Salt Lake City—The Salt Lake office of CBRE has announced the sale of a four-building office portfolio located at 3809 South West Temple in Salt Lake City. Set to be redeveloped as a multifamily property, the site is adjacent to the Meadowbrook Trax Station. Eli Mills, Scott Wilmarth and Patrick Bodnar represented the seller in the transaction and Patrick Juhlin represented the buyer, Castlewood Development.
The 5.61-acre site is located on the corner of 3900 South and West Temple and is planned to be redeveloped as a multifamily property. The current plans include 290 units built in two phases with amenities such as a fitness club, a rooftop pool, a spa and barbeque areas. A 5,300-square-foot retail and restaurant component is also planned to be incorporated into the development. The project is set to begin construction mid-2018 with an anticipated completion date in the fourth quarter of 2019.
Juhlin, senior associate, commented, “This development will add additional, moderately priced rental units at a time when affordable housing options are in great demand along the Wasatch Front. In addition to the list of amenities that will be incorporated into the site, future residents will live adjacent to a Trax station, giving them the ability to commute to downtown Salt Lake City in 15 minutes—a significant draw for many future renters. This development has the potential to revitalize the area from a primarily industrial location to a resident-friendly neighborhood.”
The buyers, Castlewood Development Inc. and Staker Investments, specialize in real estate development, including land acquisition and entitlement as well as residential, multifamily, and apartment development and construction.