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.

For more news, videos and research resources, please visit JLL’s newsroom. 

  

Contact:

 Grace Lewis

PR, Capital Markets

2401 Cedar Springs Rd.

Dallas, Texas 75201

M +1 903 520 3478

JLL.com

 

 

Shaner Hotels Announces Alliance with Dubai-Based The First Group

The First Collection at Jumeirah Village Circle,  the upper upscale,
 40-story hotel,  marks Marriott Bonvoy’s Tribute
Portfolio debut in the Middle East. 

 

 

 

STATE COLLEGE, PA —Officials of Shaner Hotels, an award winning, international hotel owner, operator and developer, have formed an alliance between its Shaner Italia division and Dubai-based The First Group. 

 

 As part of the strategic alliance, The First Collection at Jumeirah Village Circle, a Tribute Portfolio Hotel, will be the first of many similar projects the partnership will seek to expand its portfolio. This is the first hotel to debut under The First Group’s lifestyle hospitality brand, The First Collection.

Plato Ghinos

“While there is an obvious and growing demand for well-branded, well-operated hotels throughout the Gulf region, there are surprisingly few existing opportunities there to pursue as local owners tend to gravitate toward independent properties with lesser oversight,” said Plato Ghinos, president, Shaner Hotels . “This partnership aims to fix that, providing services for all stages of the hotel life cycle, from site selection through final sale.”

Apo Demirtas

“Our alliance with Shaner Hotels will enable both organizations to benefit from the cross-pollination of proprietary operational systems and vast hospitality experience which will accelerate the expansion of our portfolio of managed hotels and F&B assets.” said Apo Demirtas, chief strategy officer, The First Group Hospitality.

               

 The new alliance will promote hotel management agreements (HMAs) throughout the Middle East, North Africa, Greece and Cyprus.  Hotels will operate under the First Collection, Tribute Portfolio and the Marriott international family of brands.

 

                “Shaner has a well-deserved reputation as a strong international operator with hotels throughout Greece, Italy, the Bahamas and the United States,” said Rob Burns, CEO, The First Group.  “With a firm grasp of regional dynamics, a strong internal culture and an existing footprint along the Mediterranean, they are an ideal partner to expand further into the Gulf region.”

              Robert Burn

                                   The First Collection at Jumeirah Village Circle, 

                                                       a Tribute Portfolio Hotel

 

                Developed by The First Group and operated by The First Group Hospitality, the upper upscale, 40-story hotel marks Marriott Bonvoy’s Tribute Portfolio debut in the Middle East.  The 491-suite tower provides premium amenities, including a stylish business lounge, expansive swimming pool and sundeck, fully equipped fitness center and spa center with separate male and female treatment facilities. 

 

Nestled in the vibrant Jumeirah Village Circle, the hotel is a short ride from Dubai’s beaches, Downtown Dubai, Dubai South and Al Maktoum International Airport.

Lance Shaner

“The First Group has developed a true gem in the Middle East with The First Collection at Jumeirah Village Circle, a Tribute Portfolio hotel, already having won multiple awards prior to even opening its doors for business,” said Lance Shaner, chairman and CEO, Shaner Hotels. 

 

“We are confident that we will help the hotel succeed both financially for our stakeholders and personally with our guests as we provide a truly one-of-its-kind experience for discerning travelers to Dubai.”

 

 

Contact:

 

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com