the legacy at lake park
TRANSCRIPT
4225, 4255 & 4301 West Lake Park Boulevard - West Valley City, Utah
This Investment Offering provides the Opportunity for an Investor to acquire THE LEGACY AT LAKE PARK, two top-quality office buildings totaling 198,465 square feet. Located in West Valley City, the properties are central to the Salt Lake Valley workforce and boast unparalleled interstate and highway access to the larger metropolitan area.
LEGACY AT LAKE PARK I’s impressive rent roll includes Sutter Physician Services/Sutter Health, Optum/UnitedHealth Group, Carbonite and Aerotek, and is 83% occupied. LEGACY AT LAKE PARK II is 100% occupied by Sutter Physician Services/Sutter Health which offers its employees a subsidized café and gym with showers.
Numerous major credit corporations find LAKE PARK CORPORATE CENTRE appealing due to its unique balance of providing an appropriate corporate appearance at highly competitive lease rates.
PROPERTY INFORMATIONBuilding NRA: 198,465 total sq. ft.Site Size: 18.35 total acresAge: 2000Zoning: BRPParking: 1,270 total spaces (approx.)Debt: $26,700,000
(4.24%, interest only, due 11/2024)Occupancy: 91.53%Net Operating Income:
$2,864,321 - In Place$2,967,435 - ARGUS Year 1
Sales Price: No established asking price
HIGHLIGHTS INCLUDE:• 92% overall occupancy • Credit tenant Sutter Physician Services/Sutter Health (S&P AA-
rating) occupies 61% of total property with six years remaining lease term
• Above market parking ratios of 4.8/1,000 SF (Building I), 8.0/1,000 SF (Building II), and an average of 6.4/1,000 SF (total)
• Legacy at Lake Park’s in-place lease rate is below market at $21.76 psf, compared to Lake Park Corporate Centre’s average lease rate of $22.46 psf. Furthermore, the Legacy at Lake Park buildings are far superior to the submarket, which, when combined with a low vacancy of 2.3%, allow for rental rate increases to occur.
• All leases provide 3% annual escalations• Attractive assumable debt of 4.24%, interest-0nly (due 11/2024)• Includes partially improved third building pad • Unparalleled views of Stonebridge Golf Course and the Wasatch
Mountains• Beautiful stone-clad exterior design with blonde wood lobby
entrances • LEED Silver certified • Two backup generators• Immediate proximity to the recently developed High Berry and
5600 West major retail corridors with numerous amenities • Access to recreational biking and jogging paths throughout park
THE LEGACY AT LAKE PARK is well positioned to produce consistent performance in the dynamic Salt Lake City commercial real estate market.
THE LEGACYAT LAKE PARK
Exclusively Marketed by
Kip Paul Vice Chairman - Investment Sales801-303-5555 [email protected]
Mike Richmond Executive Director801-303-5434 [email protected]
Jorgi Paul Associate - Investment Sales801-303-5570 [email protected]
INVESTMENT OFFERING
8015
15
1580
215215
215
Bangerter Highway
5600 West
Lake Park Boulevard
3100 South
3500 South
Stonebridge Golf Club
Centennial ParkLake Park
Corporate Centre
toPark City
toSnowbird &
Alta Ski Resorts
toSolitude &Brighton
Ski Resorts
201
201
SM
5600 WestRetail Corridor
Highbury Retail Center
THE LEGACY AT LAKE PARK
Imagery: Google Earth/Landsat/Copernicus
Exclusively Marketed by
Kip Paul Vice Chairman - Investment Sales801-303-5555 [email protected]
Mike Richmond Executive Director801-303-5434 [email protected]
Jorgi Paul Associate - Investment Sales801-303-5570 [email protected] 170 South Main Street, Suite 1600
Salt Lake City, Utah 84101Tel 801-322-2000 Fax 801-322-2040cushmanwakefield.com
Cushman & Wakefield Copyright 2018. 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/4225-4301wLakeParkBlvd
THE LEGACY AT LAKE PARK