Construction take-out financing arranged by JLL Capital Markets for Northshore Commerce Center in Saratoga Springs, UT

 

Northshore Commerce Center, Saratoga Springs, UT

SALT LAKE CITY, UT–  JLL Capital Markets has secured the construction take-out financing for Northshore Commerce Center, a 339,009-square-foot, 2023 vintage, Class A industrial portfolio in Saratoga Springs, Utah. Funding details were not disclosed.

 

JLL worked on behalf of the borrowers, a partnership between Bow River Capital and Wadsworth Development Group, to secure the loan.

Leon McBroom

Completed in 2023, Northshore Commerce Center consists of three state-of-the-art buildings featuring 28- and 32-foot clear heights, 76 dock-high doors, 10 grade-level doors and ample parking with 479 spaces. Currently, the portfolio is leased to a diverse range of global, national and regional tenants.

Strategically located at 593-659 N Saratoga Rd., the complex enjoys a prime position in North Utah County, which is known for its lack of industrial-zoned land, while offering convenient access to both Downtown Provo and Downtown Salt Lake City within a 30-minute drive.

Chris Gandy

Situated along UT-145 and just 3.5 miles from I-15 — Utah's busiest thoroughfare with 184,000 vehicles per day — Northshore Commerce Center provides excellent connectivity throughout the Wasatch Front.

Additionally, Texas Instruments recently announced that the company has selected Lehi for its next $11 billion 300-millimeter semiconductor plant, which continues to be a consistent demand driver for North Utah County.

The JLL Debt Advisory team was led by Senior Managing Directors Leon McBroom and Chris Gandy and Director Rob Bova.

Rob Bova.

“The Salt Lake City and Utah County region continues to experience robust demand for last-mile industrial space, fueled by its thriving economy and rapidly growing population,” said Gandy. “These factors, combined with the portfolio’s strategic location and the strength of its sponsorship, made Northshore Commerce Center a highly attractive financing opportunity.”

“This financing underscores the continued strength and appeal of the industrial sector in the Greater Salt Lake Valley, reflecting investors' confidence in the region's economic prospects and growth potential,” added Gandy.

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Contact:

 Grace Lewis

PR, Capital Markets

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com