SALT LAKE CITY – A 27,300-square-foot office building in Salt Lake City has sold to 210 FLT Realty for $4.7 million. The building is located within the Salt Lake City-Provo-Orem combined statistical area. It serves as the state headquarters for the Utah Division of Disability Determination Services (DDS). The transaction was executed by Brian Corriston and Steve Wolff of Stan Johnson Company.
Hilton recently debuted the DoubleTree by Hilton Park City – The Yarrow in Utah. This resort occupies a former resort, the Yarrow Resort Hotel & Conference Center, which received an extensive renovation. The property is located at 1800 Park Ave. It is situated near Park City Mountain Resort, Deer Valley Resort and Canyons Resort. The renovation will upgrade the hotel’s guestrooms, meeting spaces and public areas. Amenities include a year-round heated outdoor swimming pool and hot tub, 24-hour fitness center and a 24-hour business center. A new game room will open at the resort later this year. The Yarrow property also features 11,837 square feet of flexible event space, including a 5,100-square-foot ballroom that accommodates more than 700 guests.
The retail market in Utah continues to build steam and has expanded over the past 12 months. With these gains, tenants are in abundance and new construction is on the rise. Vacancy continued to improve through 2014, as the overall vacancy rate declined by 0.7 percentage points on a year-over-year basis to end at 6.2 percent. This represents the lowest vacancy rate of the past decade. With supply constrained and demand improving, average asking lease rates jumped by 9 percent on a year-over-year basis, to $18.98 per square foot. New construction continued across the valley, with 548,577 square feet of space added to the market. The local housing market drives retail development in Utah. About 18,573 building permits have been issued throughout the state in the past two years, including multifamily projects. This construction pushed many retailers into expansion mode, looking to take up shop in locations that cut off the competition. This is particularly true in one segment of the market that now stands supreme in the Utah retail ecosystem: grocery. Grocers have expanded at a breakneck rate. Sprout’s Farmers Market opened new stores in Holladay and South Jordan. A Smith’s Marketplace opened its doors in West Jordan at …
WEST JORDAN, UTAH – Three Zaxby’s restaurant locations have recently sold in Utah. The franchised fast food chain restaurants included in these sales are situated in West Jordan, Lehi and Cedar City. The transactions were valued at a total of more than $10 million. Zaxby’s has more than 600 locations nationwide. Its first outpost opened in Georgia in 1990. The franchise opened 10 new stores in Utah over the past year, including the three that recently sold. Lance Pendleton of Mountain West Retail and Investment represented the unnamed seller in those three transactions.
CLEARFIELD, UTAH – DUB Nutrition has leased 7,221 square feet of office and retail space at Legend Hills office complex in Clearfield. The space is located at 1649 East 1400 South. This Class A office is one of only a handful of new gym facilities to emerge in Davis County within the past several years. DUB (Discover their Ultimate Bodies) assists individuals with their personal health challenges through healthy eating, exercise and nutrition supplements. The new facility will provide services like weightlifting, cardio, hot yoga, indoor cycling and full-service MMA. The grand opening is scheduled for Sept. 1. DUB was represented by Ryan Flint of Newmark Grubb ACRES.
SANDY, UTAH – The Hills at Sandy Station, a 70,000-square-foot luxury apartment complex in Utah, has sold to an unnamed buyer for an undisclosed sum. The community is located at 234 Sego Lily Drive in Sandy, on Utah’s East bench. The Hills was originally built as condos before it went into foreclosure and was ultimately converted into apartments. The initial development contained 61 condos, though the city later approved the development of 146 additional units. The seller, The Hills at Sandy Station LLC, was represented by Mark Jensen and Greg Ratliff of ARA, a Newmark Company.
SALT LAKE CITY – CCI Mechanical has acquired the 77,000-square-foot Cache Valley Electric Facility in Salt Lake City for an undisclosed sum. The facility is located at 2345 S. John Henry Drive. The design-build mechanical contractor specialist will move into the building shortly. CCI was represented by Kyle Roberts of Newmark Grubb ACRES. The seller, Cache Valley Electric, was represented by Lucas M. Burbank of NGA.
SALT LAKE CITY – Haemonetics has signed a 12-year lease for 154,601 square feet of manufacturing space at the Price Bangerter building in Salt Lake City. The Class A space is located at 1555 S. Gramercy Road. This is the blood management firm’s second facility in the region. The new facility will handle its Western United States distribution requirements. Haemonetics was represented by Steve Condie of Newmark Grubb ACRES (NGA) and DTZ’s Kevin Hanna. The landlord, Price Realty Group, was represented by NGA’s Kyle Roberts.
SALT LAKE CITY – Intermountain Hydronics Specialties has leased 13,600 square feet of industrial space in Salt Lake City. The space is located at 1171 West 2400 South. The HVAC equipment manufacturer representative will use the space for their new main office and headquarters. It will be expanding from its current 4,220-square-foot location. Intermountain Hydronics was represented by Robert Kingsford of Newmark Grubb ACRES. The landlord was not named.
SALT LAKE CITY – Spring Mobile has leased 21,538 square feet of office space at Gateway Tech Center in Salt Lake City. The space is located at 155 North 400 West. Spring Mobile was represented by Chris Falk of Newmark Grubb ACRES. The landlord, KBSIII, was represented by CBRE’s Nadia Letey.