Groundbreaking Takes Place for 62-Acre Valley Grove

St. John Properties hosted a groundbreaking on its 62-acre, mixed-use development in Pleasant Grove, UT. Upon buildout, the project will offer 1-million-square-feet of office, retail, restaurant and hospitality space at Pleasant Grove Boulevard, near Interstate 15. St. John Properties, headquartered in Baltimore, MD, already launched construction on the $250 million project, which will offer a

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Medical Innovator Taking 100K SF at Vestar SLC MXU

Recursion Pharmaceuticals plans to move its headquarters to The Gateway, Vestar’s 620,000-square-foot mixed-use shopping, dining and entertainment destination in Salt Lake City. The property is undergoing a $100 million redevelopment. The medical tech and biotech innovator plans to relocate from its current location in Research Park, near the University of Utah, in Spring 2018. Recursion

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Salt Completes Initial Phases of $100M Ultra-Lux MF in SLC

Salt Development completed the first two phases of the $100-million, 493-unit 4th West Apartments, an ultra-luxury multifamily community in Downtown Salt Lake City. The first two phases consist of 373 units, common areas and most amenities, which are available for immediate occupancy. Phase three includes 120 units, and is slated to be completed in Q3 2017. Comprised

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Blackstone, ShopCore Partnership Divests Utah Retail Center

Red Rock Commons, a fully-occupied 134,152-square-foot retail center in Saint George, UT, sold for $33.2 million. The buyer was Irvine, CA-based Pacific Castle, while the seller was Blackstone-ShopCore. The nearly 19-acre asset is located just off Interstate 15, at the northeast corner of S. River Road and E. 100 South. Built in 2011 and 2012

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Spectra Trades One Utah Locale for Another

Spectra Benefits has relocated its headquarters from 11650 State St. in Draper, UT to a new headquarters facility in Sandy, UT. The relocation moves the group employee and retirement benefits firm to a 10,000-square-foot building at 75 W. Towne Ridge Pkwy., adjacent to the InContact Building. The reason for the move was because of “multiple

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Banner Bank Promotes Jim McLean to Lead CRE Lending

Banner Bank promoted Jim McLean to EVP of its CRE lending division, and a member of  the bank’s executive management committee. McLean is filling the position vacated by Doug Bennett, who retired after more than 30 years with the Washington-chartered commercial bank. McLean now leads a team of nearly 80 employees throughout the Banner Bank’s

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Hines Buys 50 Acres, Plans First SLC Development

Houston-based Hines acquired a 49.5-acre acre property in West Valley City, UT, just outside of Salt Lake City, where it plans to develop 201 Mountain View Park. The project is planned as a single-phased Class A industrial/logistics park containing 727,000 square feet of space. The project will include four buildings, three rear-load medium distribution buildings

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Bright Plan for Rooftop Solar Deployment

Officials of Salt Lake City, UT, in conjunction with Utah Clean Energy, recently unveiled a 10-year plan streamline and expand rooftop solar through both city and state. Operating under the name “A Bright Future: 10 Year Solar Deployment Plan,” the details provide a variety of solutions to help Utah become the leader in the nation’s

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Arch Street Divests SLC FBI Facility to DC-Investor

Greenwich, CT-based Arch Street Capital Advisors sold the Federal Bureau of Investigation (FBI) Field Office in Salt Lake City, on behalf of an unnamed institutional client to Washington, DC-based Easterly Government Properties, Inc. The 169,542-square-foot, mission critical facility is 100% leased to the U.S. GSA on behalf of the FBI. Terms were not released. Located

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Columbus Pacific Secures $165M loan for Pendry Park City

Mosaic Real Estate Credit provided $165 million in construction financing to Columbus Pacific for development of Pendry Park City in Utah. Pre-construction work on the residential resort has begun. An official groundbreaking is scheduled for summer, and completion is anticipated for winter 2021. Situated in the Canyons Village on Sundial Court, the residential resort will

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