinemark, Bath & Body Works, Famous Footwear, Kay Jewelers, Express, Gymboree, Buckle, Victoria’s Secret and Journeys. Coldwell Banker Commercial Advisors will oversee leasing efforts for incoming tenants, while The Woodmont Co. will be in charge of management, marketing and specialty leasing. Thomas Dobrowski of NGKF Capital Markets represented the seller, General Growth Properties, in the transaction.
WEST VALLEY CITY, UTAH — An unnamed buyer has acquired the 278-unit Sage Gate at Haynes Landing multifamily community for $52.6 million. The community is located at 2700 S. Anna Caroline Drive, about 11 miles from Salt Lake City. Sage Gate was built in 2014. Nearby employers include Discover Financial, UPS and Verizon Wireless. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both the buyer and seller in this transaction.
ODGEN, UTAH — Love Funding, a lender based in Washington, D.C., has arranged a $6.6 million bridge loan for the construction of Shadow Valley Assisted Living and Memory Care, a 62-bed community in Ogden, approximately 35 miles north of Salt Lake City. Local developer Giza Development is building the community. The financing will allow Giza to start construction more quickly than a HUD-insured loan. Giza plans to convert the financing to a permanent HUD loan after three years. James Vanar of Love Funding’s Los Angeles office arranged the loan. Midland States Bank, which is Love Funding’s parent company, will provide the capital.
TAYLORSVILLE, UTAH — S Squared Development, along with financial partner Tri-Gate Capital, has signed several new tenant deals at The Crossroads at Taylorsville in Taylorsville, located off Interstate 25. The property is currently being renovated. A Regal Cinema luxury multiplex is underway and several new restaurants have signed on at the property. Wing Stop plans to open a 2,500-square-foot restaurant in July, and Blaze Pizza is opening a 3,000-square-foot restaurant in September. Additionally, TJ Maxx and Davida Wireless have signed leases at the center, which is located in the Greater Salt Lake City market.
LEHI, UTAH — Thanksgiving Holdings has received a $52.6 million loan for two office buildings in Lehi. The buildings are known as Thanksgiving Park V and Thanksgiving Park VI. They contain a total of 291,040 square feet. Fred Dockweiler and Mike Keach of KeyBank’s Commercial Mortgage Group arranged the non-recourse, first-mortgage loan for the five-story, Class A office buildings through a correspondent life-company relationship. The loan was used to refinance two existing KeyBank construction loans
DEER VALLEY, UTAH — ValueRock Realty Partners has obtained all the entitlements and approvals for the 87-acre Deer Cove Master Plan, one of the largest planned mixed-use communities in the Deer Valley/Park City region. The development will be situated adjacent to U.S. 40, within walking distance of the Jordanelle Express Gondola at Deer Crest and Jordanelle recreational lake. ValueRock and its affiliates acquired the infill parcel in 2001. Since that time, the team has invested about $20 million in planning, engineering, infrastructure and water reservation fees to secure full entitlement approvals. The project will eventually include more than 1,000 residential units, a hotel, retail and open space in a master-planned community. There are a number of on-mountain adjacent developments planned for the area, including a 800- to 1,000-acre ski terrain expansion of Deer Valley Resort; development of a new on-mountain, four-star hotel at Pioche; proposed on-mountain luxury hotel and residential development at Blue Ledge by Extell Development; and progression of Mayflower, another development that encompasses about 4,000 acres of land.