Hines/Oaktree JV Buys 248 KSF Office Complex in Sandy

By Alex Girda, Associate Editor KBS Realty Advisors has closed on the sale of South Towne Corporate Center in Sandy to a joint venture of Hines and an affiliate of Oaktree Capital Management. The deal is Hines/Oaktree’s second acquisition following last year’s pickup of Alton Corporate Plaza in Irvine, Calif. Located 15 miles from Downtown Salt [...]

KBS Realty Advisors has closed on the sale of South Towne Corporate Center in Sandy to a joint venture of Hines and an affiliate of Oaktree Capital Management. The deal is Hines/Oaktree’s second acquisition following last year’s pickup of Alton Corporate Plaza in Irvine, Calif.

Located 15 miles from Downtown Salt Lake City, the 248,352-square-foot property  consists of 150 Civic Center Drive, a six-story, 124,046-square-foot building unveiled in 2000, and 200 Civic Center Drive, a 124,306-square-foot office building developed in 2006. Adjacent structures offer 592 parking spaces, complemented by 733 surface spaces. 

The complex has a 99 percent occupancy rate a tenant roster featuring names such as Cadence, CoreLogic, E*Trade, New York Life and Seamless.

As part of the deal, Hines is assuming property management tasks for the property. Eastdil Secured handled all aspects of the transaction for KBS.

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