August 19, 2021 9:00 AM
Newmark Knight Frank (“Newmark”) announces it has arranged the sale of Lake Pointe Corporate Centre, a two-building, Class A suburban office campus centrally located in West Valley City.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Rick Stumm, in cooperation with Executive Managing Director Bryce Blanchard and Senior Investment Advisor Steve Walton, represented the Portland-based seller, Felton Properties. The buyer was a partnership between Advanced Medical Properties and George Urban Properties, both based in Orange County, California. Newmark’s Vice Chairman David Milestone and Senior Managing Director Brett Green secured the acquisition financing on behalf of the buyer.
“Since the onset of the pandemic, we have seen a notable increase in private capital investing in office assets to fill the void of temporarily diminished institutional demand for the asset class,” said Shannon.
Blanchard added, “The successful sale of Lake Point 1 & 3 represents another vote of confidence for the Salt Lake County office market. A deep field of buyers confidently underwrote the asset as Utah’s office market showed tremendous resiliency to the effects of COVID-19. We were pleased to work with George Urban Properties as they expanded their holdings in a key target market in conjunction with facilitating an excellent exit for Felton Properties.”
The property, located at 2850 and 2875 South Decker Lake Drive, was developed in the late 1990s within the Decker Lake Business Park, a master-planned commercial district in West Valley City. Comprising a total of 182,121 square feet, the property is currently 97% leased to a roster of nationally recognized tenants. Since 2018, the property has undergone significant capital upgrades including fully renovated lobbies, digital tenant directors, fitness center enhancements, elevator modernizations, prominent signage, refurbished restrooms and corridors and tenant interior improvements.
Lake Pointe Corporate Centre is located within West Valley City’s Decker Lake commercial district—at the intersection of the I-215 belt route and SR-201—providing convenient access throughout the greater Salt Lake region via the expansive freeway network. The property is also situated less than half a mile from two TRAX Green Line stations and in proximity to the International Airport.
The greater Wasatch Front office market is comprised of four counties — Weber, Davis, Salt Lake and Utah – which consists of 70.6 million square feet of office space. The property sits roughly in the center of this four-county area, putting it in a unique position to draw from the workforces of the majority of Utah’s geographic population base. Throughout 2020, the Salt Lake office market demonstrated its resilience and how its diversified economy has helped it become one of the fastest cities to bounce back from COVID-19’s economic impact. Net absorption for all classes was solidly positive and rent growth continues to trend upward, as Salt Lake’s average asking lease rate notched $25.15 per square foot, according to Newmark Research.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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