Utah

CBRE Investment Management Acquires Self-Storage Portfolio in Southern California, Utah

by Jeff Shaw March 15, 2023

LOS ANGELES — A fund sponsored by CBRE Investment Management has acquired a portfolio of 14 self-storage assets located in Southern California and Utah that totals 8,697 units. The fund now owns 100 self-storage properties across the U.S., totaling 55,477 units. The seller and price were not disclosed. The self-storage assets, which will operate under the StorQuest brand, are primarily single-story, drive-up units in the key infill markets of Los Angeles, the Inland Empire, San Diego and Salt Lake City. The portfolio includes a mix of indoor, climate-controlled units and outdoor units. The properties are currently 95 percent leased. Nick Walker of CBRE’s National Self Storage Advisory Group represented the seller in the transaction. Tom Traynor and James Millon of CBRE’s Large Loans division, along with Talonvest, arranged the financing in the transaction.

March 15, 2023

Loans Multifamily Utah Western

Greystone Provides $20.3M in Fannie Mae Financing for Patriot Pointe Apartments in North Ogden, Utah

by Jeff Shaw March 13, 2023

NORTH OGDEN, UTAH — Greystone has provided $20.3 million Fannie Mae Delegated Underwriting & Servicing (DUS) Green Rewards loan to refinance Patriot Pointe Apartments, an 87-unit multifamily property in North Ogden. Patriot Pointe Apartments was built in 2020 and features one- to three-bedroom units. The nonrecourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy upgrades. Loan proceeds enabled the borrower to monetize a portion of the equity in the property.

March 13, 2023

Acquisitions Multifamily Utah Western

CBRE Arranges Sale of 75-Unit Townhome Community in Roy, Utah

by Amy Works March 3, 2023

ROY, UTAH — CBRE has facilitated the sale of Orchards at 19th, a townhome community located at 4499 S. 1900 W. in Roy, a suburb 30 miles north of Salt Lake City. Crockett & Koehler LLC sold the asset to California-based Warmington Properties for an undisclosed price. Featuring 14 two-story buildings, Orchards at 19th offers 75 residences in a mix of one-, two- and three-bedroom layouts, averaging 1,241 square feet. Built in 2020, the townhomes feature open-concept floorplans, large kitchens, granite countertops, walk-in closets, private patios, attached garage parking and private driveways. Community amenities include a fitness center, clubhouse, playground, walking trails, dog park and mountain views. Patrick Bodnar of CBRE represented the seller in the transaction.

March 3, 2023

Leasing Activity Office Utah Western

Clearlink Leases 135,000 SF Office Space in Draper, Utah for New Headquarters

by Amy Works February 21, 2023

DRAPER, UTAH — Clearlink has signed a deal to occupy 135,000 square feet of office space at 42 Future Way in Draper. The company will consolidate its existing offices at Salt Lake Center International Center and Utah County into the new campus. The Class A office campus, which was originally designed for Pluralsight, offers new furniture, fixtures, conference facilities, a cafeteria and fitness facilities. In 2022, Utah-based Clarke Capital Partners partnered with Sitel Group to drive the growth of Clearlink as a platform that empowers customers to make informed decisions around daily purchases. Brandon Fugal of Colliers represented Clearlink in the lease.

February 21, 2023

Development Hospitality Loans Utah Western

Sonnenblick-Eichner Co. Arranges $50M Construction Loan for The Lionsback Resort in Moab, Utah

by Amy Works February 8, 2023

MOAB, UTAH — Sonneblick-Eichner Co. has secured $50 million in construction financing for Phase I of Lionsback Resort, a 175-acre development in Moab. Situated adjacent to Canyonlands and Arches national parks, Lionsback’s $350 million, five-year development plans includes 188 single-family residences and a resort hotel. Proceeds from the fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single-family homes, as well as the horizontal infrastructure of Phase II. Moab is located in the eastern portion of Utah, near the Colorado border, Colorado River and Arches National Park.

February 8, 2023

Acquisitions Arizona Idaho Industrial Self-Storage Utah Western

Wentworth Property Sells 18-Property Self-Storage Portfolio for $266.2M

by Amy Works February 1, 2023

PHOENIX — Phoenix-based Wentworth Property Co., in a joint venture with an institutional equity investor, has completed the disposition of a portfolio of 18 self-storage properties across Arizona, Texas, Colorado, Utah and Idaho. A New York-based investment management company acquired the portfolio for $266.2 million. In total, the portfolio includes 9,600 storage units and 1.3 million square feet of rentable space. Six properties are in the greater Phoenix area, four facilities are in the Dallas/Fort Worth area, two assets are in El Paso, Texas, three properties are in Salt Lake City, two properties are in Denver and one asset is in Boise, Idaho. John Smeck and Alix Hanna of Colliers Arizona, along with Grant Frankel, Adam Licari, John Caraviello and Lucas Blumenfeld of Eastdil Secured’s New York City office, arranged $160 million in non-recourse, fixed-rate financing for the buyer. Tom Gustafson of Colliers’ National Self Storage team in Cleveland, Ohio, procured the buyer for the off-market transaction.

February 1, 2023

Development Multifamily Student Housing Utah Western

Utah Tech University to Break Ground on 564-Bed Campus View Suites Residence Hall

by Amy Works February 1, 2023

ST. GEORGE, UTAH — Utah Tech University is set to break ground on the 564-bed third phase of its Campus View Suites residence hall project in St. George. Set to open in fall 2024, the final phase of the development will span 164,600 square feet. Shared amenities will include a fitness room; multipurpose room; laundry facilities, common kitchens and living rooms on each floor; indoor bike storage; game room; grocery store stocked with fresh fruit, vegetables and dairy; private and shared study rooms; and housing staff offices. The 352-bed first phase of development was delivered in fall 2016. The second phase of the project was completed in fall 2021 and offers 534 beds. The development team for Phase III includes DFCM, Layton Construction and Method Studio.

February 1, 2023

Acquisitions Multifamily Seniors Housing Utah Western

1031 Crowdfunding Buys 178-Unit Seniors Housing Portfolio in Utah

by Amy Works January 26, 2023

ST. GEORGE AND LINDON, UTAH — 1031 Crowdfunding has acquired its first two seniors housing communities in Utah. Totaling 178 units of assisted living and memory care, the communities are in the Provo suburb of Lindon and St. George, which is located approximately 130 miles northeast of Las Vegas. Both properties total 156,473 square feet across 5.85 acres, offer seven-year leases, and are within a four-mile radius of local hospitals. “As 1031 Crowdfunding continues to grow, we plan to move into other regions of the country,” says Edward Fernandez, president and CEO of 1031 Crowdfunding. “Seniors housing facilities are needed throughout the country as the baby boomers continue to age, so we continue to look for opportunities to grow our real estate portfolio in targeted markets where we see seniors housing growth potential. The Utah market is attractive to us because the state offers an ideal environment for businesses, lower taxes and a mix of diverse and varied industries that draw people who want to live and work in the state.” The facilities, Spring Gardens St. George and Spring Gardens Lindon, were built in 2011 and 2016. Avista Senior Living is the operator.

January 26, 2023

Copper-Creek-Senior-Living-South-Jordan-Utah

Acquisitions Multifamily Seniors Housing Utah Western

Stellar Senior Living Acquires 103-Unit Anthology of South Jordan Seniors Housing Community in Utah

by Amy Works January 25, 2023

SOUTH JORDAN, UTAH — Stellar Senior Living has acquired Anthology of South Jordan, a 103-unit seniors housing community in South Jordan, a suburb of Salt Lake City. The new owner has changed the name to Copper Creek Senior Living. The property offers independent living, assisted living and memory care services. Copper Creek is located near retail, entertainment, recreational and healthcare destinations. Utah-based Stellar Senior Living is a family-owned senior living provider operating 28 senior living communities in nine states in the Western United States.

January 25, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Brokers Sale of 66-Bed Barrington Place Memory Care in Clinton, Utah

by Amy Works January 9, 2023

CLINTON, UTAH — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Barrington Place, a 66-bed memory care community in Clinton, 30 miles north of Salt Lake City. The facility was built in 2016, totaling approximately 32,862 square feet on 2.9 acres of land. A national owner-operator seeking to sell non-core assets sold the property to a family office based in the West for an undisclosed price. The new owner plans to install Ridgeline Management Co. as the operator. Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction. “Barrington Place is a well-constructed, newer, standalone memory care community that fits in well with the new owner’s long-term strategy to expand its seniors housing portfolio,” says Punzel.

January 9, 2023

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