Hines, Oaktree Sell 2 Buildings in Utah’s Silicon Slopes
- Apr 05, 2017
A joint venture between Oaktree Capital Management and Hines recently sold South Towne Corporate Center in southern Salt Lake City to a partnership between EverWest Real Estate Partners and Independencia Asset Management. NGKF Capital Markets’ President of West Coast Capital Markets Kevin Shannon, Executive Managing Director Ken White, Managing Director Rick Stumm and Eli Mills with CBRE represented the sellers of the two-building, Class A asset totaling 262,219 square feet.
Located at 150 and 200 West Civic Center Drive in Sandy, Utah, the two buildings sit on more than 10 acres. They are approximately 25 minutes from the International Airport and the Salt Lake City CBD, as well as in close proximity to the Sandy Trax station. South Towne is in the South Valley submarket and within Utah’s Silicon Slopes technology corridor, home to many of the 5,000 tech companies in the state, including Adobe, Microsoft, eBay and Oracle.
“The unrivaled physical asset quality, along with the central location and proximity to surrounding amenities, have consistently attracted top-tier tenants to the property. New ownership is inheriting a best-in-class asset in a highly desirable, tech-driven submarket with stable cash flow and an impressive credit tenant roster,” said Shannon in prepared remarks.
Built in 2000 and 2006, the properties include two six-story buildings that are currently 96 percent leased to tenants such as E*Trade Financial, CoreLogic Solutions, Cadence Design Systems and New York Life Insurance Co. According to Yardi Matrix data, each building has an adjacent parking structure, plus surface parking for an additional 733 vehicles. Both South Towne Corporate Center buildings received Energy-Star designation in 2010.
At the beginning of this year, NGKF Capital Markets also completed the sale of a Class A office property in the heart of the Irvine Business Complex in California.
Image courtesy of NGKF