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MultifamilyUtahWestern

Gelt Buys Miller Estates in Salt Lake City

by Nellie Day

SALT LAKE CITY — Gelt has purchased the 294-unit Miller Estates in Salt Lake City. Miller Estates is located at 4929 S. Lake Pines Drive in the Murray submarket, which is 10 miles south of Downtown Salt Lake City. It is currently 97 percent occupied. The community features a man-made lake and a historic house that serves as the leasing office. Although the previous ownership invested about $4 million in upgrades to the asset, Gelt is planning to further add value via significant capital improvements, which will include the addition of a dog park, children’s play area and bike room.

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MultifamilyStudent HousingUtahWestern

Homestead Development Partners Forms Joint Venture

by Nellie Day

PARK CITY, UTAH — Homestead Development Partners has formed as a venture between Michael Augustine, Jared Miller, Evan Schwartz and Columbus Pacific Properties. The company’s focus is to develop high-caliber student housing communities nationwide and acquire assets through a value-add strategy. Target communities will be focused in tier-two and tier-three markets with a smaller emphasis on tier-one. HELIX Starkville, Homestead’s first development, is currently under construction at Mississippi State in Starkville, Mississippi. HELIX Starkville will be 258 units comprising 802 beds in one-, two-, and four-bedroom floor plans located across the street from campus. Leasing will begin fall 2015. Two additional Homestead developments are in the planning stages. The first is located at another southern university, while the second will be located in the northeast. Developments and value-add acquisitions will be acquired by Homestead Development Partners and managed by Homestead-U, an affiliated management company based in Columbus, Ohio.

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IndustrialUtahWestern

Extra Space Storage Buys SmartStop Self Storage for $1.4B

by Nellie Day

SALT LAKE CITY — Extra Space Storage has acquired SmartStop Self Storage for $1.4 billion. Extra Space will acquire 121 SmartStop stores and will assume the property management for its 43 third-party managed stores once the transaction is complete. SmartStop is based in the Orange County submarket of Ladera Ranch, Calif. It currently operates 169 self-storage properties in 21 states and in Canada. SmartStop is the seventh-largest owner and operator of self-storage facilities in the U.S. Certain SmartStop assets will be sold for about $120 million at or prior to the closing of this transaction. This includes one store in California, beneficial interests in two Alabama stores and five stores in Toronto. The stores in Alabama and California will be managed by Extra Space following the disposition. Salt Lake City-based Extra Space Storage is a self-administered and self-managed REIT. The company owns and/or operates 1,100 self-storage properties in 35 states, Washington, D.C., and Puerto Rico.

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MultifamilyUtahWestern

TruAmerica Enters Utah, Buys Crossing at Daybreak in South Jordan

by Nellie Day

SOUTH JORDAN, UTAH — TruAmerica Multifamily has entered Utah for the first time by purchasing the 315-unit Crossing at Daybreak apartment complex in South Jordan. The purchase price was not disclosed. Crossing at Daybreak is located at 4950 W. Frogs Leap Drive. It was built in 2011. The community features a mix of one-, two- and three-bedroom apartment homes within the master-planned community of Daybreak. The community is situated just 18 miles south of Salt Lake City. Common-area amenities include a resort-style pool, spa and cabana, resident lounge, game room, fitness center, and picnic and barbecue areas. TruAmerica plans to invest up to $1 million into the property. This investment would go toward light unit interior enhancements, in-unit Wi-Fi, a dog wash station and upgraded landscaping. TruAmerica also received a five-year, interest-only loan with a floating rate of 2.15 percent. The agency debt financing was arranged by Allan Freedman and Ed Zimbler of Berkadia. The firm is currently expanding its holdings across the Western U.S. It has rapidly expanded its presence in Seattle, Denver and throughout California, with additional plans to acquire properties in Portland, Ore., and Las Vegas in the very near future, according to TruAmerica. Campbell also notes …

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IndustrialUtahWestern

River Springs Ranch Corporation Buys Utah Industrial Park

by Nellie Day

SALT LAKE CITY – River Springs Ranch Corporation has acquired a 60,595-square-foot industrial park in Salt Lake City for an undisclosed sum. The park is located at 4030, 4036 and 4050 South 500 West. River Springs is looking to exchange out of its West Coast products and into more stable markets, such as Utah, according to Bryce Blanchard and Zach Anderson of Newmark Grubb ACRES, which represented the California investor. The seller, 4000 S Industrial Park LLC, was represented by Mark Jensen, Jeff Heaton and Robert Kingsford of the same firm.

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OfficeUtahWestern

State of Utah DDS Building Sells for $4.7M

by Nellie Day

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.

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HospitalityUtahWestern

DoubleTree by Hilton Park City – The Yarrow Opens in Utah

by Nellie Day

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.

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Market ReportsRetailUtahWesternWestern Market Reports

Grocery Tenants Drive SLC’s Retail Market

by Nellie Day

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 …

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