August 2024 Utah Real Estate Roundup: News about Commercial, Industrial, Multifamily, and/or Government Real Estate Transactions Valued at Over $430 Million

In an effort to keep Utah Money Watch readers abreast of recent significant news about multifamily, industrial, commercial, and/or government real estate activities within the state of Utah, we've prepared this mini-report summarizing the top events during August 2024.

UTAH'S MAJOR COMMERCIAL REAL ESTATE TRANSACTIONS AND/OR NEWS FOR AUGUST 2024

• Layton Hills Mall in Layton, Utah has been purchased for $37.125 million by Second Horizon Capital from Chattanooga, Tennessee-based CBL Properties (NYSE:CBL). According to a Second Horizon news release, the more than 595,000-square-foot Layton Hills Mall is is home to such major tenants as Dillard’s, JCPenney, Dick’s Sporting Goods, and Cinemark, among others.

UTAH'S MAJOR INDUSTRIAL REAL ESTATE TRANSACTIONS AND/OR NEWS FOR AUGUST 2024

• An industrial park comprised of three industrial buildings of slightly over 279,000 total square feet sitting on a 14.53-acre parcel in southwest Salt Lake City was sold recently for $34.99 million. According to news release published by Southern California-based Matthews Real Estate Investment Services, Matthews negotiated the sale/purchase of the multi-tenant property located on 900 West between 2900—3100 South in the capital city. STOS Partners of San Diego, California was the ultimate buyer of the off-market sale, a "... privately held commercial real estate investment and management firm" with close to $2.0 billion in transactions since its formation in 2015. This is the first real estate purchase for STOS in the Beehive State. The seller was not disclosed.

UTAH'S MAJOR MULTIFAMILY REAL ESTATE TRANSACTIONS AND/OR NEWS FOR AUGUST 2024

• Orem, Utah-based Havenpark Communities has purchased an 476-site mobile home park in Stewartville, Minnesota for $40.5 million. According to a writeup by the Post Bulletin, the mostly publicity-shy Havenpark purchased the manufactured home park from Sun Communities. According to a Case Study published by Hubspot, Havenpark has owned as many as 85 manufactured home communities across the U.S. since its launch in 2015, although the company website does not disclose today the number of such parks it owns today.
• Jackson Hole, Wyoming-based Orion Real Estate Investment & Development has secured a $45 million debt financing facility from Builders Capital to complete 59 new condos at The Mason, a luxury condominium development in Park City, Utah. According to Orion's news release, The Mason is located across from the highly anticipated Deer Valley East Village and adjacent to Jordanelle Reservoir. The Mason is reportedly 90% pre-sold and is slated for completion in winter 2025.

UTAH'S MAJOR GOVERNMENT REAL ESTATE TRANSACTIONS AND/OR NEWS FOR AUGUST 2024

• On 06 August 2024, Iron County (Utah) broke ground on its new $95 million County Jail which is being built on a 33.5-acre site located south of the Cedar City Regional Airport in Cedar City, Utah. The new facility will be able to house nearly 675 inmates, and as noted in its LinkedIn account, Sandy, Utah-based Layton Construction is the lead contractor on the project.

• Backed by $100 million in new funding approved this year by the State Legislature, the University of Utah will build a new headquarters for the U.S. Army Reserve at Camp Williams in Bluffdale, Utah. As noted by the UofU in a news release announcing the agreement between it and the Army Reserve, as a result of this effort, the USAR will vacate its current Utah headquarters and the 50 acres it currently occupies just east of the UofU campus.

According to the news release,

"The 31.9-acre site near Camp Williams offers modern facilities and excellent access for reservists, supporting future expansion and enhancing operational synergy with the Utah Army National Guard. The 220,000-square-foot Army Readiness Building—which includes administrative offices, storage and a separate vehicle maintenance shop—is slated to open in the spring of 2026."

• Utah's Canyons School District will spend $50 million to acquire EBay's regional headquarters in Draper, Utah. According to the Canyons' news release, "... the 36-acre eBay campus in Draper to serve as the home for a new high-tech career-training center" and will replace the School District's "... existing 42-year-old Canyons Technical Education Center ..." in Sandy, Utah. The current eBay campus "... features a state-of-the-art 215,000-square-foot facility and 16 acres of developable land, ..." land which might also house an elementary school in the future. The opening of the new high-tech career-training center is slated for the fall of 2026.

• The Salt Lake City-based University of Utah has received a $12 million gift to fund the ION Management Science Lab within the University's David Eccles School of Business. According to the UofU's news release, the $12 million gift has been made by Andrea Pignataro and the ION Foundation. Pignataro, one of Italy's wealthiest individuals, has a net worth pegged at over $25 billion as the founder of ION Group.

According to the announcement, "Dr. Todd Zenger, the Presidential Professor of Strategy and Strategic Leadership and the N. Eldon Tanner Chair at the Eccles School, will serve as the director of the ION Management Science Lab."

• Cedar City, Utah-based Southern Utah University has broken ground on its 22,000-square-foot Joe and Beverly Burgess Family Business Center. According to Brooke Heathe, SUU's Director of Public Relations, the University is expected to spend $18.7 million on the new building, which is schedule for completion in time for the start of the spring semester in January 2026. Highlights of the Burgess Family Business Center will include

— "A state-of-the-art professional sales center;
— "A dedicated career services center;
— "A classroom and lounge to specifically support SUU’s expanding graduate programs;
— "An outdoor pavilion and event area to host events for students, employers, faculty, and friends of SUU; (and)
— "The Burgess Family Business Center will be connected to the existing Leavitt School of Business building via a skybridge."

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