EXECUTIVE SUMMARY
JLL Capital Markets (“JLL Americas”) as exclusive advisor, is pleased to offer investors the opportunity to acquire South Towne Corporate Center (“STCC” or “Property”), a value-add suburban office asset in Salt Lake City’s vibrant Silicon Slopes submarket.
Consisting of two 6-story towers totaling 261,194 square feet on 10.73 acres of land within the Cairns District in Sandy, South Towne Corporate Center is 75% leased across 14 tenants with 4.2 years of WALT. Credit tenancy comprises 64% of the in-place income, with a WALT of 3.5 years.
South Towne Corporate Center has consistently outperformed the market in leasing, completing more than 187,000 square feet of new or renewal leasing in the prior 3 years. Tenants have consistently shown their commitment to this asset, as the average tenant has been in place for more than 8 years through multiple renewals.
The asset sits within the DT-O zone, which allows high-density multifamily as a conditional use. This provides optionality to either densify the existing site through removing excess parking, or as an alternative use case in the future.
Sandy has consistently maintained the lowest vacancy rate of any major submarket in Salt Lake and has absorbed almost one million square feet of leasing over the last 2 years. Located at the southern end of Salt Lake County, the asset is at the epicenter of growth in Utah, with 64% of the Wasatch Front's population accessible within a 20-minute drive. South Towne Corporate Center offers investors best-in-class credit tenancy with a long-term commitment to the asset and optionality in execution within one of the nation's most in-demand and resilient office markets.
INVESTMENT HIGHLIGHTS