nuveen real estate has sold Sandy Commerce Park, a 121,197 square foot Class A creative office building located in Sandy, Utah, a suburb of Salt Lake City. buyer, Alturas Capital Partners LLCtook out a five-year, $13 million acquisition loan from a life insurance company. symetrapublic records show. JLL Represented the seller in the transaction and arranged financing on behalf of the borrower.
Completed in 2017, the property is fully leased to eight tenants, with an average weighted lease term of 3.7 years. Some of the tenants include Momentum Loans, Colonial Life and SeniorCare Benefits.
The Class A office building is five stories tall and has an average floor area of 25,000 square feet. The facility features three passenger elevators, floor-to-ceiling glass, bicycle storage and approximately 600 parking spaces.
The property sits on 6.5 acres at 9490 S. 300 W. in the Silicon Slopes submarket, with several retail and dining options nearby, including The Shops at South Town and Walmart Supercenter. Downtown Salt Lake City is approximately 22 miles northeast and Salt Lake City International Airport is 30 km away.
The JLL investment sales and advisory team representing the seller included Senior Director Phil Brierley and Director Cole Macadaeg. The JLL Debt Advisory team that arranged the financing for Alturas Capital Partners consisted of Managing Director Mark Root and Director Will Haas.