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Faris Lee Arranges $1.8 Million Sale of Autozone Ground Lease in Taylorsville, Utah

by Julia Sanders

Taylorsville, Utah — Faris Lee Investments has arranged the $1.8 million sale of an Autozone ground lease in Taylorsville. Don MacLellan and Tom Chichester of Faris Lee Investments represented the seller in the transaction, a private equity fund out of Dallas. The AutoZone ground lease sold for a 4 percent cap rate with 20 years remaining on the lease. The buyer was in a 1031 exchange and closed with all cash at asking price. The Autozone property is part of The Crossroads at Taylorsville, a community center that is co-anchored …

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FinanceIdahoNewsUtahWashington

JLL Capital Markets Arranges $274.4 Million Refinancing for Six-Property West Coast Retail Portfolio

by Katie Sloan

Seattle; Boise, Idaho; and Salt Lake City — JLL Capital Markets has secured $274.4 million in financing for a six-property portfolio of core-quality retail centers totaling 2.7 million square feet across Seattle, Boise and Salt Lake City. The borrower is a joint venture between CenterCal Properties, a large pension fund and its advisors Principal and PCCP. The financing includes five separate 10-year, fixed-rate, non-recourse CMBS loans provided by JP Morgan Chase. Loan proceeds were used to retire existing debt and rebalance leverage across the portfolio. The portfolio consists of four grocery-anchored shopping centers, one power …

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DevelopmentFinanceMixed-useNewsRetailersUtah

Columbia Pacific Advisors Provides $31.1 Million Construction Loan for Development of Campus SLC in Salt Lake City

by Alex Tostado

Salt Lake City — Columbia Pacific Advisors Bridge Lending, a subsidiary of Columbia Pacific Advisors, has provided a $31.1 million loan for the construction of Campus SLC, a 130,000-square-foot property that will feature anchors winter sports retailer Evo and rock climbing gym The Bouldering Project. The property will also feature local retailer L9 Sports, an art gallery, dining options, a skatepark and other recreational activities. Campus SLC will be situated at the former site of an industrial plant in Salt Lake City’s Granary district. Will Nelson of Columbia Pacific Advisors …

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DevelopmentMixed-useNewsUtah

CenterCal Properties Prepares for Phase II of Mountain View Village Mixed-Use Project in Utah

by Alex Tostado

Riverton, Utah — CenterCal Properties has selected Okland Construction Co. Inc. to build the second phase of Mountain View Village Phase II, an 85-acre lifestyle development in Riverton. The second phase will include five pocket parks with unique amenities; show fountains; a covered market hall-style pavilion with a collection of eateries and common indoor and outdoor seating; a 14-screen Cinemark movie theater complex; and retail, restaurant and commercial spaces. The first phase includes a Harmons Grocery Store and Fuel Shop and more than 35 retailers, businesses and dining options. Okland …

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Content PartnersFaris Lee InvestmentsInvestment salesNet leaseNewsRetailersTexasUtah

Faris Lee Arranges $11.1 Million Sale of Two Walgreens-Leased Properties

by Alex Tostado

Lake Worth, Texas and Tooele, Utah — Faris Lee Investments has arranged the sale of two Walgreens-leased properties for a total of $11.1 million. The first property is a 13,548-square-foot Walgreens located at 6244 Lake Worth Blvd., 40 miles west of downtown Dallas. Walgreens recently signed a new triple net lease, featuring a 15-year term with 12 five-year renewal options. The lease also has a 5 percent rent increase every five years for the duration of the initial term. The second property, a 14,762-square-foot Walgreens situated at 188 N. Main …

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Investment salesNewsRetailersUtah

Ostler Holding Sells Family Dollar-Occupied Retail Property in Helper, Utah

by Alex Tostado

Helper, Utah — Ostler Holding Limited Company of Utah LLC has completed the disposition of a retail building located at 610 U.S. Highway 6 in Helper. An in-state limited liability company acquired the asset for $1.3 million. Built in 2019 on 1.4 acres, the property features 8,320 square feet of retail space. Family Dollar occupies the building on a double net lease with 8.5 years remaining on the term. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the transaction.

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Investment salesNet leaseNewsRetailersUtah

DWG Capital Group Arranges $6.6 Million Acquisition of Walgreens-Occupied Building in Utah

by Alex Tostado

South Ogden, Utah — Los Angeles-based DWG Capital Group has negotiated the purchase of a single-tenant, net-leased retail property located in South Ogden, approximately 35 minutes from Salt Lake City. A Sacramento, California-based private family trust acquired the property for $6.6 million. Built in 2010, the 14,490-square-foot property is situated on 1.6 acres at 6016 S. 1550 East. A corporate-operated Walgreens occupies the property under a 17-year, triple-net lease. Judd Dunning of DWG Capital Group, along with Mitchell Asset Group, represented the buyer, while Deerfield Partners represented the undisclosed seller …

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CaliforniaCompany newsContent PartnersFaris Lee InvestmentsGrocery-anchoredNewsRetailersUtah

Faris Lee, MTN Retail Advisors Enter into Partnership

by Alex Tostado

Irvine, Calif. and Salt Lake City — Faris Lee Investments and MTN Retail Advisors, a grocer-specialized data collection and analytics provider, have entered into a partnership to combine Faris Lee’s retail, real estate, finance and investment advisory services with MTN’s proprietary technology, which includes artificial intelligence (AI) machine learning. MTN currently has data on 28,000 active grocers across the United States and expects that number to grow to 40,000 over the next 18 months. The partnership between Irvine-based Faris Lee Investments and Salt Lake City-based MTN Retail Advisors will also …

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Investment salesNewsRestaurantsUtah

Four Corners Property Trust Acquires Three Restaurants in Utah for $4.9 Million

by Alex Tostado

Logan, Utah — Four Corners Property Trust (FCPT) has purchased three restaurant outparcel properties located adjacent to a mall in Logan, Utah. The aggregate acquisition price was $4.9 million. The name of the seller was not disclosed. The properties are occupied by Texas Roadhouse, Olive Garden and Arby’s, and each property is leased to corporate operators under triple-net leases with approximately seven years of weighted average term remaining.

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Investment salesNewsRetailersUtah

Evergreen Devco Sells 5,500-Square-Foot Retail Center in Utah for $3.1 Million

by Alex Tostado

Pleasant Grove, Utah — Evergreen Devco has completed the disposition of a newly developed retail center, located at 855 W. State St. in Pleasant Grove, Utah. Pinot Pasadena Land Co. acquired the property for $3.1 million. The 5,500-square-foot, multi-tenant retail space was fully occupied at the time of the sale by tenants including Mo’ Bettahs Hawaiian Style restaurant Beans & Brews Coffee House and Dough Co., which is set to open this spring. Evergreen purchased the one-acre site in June 2018 and completed the retail center in November of that …

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