SLC Office Building Changes Hands
- Feb 02, 2018
Creek Road Place LLC, an entity of Ridgewood Management, has sold a four-story, 44,825-square-foot office building for more than $8 million. Chairman Brandon Fugal and Senior Executive Vice President Jordan Wall of Coldwell Banker Commercial Advisors (CBC Advisors) arranged the transaction on behalf of the seller, while Dell Nichols of Vectra Management Group represented the buyer.
Located at 7440 South Creek Road in Sandy, Utah, between Hillcrest Heights and Akron, Creek Road Place is a Class A property with high-grade finishes, including stone floors, recessed lighting fixtures and floor-to-ceiling glass walls with panoramic views. Spread across a 2.1-acre site, the building features basement storing space and four parking places for every 1,000 square feet. According to CBC Advisors, the asset was 100 percent occupied at the time of the sale.
Although the area’s vacancy rate lingers at 7 percent, a recent Forbes report showed that Salt Lake City comes second with regards to overall U.S. technological advancements. The University of Utah and Salt Lake City International Airport are located a 20-minute drive away. The Shops at Ft. Union, Union Heights Center and Family Center are also nearby, while major thoroughfares like Union Park Avenue, Interstate 215 and South 1300 East are easily accessible from the property.
In another recent deal, CBC Advisors closed the sale of three office properties in Arlington, Texas.
Photo via Google Street View