Salt Lake City

The emerging tech sector in Utah could be the beginnings of a market boom akin to that of Northern California.

California is still a top market, despite its maturity, along with Western US secondary markets that show signs of growth.

The property is currently 76% occupied. Bridge Investment Group, which acquired more than 6 million square feet of space in the US in 2018, says it plans to undertake a $5-million capital improvement program at the campus.

The second tranche of the purchase involves an unidentified property that is currently under construction. When the purchase of that property closes, the deal will bring the total five-property portfolio to change hands at 531 units and the total purchase price at $130 million.

The project now named The Green on Campus Drive, reportedly valued at approximately $100 million, will consist of five buildings with 1,605 beds—single-occupancy rooms for residents—as well as a parking structure.

Collective Medical moves its headquarters to Salt Lake City, the latest news in the growth of tech industries in the market.

The purchaser, an affiliate of Salt Lake City-based Bridge Investment Group, has added nine senior housing properties to its portfolio with the deal to acquire Somerby, which is headquartered in Birmingham, AL.

Despite rising interest rates, tightening credit and lingering uncertainty over the geopolitical climate, many commercial real estate experts remain bullish on the market going into the new year.