Private equity real estate company, KBS Realty Advisors, recently acquired a Class A office park in Utah on behalf of a Sovereign Wealth Fund it advises.
Known as Millrock Park, the four-building property is located in Cottonwood Heights, a submarket of Salt Lake City. The park was completed in 2008 and sits on 22 acres of land with unobstructed views. At the time of purchase, Millrock Park was 100% leased.
“We believe that the location of Millrock Park is ideal for executives and employees alike,” commented KBS Senior Vice President, Tim Helgeson. He continued, “Our tenants are surrounded by amenities including adjacent restaurants, hotels, golf courses, ski resorts, and a stunning 360 degree view of the Salt Lake Valley.”
“We are excited to increase our Salt Lake Valley portfolio with the acquisition of Millrock Park, which we feel is one of the best projects in the best office sub-market outside of the CBD. With the spectacular location, growing technology base of employment and business-friendly government, we believe that it is indisputably one of the most desirable spots for work, play and living in the Intermountain West,” added KBS Western Regional President Rodney Richerson.
The acquisition brings KBS and its affiliates’ total square-feet of rental space in the Salt Lake City market to over 1.3 million.