Utah

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

Acquisitions Industrial Utah Western

Colmena Group Sells 280,800 SF Distribution Center in Spanish Fork, Utah

by Amy Works October 26, 2023

SPANISH FORK, UTAH — Colmena Group has completed the sale of a distribution center, located at 3065 N. 200 E. in Spanish Fork, to Caspian Investments for an undisclosed price. Young Living Essential Oils fully occupies the 280,800-square-foot, Class A facility. The property features 56-foot column spacing, 36-foot clear heights, cross-dock loading, a high level of security, a fenced truck court, 35 dock-high doors, four corner storefronts and skylights. Bryce Blanchard of Newmark represented the seller, while Skyler Peterson of Newmark represented the buyer in the transaction.

October 26, 2023

Development Multifamily Student Housing Utah Western

American Campus Communities to Develop 5,000 Student Housing Beds at The University of Utah

by Amy Works October 19, 2023

SALT LAKE CITY — The University of Utah has selected American Campus Communities (ACC) for the development and management of 5,000 student housing beds on the university’s campus in Salt Lake City. Planned beds will be developed over the next decade and will double the amount of on-campus housing offered by the university upon completion. ACC will lead the development efforts in partnership with two Utah-based companies: MHTN Architects and Okland Construction. Design and architecture firm Ayers Saint Gross will also provide support for the projects. The first development will be built directly south of Kahlert Village in space that is currently a parking lot. The development will offer 1,500 beds upon completion, which is scheduled for fall 2026. Under terms of the public-private partnership agreement, the university will retain ownership of the land while ACC and its partners will finance, plan and construct the student housing. ACC will manage operations of the communities upon completion.

October 19, 2023

Acquisitions Affordable Housing Multifamily Utah Western

CPP Acquires 112-Unit Skyline View Apartments in Layton, Utah

by Amy Works October 19, 2023

LAYTON, UTAH — Community Preservation Partners (CPP) has acquired Skyline View Apartments in Layton. CPP partnered with The Hampstead Cos., as co-owner and co-developer, for the community. CPP’s total development investment is approximately $39.5 million, which includes the $22 million purchase price and an estimated $70,000-per-unit renovation. CPP’s renovation and investment will renew the property’s affordability status for additional 20 years and preserve affordability for residents earning up to 50 percent of area median income. Comprised of eight two-story, garden-style buildings at 443, 448 and 430 N. Fairfield Road, Skyline View Apartments features 112 two-bedroom units, ranging in size from 720 square feet to 768 square feet. The asset was built between 1973 and 1978 and the buildings have not had significant renovations. Extensive renovations to interiors and exteriors will begin immediately with construction slated for completion in August 2024. Major enhancements will include installation of new windows, replacement of outdoor siding, and the addition of packaged terminal air conditioner units. Common amenity upgrades will include new paths of travel for improved accessibility, new tot lots, on-site parking for 123 vehicles, access to storage areas, a community laundry room and basketball court. Apartment upgrades will include new flooring, cabinets, countertops, lighting, …

October 19, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of Two Seniors Housing Communities in Utah

by Amy Works October 17, 2023

SANDY AND DRAPER, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Utah. The properties are located just a few miles from each other in the southern Salt Lake City suburbs of Sandy and Draper. The communities were built in 2001 and consist of a total of 140 units. The properties total 35,334 and 53,255 square feet and are situated on approximately 1.5 and 2.1 acres of land. The seller is a private equity group divesting to focus on its core assets. The buyer is a Utah-based private equity group with a Utah-based operator expanding its existing footprint in the state. The price was not disclosed. The new owners plan to invest in capital expenditures and marketing to rejuvenate the communities and enhance their overall performance. Vince Viverito and Jason Punzel of SLIB handled the transaction.

October 17, 2023

Affordable Housing Development Mixed-Use Multifamily Restaurant Retail Utah Western

Crandall Capital to Break Ground on 320,000 SF Studio Crossing Mixed-Use Project in Park City, Utah

by Amy Works October 16, 2023

PARK CITY, UTAH — Crandall Capital is set to break ground on Studio Crossing, a mixed-use development in Park City, in late October. Spanning 320,000 square feet, Studio Crossing will feature 208 affordable housing units, approximately 100 townhomes and condominiums, retail, dining and open-air public spaces. With the first phase of the development slated for completion in 2025, Studio Crossing will add an entirely new neighborhood to Park City, while also providing eco-conscious solutions throughout its buildout. At full build out, the project will include: The project team includes Steed Construction as general contractor and Modern Out West as lead architect.

October 16, 2023

Affordable Housing Development Multifamily Utah Western

Hunt Capital Partners, CJM Development Open 120-Unit Sandstone Hills Apartments in Richfield, Utah

by Amy Works September 28, 2023

RICHFIELD, UTAH — Hunt Capital Partners, in collaboration with CJM Development Group, has opened Sandstone Hills Apartments in Richfield, 150 miles south of Salt Lake City. Located on 5.8 acres at the southeast corner of 1500 S St. and SR 118, the community features five three-story, garden-style residential buildings offering 20 one-bedroom, 70 two-bedroom and 30 three-bedroom apartments for households earning up to 55 percent of the area median income. The vision of Sandstone Hills Apartments began with Dale T. Smith & Sons Meat Packing Co., which wanted to move its operations to Richfield but was aware of the town’s acute housing shortage. The company enlisted CJM Development to lead the effort to develop affordable housing in the area. The project team includes Commercial Construction as general contractor, Think Architecture are the project architect, and CJM Properties, the developer’s affiliate, as the property management agent. Financing for the development includes the syndication of $9.3 million in federal Low-Income Housing Tax Credits (LIHTC) through Hunt Capital Partners Tax Credit Fund 43, as well as $1.1 million in state LIHTC with Standard Insurance as the investor. Zions Bank provided a $17.6 million construction loan, as well as a $12.4 million permanent loan. Additionally, …

September 28, 2023

Acquisitions Hospitality Utah Western

TMG Brokers Sale of 156-Room Hotel Portfolio in Cedar City, Utah

by Amy Works September 5, 2023

CEDAR CITY, UTAH — The Mogharebi Group (TMG) has arranged the sale of a 156-room select-service hotel portfolio in Cedar City, located in the southwest portion of the state. A Utah-based private investor sold the portfolio to an undisclosed seller for $8.9 million. The portfolio consists of a 106-room Quality Inn, located at 250 N. 1100 West, and a 50-room America’s Best Value Inn, located at 333 N. 1100 West. Built in 1984 and renovated in 2014, the Quality Inn comprises two-story buildings on three parcels totaling 2 acres. The hotel features a fitness center, indoor heated swimming pool and business center. The America’s Best Value Inn comprises a two-story building on 1.7 acres with an outdoor swimming pool and indoor corridors. Adam Gatto of TMG, along with Kip Paul of Cushman & Wakefield, represented the seller in the deal.

September 5, 2023

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