Utah

Mountain West Purchases 101,025 SF Secure Self Storage in Clinton, Utah

by Amy Works February 8, 2024

CLINTON, UTAH — Mountain West Self Storage has acquired Secure Self Storage, a 101,025-square-foot facility in Clinton, approximately 30 miles north of Salt Lake City. A family development group sold the asset for an undisclosed price. Secure Self Storage consists of four one-story buildings offering a total of 647 climate-controlled and non-climate-controlled units. The facility has brick front dividers with metal interior walls, standing-seam metal roofs, roll-up doors and asphalt driveways. Jordan Farrer and Adam Schlosser of The LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer in the transaction.

February 8, 2024

Industrial Loans Utah Western

JLLS Arranges $112M Financing for Industrial Property in Salt Lake City

by Amy Works January 31, 2024

SALT LAKE CITY — Jones Lang LaSalle Securities (JLLS), a member of JLL Capital Markets, has structured and placed a $112 million credit tenant lease and equipment financing for a newly completed industrial facility located at 6320 W. 300 South in Salt Lake City. JLLS served as placement agent for the developer, Riverbend Management. The lease financing and tenant improvements loan was structured to mature with the initial lease term and provide the borrower a single source of financing at a competitive, long-term, fixed rate. The loan allowed Riverbend Management to refinance an existing construction loan in addition to funding more than $80 million of equipment manufacturing improvements. Following tenant improvements, Riverbend will convert the 309,489-square-foot industrial property into a manufacturing facility. Bill Cavagnaro and Austin Johnson of JLLS represented the borrower in the financing. Additionally, JLL Work Dynamics represented the tenant on selection of the manufacturing site, and JLL Project and Development Services served as construction monitor.

January 31, 2024

Acquisitions Industrial Utah Western

Joint Partnership Sells 243,232 SF Industrial Building in Salt Lake City

by Amy Works January 31, 2024

SALT LAKE CITY — A joint partnership between a fund advised by Crow Holdings Capital, Gardner Batt and BCG Holdings has completed the disposition of a newly constructed industrial building on 32 acres within Mountain View Industrial Park in Salt Lake City. A global investment manager acquired the Class A asset for an undisclosed price. A logistics company fully preleased the 243,232-square-foot building prior to its delivery in November 2023. The asset is part of Phase II of Mountain View Industrial Park, a multi-building, multi-phase warehouse and distribution project totaling approximately 1.3 million square feet. The second phase consists of the 243,232-square-foot Building C and the 179,400-square-foot Building B, both of which were completed in late 2023. Phase I featured an 833,280-square-foot building that was completed in 2022. The partnership acquired the 92-acre site at 300 South and 5960 West, where the entire project sits, in October 2020. Mountain View Industrial Park features offices finished to suit, 32-foot clear heights, abundant dock loading, heavy power, clerestory windows, skylights throughout the warehouse areas and ample trailer parking. Jeff Chiate, Rick Ellison, Jeffrey Cole and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. The firm’s …

January 31, 2024

Acquisitions Hospitality Utah Western

Marcus & Millichap Brokers Sale of Two-Property Marriott Hotel Portfolio in Orem, Utah

by Amy Works January 24, 2024

OREM, UTAH — Marcus & Millichap has negotiated the sale of a two-property Marriott portfolio in Orem, just north of Provo. A limited liability company acquired the asset. The name of the seller and acquisition price were not released. The sale included TownePlace Suites Provo Orem and Fairfield Inn & Suites Orem, two four-story hotels sharing a total of 190 guest rooms. Located at 879 N. 120 West, the TownePlace Suites Provo Orem offers 100 guest rooms, and Fairfield Inn & Suites Provo Orem, located at 901 N. 1200 West, features 90 guest rooms. Adam Lewis of Marcus & Millichap handled the transaction.

January 24, 2024

Loans Mixed-Use Multifamily Office Retail Utah Western

PGIM Real Estate Provides $18.5M Mezzanine Loan for Mixed-Use Portfolio in Layton, Utah

by Amy Works January 15, 2024

LAYTON, UTAH — PGIM Real Estate has provided an $18.5 million mezzanine loan to Rockworth Cos. for a mixed-use multifamily and commercial portfolio in Layton, approximately 25 miles north of Salt Lake City. The 6.3-acre site features a newly constructed apartment community and two commercial buildings. The multifamily portion totals 252 units, and the two commercial buildings offer a total of 15,000 square feet of second-story office space and 15,130 square feet of ground-floor retail space. Daniel Kattan of PGIM secured the financing for the borrower.

January 15, 2024

Acquisitions Retail Utah Western

Partners Real Estate Arranges Acquisition of 99,215 SF JCPenney-Occupied Retail Store in South Jordan, Utah

by Amy Works January 12, 2024

SOUTH JORDAN, UTAH — Texas-based Partners Real Estate has brokered the purchase of a retail store located at 11552 S. District Drive in South Jordan, a suburb of Salt Lake City. JCPenney occupies the 99,215-square-foot property. Dimitri Jordan of Partners Real Estate represented the buyer in the deal. No further details were disclosed.

January 12, 2024

Development Mixed-Use Multifamily Retail Utah Western

Bridge Investment, Lowe Property Group Receive $157.5M Refinancing for Post District Mixed-Use Project in Salt Lake City

by Amy Works November 30, 2023

SALT LAKE CITY — Bridge Investment Group and Lowe Property Group have received $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Part of a three-phase project, Post District features 580 residential units across four buildings with approximately 26,000 rentable square feet of retail space. Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring of Walker & Dunlop co-originated the loan with Affinius Capital and Clarion Partners. The borrowers will use the loan proceeds to repay existing debt, fund future costs to complete the construction and repatriate equity to the client as the project continues the lease-up of its newly delivered units.

November 30, 2023

Acquisitions Loans Office Utah Western

Alturas Capital Partners Buys 121,197 SF Sandy Commerce Park Office Building in Salt Lake City

by Amy Works November 29, 2023

SALT LAKE CITY — JLL Capital Markets has arranged the sale of and financing for Sandy Commerce Park, a Class A creative office property at 9490 S 300 West in Salt Lake City. Nuveen Real Estate sold the asset to Alturas Capital Partners for an undisclosed price. Completed in 2017, the five-story 121,197-square-foot building features 25,000-square-foot average floorplates, floor-to-ceiling glass curtain walls and 360-degree views of the Wasatch and Oquirrh mountains. At the time of sale, the property was fully leased to eight tenants with an average weighted lease term of 3.7 years. Phil Brierly and Cole Macadaeg of JLL’s investment sales and advisory team represented the seller in the deal. Mark Root and Will Haass of JLL’s debt advisory team secured a five-year, fixed-rate acquisition loan through a life insurance company for the buyer.

November 29, 2023

Acquisitions Development Multifamily Utah Western

Dart Interest Buys High-Rise Apartment Development Site in Downtown Salt Lake City for $19.7M

by Amy Works November 15, 2023

SALT LAKE CITY — Dart Interest LLC has purchased a 2.32-acre development site in downtown Salt Lake City from an undisclosed seller for $19.7 million. Comprising two parcels, the site includes a vacant, 305,000-square-foot data center and a one-acre parking lot. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop two high-rise apartment projects on the site, which will undergo environmental remediation and demolition of the current data center. The site’s D1 zoning allows for buildings no less than 100 feet in height and no more than 375 feet in height.

November 15, 2023

Acquisitions Retail Utah Western

X Development, Midloch Buy 119,366 SF Highbury at Lake Park Shopping Center in West Valley City, Utah

by Amy Works October 31, 2023

WEST VALLEY CITY, UTAH — X Development and Midloch Investment Partners have acquired Highbury at Lake Park, a Class A retail center in West Valley City, a suburb approximately 10 miles southwest of Salt Lake City. An undisclosed seller sold the asset for $30 million. Located at 5600 West, Highbury at Lake Park features 119,366 square feet of retail space. Current tenants include Target, Bank of America, Xfinity, Freddy’s Frozen Custard & Steakburgers, Marshalls and Café Rio. Kip Paul of Cushman & Wakefield facilitated the transaction. The buyers financed the transaction with a fixed-rate loan from America First Credit Union. Midloch is a preferred equity investor in the property, which is the firm’s first investment in the Salt Lake City market.

October 31, 2023

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