NorthMarq Arranges Financing for Utah Office Portfolio Acquisition
- Dec 12, 2019
Dakota Pacific has purchased Riverwoods I, II and III, a three-property office portfolio totaling 179,466 square feet in Provo, Utah, from EsNet Group, according to public records. NorthMarq Capital’s John Bradshaw arranged a $19.4 million in acquisition financing on behalf of the buyer. America First Federal Credit Union provided the permanent, fixed-rate loan, public records show.
Situated at 5152, 5252 and 5255 North Edgewood Drive alongside Freeway 189, within 5 miles from downtown Provo and around 41 miles from downtown Salt Lake City. The office buildings are conveniently located near eateries and shopping options, including The Shops at Riverwoods.
Constructed in 1994 and 2001, the three buildings occupy a total of 14.6 acres and feature floor plates ranging from approximately 16,700 to 24,000 square feet. Characteristics of the buildings include above and standard ceiling heights and a parking ratio of 4.5 spaces per 1,000 square feet.
Earlier this year, NorthMarq has arranged $3 million in financing for the acquisition of Wildwood Plaza, a 17,490-square-foot property in St. Louis.