DOWNTOWN SINGLE-TENANT OFFICE BUILDING 275 East 200 South - Salt Lake City, Utah
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INVESTMENT OFFERING DOWNTOWN SINGLE-TENANT OFFICE BUILDING 275 East 200 South - Salt Lake City, Utah This investment offering provides the rare opportunity to acquire a SINGLE-TENANT OFFICE BUILDING located in downtown Salt Lake City, Utah. Situated on 0.62 acres in one of the most desired office hubs in the state, the 47,874 sq. ft. property features a built-to-suit design with significant capital improvements, a three-story structured parking garage, and immediate access to major freeways and public transportation. PROPERTY INFORMATION HIGHLIGHTS INCLUDE: Building Size: 53,341 gross sq. ft. • Salt Lake County backed credit tenant – 47,874 rentable sq. ft. Salt Lake County maintains AAA credit rating Site Size: 0.62 acres • 14 years remaining on lease with annual increases of $0.50/psf Parcel Number: 16-06-177-010 • Substantial capital improvements totaling $1.3M invested to tenant’s specifications over the past 2 years Age: 1975 • In-Place lease rate of $22.50 while market is at $25.00 Zoning: R-MU (Residential Mixed Use) • Base year expense-stop in place Parking: 99 structured parking spaces, plus 41 additional spaces at offsite • No adverse debt on the property parking structure; 2.9/1,000 sf ratio • 140 associated parking spaces (99 onsite, 41 offsite) Sales Price: $12,400,000 ($259.01 psf) • Transit-oriented location with immediate proximity to TRAX Light Debt: Will retire existing debt, thereby Rail, Green Bike Platforms, and high-speed FrontRunner Train allowing buyer to take advantage • 200 South is a major east-west artery with convenient access to of the currently low interest rate I-15, off ramp at 400 South, State Street, and Highway 89 environment • Significant walkable retail amenities within four block radius Cap Rate: 6.39% (imputed, Year 1) • Features include versatile meeting rooms, open workspaces, a See OM, page 5 for analysis fitness center, yoga studio, locker rooms with showers, employee 10 yr. - IRR Unleveraged: 7.70% breakroom, employee lounge and break rooms on each level of the building, conference rooms and more 10 yr. - IRR Leveraged: 12.98% Exclusively Kip Paul Michael King Marketed by Vice Chairman - Investment Sales Associate - Investment Sales 801-303-5555 801-303-5421 [email protected] [email protected] SINGLE-TENANT DOWNTOWN OFFICE BUILDING FEATURES WITHIN CLOSE PROXIMITY INCLUDE: CITY CREEK CENTER • – Completed in 39 Minute Drivetime 2012 at the cost of $2 billion, attracted (approx.) 39 Minute 40 Minute Drivetime 17 million visitors in 2019 with $250 Drivetime Sugar House (approx.) (approx.) million in sales 80 • VIVINT SMART HOME ARENA – Home to 215 Park City 215 of the Utah Jazz, recently received $125 300 West Granary District Corridor million renovation 80 • THE GATEWAY – 1.4 million sf office, Historic Trolley Square entertainment and retail open-air destination, undergoing $125 million Sugar House rejuvenation Park 9th & 9th District • SALT PALACE CONVENTION CENTER – 80 679,000 sf facility with over 1 million TRAX S-Line visitors per year • GALLIVAN CENTER – Public plaza Liberty Park hosts 300+ events annually • PIONEER PARK – Historic 10-acre park, TRAX Main Line hosts Downtown Farmer’s Market TRAX Red Line • INTERMODAL HUB – Access to TRAX 275 EAST 200 SOUTH FUTURE Light Rail and FrontRunner commuter rail, Amtrak, Greyhound, UTA Bus, Granary car and bicycle sharing services District 111 OFFICE TOWER – Recently CBD and • Periphery constructed 450,000 sf office tower 80 anchored by Goldman Sachs, includes 2,500 seat Broadway-style theater 15 Intermodal • GOLDMAN SACHS – Salt Lake City is Hub No. 1 requested transfer location in the TRAX world, third largest office globally Blue Line TRAX Green Line 80 Imagery: Google Earth/ 15 Landsat/Copernicus Depot UTA FrontRunnerDistrict Exclusively Marketed by Kip Paul Michael King Vice Chairman - Investment Sales Associate - Investment Sales 801-303-5555 801-303-5421 [email protected] [email protected] 170 South Main Street, Suite 1600 Salt Lake City, Utah 84101 Tel 801-322-2000 Fax 801-322-2040 cushmanwakefield.com Cushman & Wakefield Copyright 2021. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. path: 1- Projects/Paul, K/1 - Flyers/275e200s.