Utah

Vestar, Oaktree Acquire Retail Center at The Gateway in Salt Lake City

by Nellie Day February 3, 2016

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.

February 3, 2016

Office Utah Western

Price Human Services Building in Utah Changes Hands

by Nellie Day February 2, 2016

PRICE, UTAH – The Price Human Services Building, a 37,829-square-foot office building in Utah, has sold to an unnamed buyer. The price was not disclosed. The space is located at 475 West Price River Drive in Price. It is fully leased to tenants like the Utah Attorney General, the Utah Department of Workforce Services, the Utah Department of Family and Child Services, and the Utah Department of Rehabilitation Services. The seller, Fairbridge Properties, purchased the asset in 2013.

February 2, 2016

Industrial Utah Western

Land Advisors Purchases Honeyville Grain Building in West Valley City

by Nellie Day January 28, 2016

WEST VALLEY CITY, UTAH — Land Advisors has purchased the 61,630-square-foot Honeyville Grain Building in West Valley City for an undisclosed sum. The property is located at 1811 W. Alexander St., within the Decker Lake Business Complex. The seller, Intercon, formerly occupied the building. The company was represented by Luke Burbank of Newmark Grubb ACRES.

January 28, 2016

Loans Multifamily Utah Western

Wasatch Capital, Dougherty Mortgage Arrange $11.8M Refinancing for Apartment Community in Utah

by Nellie Day January 27, 2016

PLEASANT VIEW, UTAH — Wasatch Capital Group and Dougherty Mortgage LLC have arranged an $11.8 million refinancing for The Cove at Pleasant View, an 88-unit multifamily community in Pleasant View, approximately 40 miles north of Salt Lake City. The community is located at 255 E. 2700 N. in Pleasant View. The Fannie Mae loan features a 12-year term and a 30-year amortization schedule. The borrower is Westates Investments LLC.

January 27, 2016

Multifamily Student Housing Utah Western

Redstone Residential To Manage Multifamily Community in Utah

by Nellie Day January 11, 2016

ST. GEORGE, UTAH — Redstone Residential has been awarded management of two new communities comprised of 1,084 beds. The two communities are Gateway at Lubbock, a 748-bed community that serves students at Texas Tech University in Lubbock, Texas, as well as Canyonlands Apartments, a 336-bed project adjacent to Dixie State University in St. George.

January 11, 2016

Industrial Utah Western

Standard Industries Buys Manufacturing Facility in Salt Lake City

by Nellie Day December 9, 2015

SALT LAKE CITY — Standard Industries has purchased the former Corsicana Bedding Building, a 155,106-square-foot office and manufacturing facility in Salt Lake City, for an undisclosed sum. The building is located at 879 South 4400 West. This is the restaurant supply company’s second distribution center in Salt Lake City. Bryce Blanchard and Kelsie Akiyama of Newmark Grubb ACRES represented the landlord, BH Properties, in this transaction.

December 9, 2015

Multifamily Utah Western

TruAmerica Buys Two Multifamily Communities in Salt Lake City

by Nellie Day October 30, 2015

SALT LAKE CITY — TruAmerica Multifamily has purchased two apartment communities in Salt Lake City for a total of $102 million. The acquisition includes the 486-unit Somerset Village Apartment Homes in West Valley City and the 440-unit Southwillow Apartments in West Jordan. Both properties were built in the mid-80s. They are located seven miles from one another on Redwood Road. Both assets are 99 percent leased. TruAmerica previously purchased the 315-unit Crossing at Daybreak in South Jordan for $46 million in September. The firm will invest an additional $8 million to reposition the newest two assets. James Wadsworth and Greg Barratt of Berkadia represented both the buyer and seller in this transaction.

October 30, 2015

Office Utah Western

DataMaster Buys Fairfield Crossing Building in Utah

by Nellie Day October 7, 2015

LAYTON, UTAH — DataMaster has acquired Fairfield Crossing Building, a 16,000-square-foot office building in Layton, for an undisclosed sum. The space was formerly a retail asset, but the real estate appraisal software company will house its sales and tech services at the property. It is situated just north of Salt Lake City. Chris Falk of Newmark Grubb ACRES represented DataMaster. Adam Hawkes of Mountain West Retail and Investment represented the undisclosed seller.

October 7, 2015

Loans Multifamily Seniors Housing Utah Western

RED Closes $11.1M Fannie Mae Refinance for MBK Community in Utah

by Nellie Day September 29, 2015

CLEARFIELD, UTAH — RED Mortgage Capital, the proprietary mortgage banking arm of RED Capital Group LLC, has closed an $11.1M Fannie Mae loan for MBK Senior Living to refinance Chancellor Gardens of Clearfield, an assisted living and memory care community in Clearfield about 25 miles north of Salt Lake City. Chancellor Gardens is a 130-unit community constructed in 1999 and expanded in 2009. Founded in 1986, MBK owns and operates 13 communities across California, Utah, Arizona, Colorado and Washington.

September 29, 2015

Office Utah Western

Utah State Office of Rehabilitation Renews its Lease at Price Human Services Building

by Nellie Day September 10, 2015

PRICE, UTAH — Utah State Office of Rehabilitation has renewed its lease at the Price Human Services Building. The 38,129-square-foot building is located at 475 West Price River Drive in Price. It is fully occupied by the State of Utah and currently houses three different agencies, including the Department of Human Services, the Department of Workforce Services and the Department of Rehabilitation Services. The lease will extend the office’s lease by five years. The landlord is Fairbridge Properties.

September 10, 2015

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