Creek Road Place - Office Building Sale Brandon Fugal | Jordan Wall 7440 South Creek Road | Sandy, Ut
CREEK ROAD PLACE - OFFICE BUILDING SALE BRANDON FUGAL | JORDAN WALL 7440 SOUTH CREEK ROAD | SANDY, UT
6550 South Millrock Dr., Suite 200 | Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com CREEK ROAD PLACE - OFFICE BUILDING SALE 7440 SOUTH CREEK ROAD | SANDY, UT
Brandon Fugal Jordan Wall Chairman 801.453.6833 801.947.8300 [email protected] [email protected]
6550 South Millrock Dr., Suite 200 | Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com EXECUTIVE SUMMARY CREEK ROAD OFFICE BUILDING | SANDY, UT
CBC Advisors is pleased to offer for sale the Creek Road Place Building in Salt Lake City, Utah. This unique offering provides a qualified buyer the opportunity to own a one of a kind office building in the prestigious Union Park sub-market, which is a 3-minute drive to access I-215 and is directly accessed along 1300 East. The property is also located in close proximity to countless amenities and services with Union Heights Center to the southwest and the Family Center located to the northwest. The property also has basement space that several tenants use for both storage space and additional office space. The building has a strong history of high occupancy and tenant renewals, and benefits from a seasoned rent roll with high retention rates, as demonstrated by some tenants who have resided in the building since its inception.
Upscale Finishes & Quality: Constructed in 2009, this 4-story Class A building presents an impressive 7440 SOUTH CREEK ROAD image, with the building facade consisting of SANDY, UTAH 84093 abundant glass and concrete curtain walls with a partial composite ribbon wall and brick exteriors. Purchase Price: $8,811,916 Unlike many competing buildings, the quality and attention to detail that is observed on the outside Price/SF: $196.58 shows through to the interior, with upscale lobby Building Size (RGSF): 44,825 and common area finishes including stone and tile floors, recessed lighting and decorative lighting Land Area (Ac): 2.14 throughout the common area. Year Built: 2009 The Union Park sub-market continues to be one of Parcel: 22-29-433-007 the hottest office markets along the Wasatch Front Parking Ratio: 4.3/1,000 USF with Class A vacancy rates continuing to hover at historical low rates of 7%. This property is a rare Current Occupancy 88% (excl. basement) and ideal opportunity for a buyer who is looking Projected Occupancy 100% for a stabilized investment property to add to their portfolio that will generate consistent returns for Projected Net Operating Income $625,646 years to come. High caliber investment properties Projected Cap Rate 7.10% like this are rare in the current market.
Salt Lake City: #2 city for significant tech-sector growth and large population VIEW PROPERTY VIDEO increases (Forbes)
CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 3 PROPERTY OVERVIEW CREEK ROAD OFFICE BUILDING | SANDY, UT PROPERTY DESCRIPTION
Address: 7440 Creek Road VIEW PROPERTY VIDEO Size: 44,825 square feet
Year Built: 2009
Land Area: 2.14 Acres
Construction: Steel Frame
A card access security system is in place for Security: the building
Roof Type: Flat built up roof with membrane covering Heat pump systems at strategic locations throughout the building, supported by a HVAC: boiler and a large central AC evaporative unit on the roof; ample electrical service INTERIOR FINISHES
Primarily tile and stone near entrance, in Floors: lobbies, in elevators and stairwells with commercial grade carpeting in office areas
Painted drywall or gypsum board with variations between each use within the Walls: levels of the building and different tenant areas
Ceilings: Suspended acoustic ceiling panels
Recessed fluorescent and incandescent Lighting: lighting. There are also decorative wall sconces throughout the public areas.
Floor Plate: Approximately 10,000 square feet
CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 4 PROPERTY OVERVIEW - PARCEL AERIAL CREEK ROAD OFFICE BUILDING | SANDY, UT
Creek Rd.
10,005 ADT
30,950 ADT
Union Park Ave.
Shared Complex
Parking
2.14 Acres
1 3 3 P a r k i n g S ta l ls
CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 5 PROPERTY OVERVIEW - FLOOR PLANS CREEK ROAD OFFICE BUILDING | SANDY, UT
01 E.5
DN UP 03 UP DN 1st Level - 9,577 square1st feet
3
Building Common Area
OPEN TO BELOW
DN UP
UP DN 2nd Level - 9,461 square feet
Building Common Area CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 6 PROPERTY OVERVIEW - FLOOR PLANS CREEK ROAD OFFICE BUILDING | SANDY, UT
DN UP
UP DN 3rd Level square - 9,997 feet
Building Common Area
DN UP
UP DN 4th Level square - 9,997 feet
Building Common Area CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 7 PROPERTY OVERVIEW - PHOTOS CREEK ROAD OFFICE BUILDING | SANDY, UT
CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 8 PROPERTY OVERVIEW - PHOTOS CREEK ROAD OFFICE BUILDING | SANDY, UT
CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 9 LOCATION INFORMATION CREEK ROAD OFFICE BUILDING | SANDY, UT
MINUTES TO:
Salt Lake CBD Downtown Salt Lake City 15 The University of Utah 20 Salt Lake City International Airport 20 South Jordan 15 Holladay Draper 15 Lehi 20
Creek Rd.
Union Park Ave. Creek Road Place
CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 10 LOCATION INFORMATION - SURROUNDING AMENITIES MAP: RESTAURANTS CREEK ROAD OFFICE BUILDING | SANDY, UT
SITE
CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 11 LOCATION INFORMATION - SURROUNDING AMENITIES MAP: RETAIL CREEK ROAD OFFICE BUILDING | SANDY, UT
SITE
CBC ADVISORS • SALT LAKE CITY, UTAH PAGE 12 CREEK ROAD PLACE - OFFICE BUILDING SALE 7440 SOUTH CREEK ROAD | SANDY, UT
Brandon Fugal Jordan Wall Chairman 801.453.6833 801.947.8300 [email protected] [email protected]
6550 South Millrock Dr., Suite 200 | Salt Lake City, UT 84121 | 801.947.8300 | www.cbcadvisors.com