Hines/Oaktree venture acquires South Towne Corporate Center in Utah
Real estate firm Hines, in a joint venture with a subsidiary of a real estate fund managed by Oaktree Capital Management, has acquired South Towne Corporate Center in Sandy, Utah, from KBS Realty Advisors.
The two-building, 248,352-square-foot class A office complex is located off of Interstate 15 just 15 miles south of downtown Salt Lake City and the Salt Lake City International Airport.
The property is 99 per cent leased to tenants including: Cadence; CoreLogic; E*Trade; New York Life; and Seamless.
Hines has assumed property management responsibilities on behalf of the joint venture.
KBS Realty Advisors was represented in the transaction by Eastdil Secured.
This is the second asset purchased by the Hines/Oaktree venture. In 2011, it purchased Alton Corporate Plaza, a two-building office property in Irvine, California.
South Towne Corporate Center is comprised of 150 Civic Center Drive, which contains six stories, 124,046 square feet and was completed in 2000; and 200 Civic Center Drive, which contains six stories, 124,306 square feet and was completed in 2006. Each building has an adjacent parking structure with a total of 592 stalls, plus surface parking for an additional 733 vehicles.
Director Dusty Harris, who heads Hines' Salt Lake City development and investment office, says: "As evidenced by its tenancy, architecture and location, South Towne Corporate Center is a best-in-class asset in the growing Sandy South Towne submarket. Hines is pleased to expand its presence in Utah, and we will continue to seek acquisition and development opportunities in the area."
- How to set up a hedge fund