Hines/Oaktree JV Buys 248 KSF Office Complex in Sandy
- Jul 11, 2012
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.
Photo courtesy of Google Maps