Construction take-out financing secured for Northshore Commerce Center

SALT LAKE CITY, Nov. 25, 2024 – JLL Capital Markets announced today it 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.

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

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. 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.

“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.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Bow River Capital is a private alternative asset manager based in Denver, Colorado, focused on investing in the lower and middle market in five asset classes: defense technology, private credit, private equity, real estate, and software growth equity. Through its subsidiary Bow River Advisers, LLC, Bow River Capital also offers a registered mutual fund – Bow River Capital Evergreen Fund (EVERX) – designed to provide institutional-quality private market access to a broader set of investors. Collectively, the Bow River Capital team has deployed capital into diverse industries, asset classes and across the capital structure.

Bow River Capital Evergreen Fund is distributed by Foreside Financial Services, LLC, which is not affiliated with Bow River Capital or its affiliates.

For more information on Bow River Capital, please visit www.BowRiverCapital.com.

Established in 1996 and headquartered in Draper, UT, Wadsworth Development Group (“WDG”) is one of the Intermountain West’s leading full-service real estate development and asset management companies. WDG is a vertically integrated developer focused on growth markets from Washington to Arizona. The team has a deep track record completing Industrial, Flex, Office, Retail, Multi-Family, Hospitality and Mixed-Use projects across Western US markets. WDG also offers in-house asset management services, focused on increasing long-term value and building strong relationships with clients.