Nuveen Sells Salt Lake City Office Asset
The Class A, 121,200-square-foot building was fully leased at the time of the sale.
Sandy Commerce Park came online in 2017. Image courtesy of JLL
Nuveen Real Estate has sold Sandy Commerce Park, a 121,197-square-foot Class A creative office building in Sandy, Utah, a Salt Lake City suburb. The buyer, Alturas Capital Partners LLC, took out a $13 million, five-year acquisition loan from life insurance company Symetra, public records show. JLL represented the seller in the transaction and arranged the financing on behalf of the borrower.
Completed in 2017, the property is fully leased to eight tenants, with the average weighted lease term reaching 3.7 years. Some of the tenants include Momentum Loans, Colonial Life and SeniorCare Benefits.
The Class A office building rises five stories with an average floorplate of 25,000 square feet. The property features three passenger elevators, floor-to-ceiling glass, bike storage and some 600 parking spaces.
Located on 6.5 acres at 9490 S. 300 W. in the Silicon Slopes submarket, the property is close to several retail and dining options, such as The Shops at South Town and a Walmart Supercenter. Downtown Salt Lake City is some 14 miles northeast, while Salt Lake City International Airport is 18.6 miles away.
The JLL Investment Sales and Advisory team that represented the seller included Senior Director Phil Brierley and Director Cole Macadaeg. The JLL Debt Advisory team that arranged the financing for Alturas Capital Partners comprised Managing Director Mark Root and Director Will Haass.
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