DRAPER, UTAH — Sears Holdings will close 68 Kmart and 10 Sears stores nationwide this summer. Among the affected stores are eight Kmarts based in Utah, California and Arizona. In February, the company, which is based in the Chicago suburb of Hoffman Estates, announced it would accelerate the closing of unprofitable stores. The majority of the store closings will take place in July. The closing Kmart and Sears stores will start their liquidation sales on May 12 and April 29, respectively. Associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at other area Kmart or Sears stores. Sears Holdings expects the store closures to generate a meaningful level of cash from the liquidation of store inventory and from the sale or sublease of some of the related real estate. The following is a complete list of the Western-based impacted stores: Kmart: 300 W. Mariposa Road, Nogales, Ariz. Kmart: 2270 E. El Monte Way, Dinuba, Calif. Kmart: 520 S. Cherokee Lane, Lodi, Calif. Kmart: 1475 Hillman St., Tulare, Calif. Kmart: 2785 Highway 46, Wasco, Calif. Kmart: 1055 E. Draper Parkway, Draper, Utah Kmart: 610 W. Price River Drive, Price, Utah Kmart: …
SALT LAKE CITY — Alaska Consolidated LLC has sold Landmark II, a 213,333-square-foot industrial building in Salt Lake City’s Landmark Industrial Park, to an unnamed buyer for an undisclosed sum. The property is located at 1941 South 5070 West. It was built in 1997. The structure was 80 percent occupied at the time of sale. CBRE’s Tom Dischmann and Craig Thomas represented the seller in this transaction.
ST. GEORGE, UTAH — Vintage Capital Partners LLC is set to begin construction on a 265-bed student housing community near Dixie State University in St. George. The property, to be named Vintage at Tabernacle, will offer three levels of four- and five-bedroom residential units above an underground parking garage. The project, which shares a property line with the school, is walking distance to campus. Community amenities will include a fitness center, clubhouse, hot tub, swimming pool and numerous study areas. Construction is expected to begin this spring, with completion scheduled for fall 2017. Redstone Residential will manage the community.
TAYLORSVILLE, UTAH — Regal Cinemas has broken ground on an over $20 million megaplex located at The Crossroads of Taylorsville shopping center in the Salt Lake City suburb of Taylorsville. The 60,419-square-foot development will seat 1,400 guests in 14 auditoriums. The grand opening for the project is expected by year’s end. Regal Cinemas is part of an ongoing multi-million dollar redevelopment for The Crossroads of Taylorsville that includes local eatery Cafe Rio, which opened on the property earlier this year. Ira Mitchell of IJM represented the landlord, and Candace Gray of Envision Realty Advisors represented Regal Cinemas in the leasing transaction.
HOLLADAY, UTAH — ExtraSpace has leased 42,197 square feet of space at 5580 S. Van Winkle Expressway in Holladay. The lease is for 50 years. The space is under construction. When completed, it will be a double-deck, climate-controlled storage facility. ExtraSpace Storage is the second largest indoor storage company in the USA, with 1,350 locations. Chris Monson and Brett Palmer of Mountain West Commercial Real Estate represented the landlord in the transaction.
SEATTLE — Oxford Finance LLC, a Virginia-based specialty finance firm that provides senior debt to life sciences and healthcare services companies, has closed a $27 million term loan to Cascade Capital Group LLC. The funds were used to purchase three skilled nursing facilities in Colorado and Utah. The names of the facilities were not disclosed. Based in Seattle, Cascade Capital is a newly formed private equity firm that invests in long-term care facilities. It leases its facilities to Illinois-based Legacy Healthcare.
PROVO, UTAH — Berkadia has arranged the sale of University Villa Apartments, a 125-unit student housing property located three blocks from the Brigham Young University campus in Provo, for an undisclosed price. The buyer intends to complete major renovations on the complex, which was originally built in 1965. James Wadsworth and Greg Barratt of Berkadia represented the seller, a California-based entity, in the transaction. The complex offers two- and three-bedroom units with fully equipped kitchens, high-speed Internet, cable, air conditioning and outdoor storage. Community amenities include a recreation room, swimming pool and hot tub, laundry facility and a barbecue area.
CEDAR CITY AND ST. GEORGE, UTAH, AND PARKER, COLO. — Senior Living Investment Brokerage Inc. has arranged the sale of three skilled nursing facilities — Crown Crest of Parker in the Denver suburb of Parker, Kolob Regional Care in Cedar City and Rehab and Kolob Care in St. George — for $31.8 million. Both Utah facilities are located in the southwest corner of the state near the Nevada and Arizona borders. The portfolio totals 454 beds, representing a price per bed of $70,000. The purchase represents a capitalization rate of 8.7 percent. The buyer is a real estate investor in the Midwest that leased the communities to local operators. The seller is a private owner based in Illinois looking to exit the seniors housing sector. Ryan Saul and Patrick Burke of Senior Living Investment Brokerage led the transaction.
SANDY, UTAH — Kisco Senior Living has acquired Atria at Sandy, a 183 unit independent and assisted living community in the Salt Lake City suburb of Sandy, for an undisclosed price. Kisco has renamed the community Cedarwood at Sandy. The building is on a six-acre plot and includes 122 independent living and 61 assisted living residences. Kisco also acquired four acres adjacent to community, formerly a nursing home, to build a 100-unit assisted living and memory care addition to be called Cedar Court. Construction will begin later this year. This is Kisco’s second Utah location, joining Sagewood at Daybreak, which recently opened its doors in nearby South Jordan. Based in Carlsbad, Calif., Kisco operates 22 senior living locations in California, Florida, North Carolina, Texas, Utah, Hawaii and Virginia.
SALT LAKE CITY — Vestar, in a joint venture with funds managed by Oaktree Capital Management L.P., has acquired a 623,205-square-foot open-air retail and entertainment center within The Gateway, a retail, residential and office complex located in downtown Salt Lake City. The purchase price was not disclosed. The center is leased to over 100 tenants including Barnes & Noble Bookstore, California Pizza Kitchen, The Depot, Dick’s Sporting Goods, Megaplex 12 at The Gateway, Metro Fitness, Starbucks Coffee and Victoria’s Secret. Vestar plans to invest $30 million in revitalizing and rebranding the center.