Utah

Gantry Arranges $15.2M Acquisition Financing for Cotton Mill Shopping Center in Washington, Utah

by Jeff Shaw July 10, 2023

WASHINGTON, UTAH — Gantry has arranged a $15.2 million loan for the acquisition of Cotton Mill II, a retail center located in Washington, a suburb of St. George. Situated on 18.2 acres, the property comprises a shopping center and two outparcel ground leases totaling 165,000 square feet, with an additional pad that has capacity for a 15,000-square-foot multi-tenant inline building. Tenants at the center include Kohl’s, Natural Grocers, Ross Dress For Less, JOANN Fabrics, Dollar Tree, Red Robin and Cache Valley Bank. Tony Kaufmann and Erinn Cooke of Gantry secured the 30-year financing through a life insurance company on behalf of the undisclosed borrower.

July 10, 2023

Leasing Activity Office Utah Western

Workbox Expands with First Coworking Location in Salt Lake City

by Jeff Shaw July 6, 2023

SALT LAKE CITY — Workbox, a member-driven coworking company, is set to open its first location outside of the Midwest in Salt Lake City. The new coworking space will be in the historic Orpheum Theater, which formerly served as a CommonGrounds Workplace location. Workbox offers shared kitchen spaces, private conference rooms and programming events.

July 6, 2023

Acquisitions Multifamily Utah Western

Peak Capital Partners Acquires 96-Unit Park Station Apartments in Midvale, Utah

by Jeff Shaw July 5, 2023

MIDVALE, UTAH — Peak Capital Partners has purchased Park Station from Benedict Canyon Equities for an undisclosed price. Park Station is a 96-unit apartment community in Midvale, 12 miles south of downtown Salt Lake City. The property was constructed in 1974 and offers one- and two-bedroom floor plans. Amenities include a children’s playground, laundry facilities and covered parking. Brock Zylstra and Danny Shin of Institutional Property Advisors represented the seller and procured the buyer.

July 5, 2023

Leasing Activity Office Utah Western

Common Desk Partners with Patrinely on Coworking Space in Salt Lake City

by Jeff Shaw June 23, 2023

SALT LAKE CITY — Patrinely has announced a licensing and management agreement with Common Desk, a Texas-based coworking company. Common Desk will oversee a 31,828-square-foot coworking space at 650 Main, a new 10-story, Class A office and retail development at the corner of Main Street and 600 South in downtown Salt Lake City. This partnership marks the third location jointly established by Patrinely and Common Desk. The new space will provide users with a unique office environment that features amenities and abundant natural light. The property has obtained LEED Gold certification. CBRE’s Nadia Letey, Roman Bernardo and Dennis Tarro handle the office leasing assignment for 650 Main.

June 23, 2023

Leasing Activity Office Utah Western

CBRE Arranges Four New Leases at Office Building in Salt Lake City

by Jeff Shaw June 7, 2023

SALT LAKE CITY — CBRE has arranged leases for four new tenants at a 22-story, Class A office building in Salt Lake City. The building is located at 222 South Main St. and is now fully occupied. The new tenants include UMB Bank, global law firm Greenberg Traurig, CBRE itself and HKS Architects. CBRE’s Scott Wilmarth and Nadia Letey represented the landlord, KBS, in the lease transactions.

June 7, 2023

Acquisitions Industrial Self-Storage Utah Western

Marcus & Millichap Brokers Sale of Utah’s Largest Storage Facility in Cedar City

by Jeff Shaw June 6, 2023

CEDAR CITY, UTAH — A private equity group has sold Storage General Cedar, a 456,758-square-foot storage facility in Cedar City, for an undisclosed sum. Featuring 2,133 units and 456,758 total net rentable square feet, Storage General Cedar is the largest self-storage asset in Utah, according to Marcus & Millichap, which brokered the sale. The facility features electronic gate access, drive-up units with roll-up doors, wide drive aisles, RV/boat/trailer storage and parking, commercial shops available for rent, online rentals and unit management. The LeClaire-Schlosser Group of Marcus & Millichap represented the seller via Jordan Farrer of the firm’s Salt Lake City office and Adam Schlosser of the firm’s Denver office. The buyer and price were not disclosed.

June 6, 2023

Development Loans Multifamily Seniors Housing Utah Western

Joint Venture Receives $160M C-PACE Financing for Summit Vista CCRC in Taylorsville

by Jeff Shaw May 30, 2023

TAYLORSVILLE, UTAH — D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, has arranged $160 million in Commercial Property Assessed Clean Energy (C-PACE) financing for Summit Vista, Utah’s first life plan retirement community. Representing the largest C-PACE deal in history, according to the arrangers, the proceeds will be dedicated toward ongoing construction with a focus on enhancing the development’s energy efficiency, renewable energy and water efficiency. Owned in partnership with Gardner Group, Wasatch Group and Solamere Capital, Summit Vista offers a full continuum of care, including independent living, assisted living, memory care and comprehensive skilled nursing in conjunction with its affiliated healthcare campus. Upon full build-out, the community will feature nearly 1,600 units. Approximately 13 miles south of downtown Salt Lake City, Summit Vista is nestled in the fast-growing region of Taylorsville. It is centrally located near major transportation corridors, enabling connectivity to surrounding neighborhoods. C-PACE is a financing mechanism that allows property owners and developers to fund up to 100 percent of building retrofits and new construction to improve a building’s energy efficiency, renewable energy and water efficiency.

May 30, 2023

Acquisitions Healthcare Office Utah Western

MedProperties Realty Advisors Buys 51,591 SF Medical Office Building in South Salt Lake, Utah

by Jeff Shaw May 18, 2023

SOUTH SALT LAKE, UTAH — MedProperties Realty Advisors has purchased a 51,591-square-foot medical office building in South Salt Lake, just south of Salt Lake City. The property is 97 percent leased to high-quality tenants that primarily specialize in treating kidney disease. The Class A asset is known as Wasatch Renal Center. The buyer was attracted to the property due to the tenant base and physical quality of the building. The tenants are affiliated with Fresenius Medical Care, a worldwide leader in the treatment of renal disease and in kidney disease research.

May 18, 2023

Pacific-Summit-Logistics-Center-Salt-Lake-City-UT

Industrial Market Reports Utah Western Western Market Reports

Salt Lake City’s Industrial Market Sees 2023 as the Year of the Sublease

by Jeff Shaw May 9, 2023

— By Wick Udy, Senior Managing Director, JLL — Salt Lake City’s industrial market continued its exceptional performance in 2022. Last year was the third consecutive year of above-average leasing and the second-highest volume of annual absorption on record. The largest volume of completions was recorded in 2022 with 13 million square feet delivered. However, leasing and absorption volumes were both below 2021 levels, which is something industry leaders are watching in 2023. Developers were forced to push pause on new building projects toward the end of 2022 due to rising interest rates and tighter capital markets. Because of this, JLL predicts 2023 could be the year of the sublease. What was a landlord-favorable market for many years is slowly leaning toward a tenant-favorable market. Based on current activity within the marketplace, absorption should be positive in first-quarter 2023. Companies are signing leases on existing buildings instead of waiting for new builds, which will keep vacancy low for the foreseeable future. The market has remained as robust as it has because companies from California are relocating to Salt Lake City. They want to take advantage of its affordable real estate, quality of the workforce and the market’s proximity to large …

May 9, 2023

Healthcare Leasing Activity Office Utah Western

PhyNet Dermatology Leases Space at 650 Main in Salt Lake City

by Jeff Shaw May 8, 2023

SALT LAKE CITY — PhyNet Dermatology has leased 14,556 square feet of office space at 650 Main in Salt Lake City. The space is located on the corner of Main Street and 600 South in downtown. The 10-story, Class A office building consists of 335,000 square feet that includes retail space. Jordan Wade and Allie McCracken of Transwestern represented the dermatology practice management company. CBRE has the leasing assignment for the building, which Patrinely owns.

May 8, 2023

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