26.07.2021, 23:02
Acquisition of Class A office Buildings in Drapier, Utah
Sterling Realty Organization (SRO) has acquired four office buildings on the Vista Station development in Utah in a sale brokered by Cushman & Wakefield.
The portfolio comprizing Buildings 4, 7, 8 and 10 offers a total area of 541,678 SF and is located on a 44-acre plot that includes a 13-acre amenity park at Draper Station which is operated by the Frontrunner Network.
Draper Station will also be the future terminus for a new rapid bus transit network, making the location one of the most accessible Silicon Slopes destinations.
Built between 2016 and 2018, Vista Station was developed to be energy efficient and features solar panelling. The site is also highly amenitized and includes a parking canopy, 13-acre park, basketball and volleyball courts, parks and trail access.
Cushman & Wakefield vice-chairman Kip Paul and Eli Mills, senior vice-president, CBRE, represented the seller – a joint venture between full-service commercial, medical and government real estate developers The Boyer Company and Gardner Company, in the transaction.
Paul comments: “This is a significant sale for the Greater Salt Lake City office sector and characterizes the ongoing confidence that investors maintain in this market—particularly for high-quality product that offers a modern, amenitized workplace.”
Mills adds: “Vista Station is an institutional-quality asset in the popular Draper submarket, a highly desired area due to its centralized location within the Silicon Slopes tech corridor.”
Bellevue, WA-based Sterling Realty Organization is a 110-year old property investment company focused on the Seattle and Salt Lake City markets. The company operates a 2.7 million SF portfolio of investment-grade income properties.
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