Basis Investment Group LLC, a national commercial real estate debt and equity investment platform founded by CEO Tammy K. Jones, has provided a $23.1M bridge loan to Scannell Properties to facilitate the refinancing of Sierra Vista Way, a recently constructed industrial property in Provo, Utah. The bridge loan is an investment held in BIG Real Estate Fund III.
“Scannell Partners has been a trusted partner for many years, and we are excited to extend that relationship with the refinancing of Sierra Vista Way,” Jones said. “Situated at a key nexus of Western U.S. logistics routes, the property offers a compelling location for businesses with regional and national operations. We are proud to support Scannell on this project and look forward to its continued progress and value creation.”
Sierra Vista Way is a 158,765-square-foot industrial building strategically located within the Mountain Vista Business Center, with direct access to Interstate 15, U.S.-189, State Route 114, and Lakeview Parkway. The property benefits from its proximity to multimodal logistical infrastructure, including Provo Municipal Airport, the Utah Transit Authority FrontRunner commuter rail station, and Union Pacific’s Salt Lake City Intermodal Terminal. Currently, 44.5% of the property is leased to anchor tenant, Vox Fulfillment, a third-party logistics provider headquartered in Provo.
“We welcome Basis Investment Group’s debt investment in the Sierra Vista Way property,” said Evan O’Brien, director, Scannell Properties. “The refinance represents another successful transaction between Scannell Properties and Basis. Scannell Properties is confidently moving full steam ahead to lease the available space to interested parties for logistics, warehouse or distribution use.”
