The Zeller

A rendering of The Zeller, a 293-unit multifamily development that was completed in 2018 and sold Aug. 27, 2019. 

CBRE announces sale of Zeller development

The Salt Lake office of CBRE announced last week the sale of The Zeller, a Class A, transit-oriented multifamily development located in Salt Lake City. Eli Mills and Patrick Bodnar represented the seller, a joint venture partnership between Watt Investment Partners and certain funds managed by Westport Capital Partners, according to the press release.

The Zeller, completed in 2018 and located at 2255 S. 300 East, is made up of 293 modern-style apartment units. Amenities include a 25-meter lap pool and rooftop lounge with a fire pit. The property was 94% occupied at the time of the sale, the press release states.

“This sale is another example of just how high the demand is for Salt Lake apartment products—not only for private equity investors, but also notable institutional investors. The number of institutional investors in the area has been increasing for several years now, and we expect this trend to continue,” Bodnar, CBRE vice president, said. “The buyer is a new institutional group in the market and is thrilled to have planted a stake in the ground in Salt Lake City, becoming a part of this high-growth market area.”

New mail scam targets Utah business owners

The Utah Department of Commerce announced last Thursday there have been multiple reports of business owners receiving letters instructing them to pay $72.50 for a Certificate of Existence with the state, a certificate which normally costs just $12.

Utah Department of Commerce Executive Director Francine A. Giani said the Division of Corporations and Commercial Code and Division of Consumer Protection received the reports.

According to a press release, the letters received by business owners are addressed from “UT Certificate Service,” which does not exist in Utah, and it directs companies to a Springville address for payment. The press release states the practice may be legal, but confusing for business owners.

“Utah is the place for business and unfortunately our state’s economic reputation also attracts those looking to make a buck off the backs of our hard working business owners,” Giani said.

Officials with the Division of Corporations are concerned business owners may think these letters are real government notices. According to the press release, state regulators wish to remind the public and companies that these letters are not sanctioned by the Utah Division of Corporations and no one is required to respond to them. Businesses can search their business name at the division’s website and request their Certificate of Existence here for the correct price of $12.

Businesses who have received a letter and have questions about their registration can contact the Division of Corporations and Uniform Commercial Code at (801) 530-4849. Business owners who sent money to the “UT Certificate Service” and would like to file a complaint with the Division of Consumer Protection can fill out an online form on the division’s website.

Employment trends for Utah released

Staffing agency and workforce solutions company Kelly Services recently released a report for the month of August showing workforce insights and employment trends along the Wasatch Front.

According to the report, despite Utah County’s low unemployment (2.6%), month-over-month data shows there were job losses in every county in the state, except for Washington County. However, the state’s employment growth year-over year was the third highest in the country, at 2.7%. The report suggested, via UtahPolicy.com, that Utah’s job creation is constrained by the low unemploymen trate.

Employment in Utah County increased by 10,713 over the past year — but from July to August, employment decreased by 3,070.

View the full report for August 2019, as well as previous months, by visiting the company website and searching for “employment trends.”