VMG Completes Sale and Purchase of the Automobile Association Building at 888 S. University Park Blvd. Clearfield, Utah
SALT LAKE CITY--(BUSINESS WIRE)--Aug 29, 2018--Vectra Management Group (VMG) today announced the completed sale of 888 S. University Park Blvd. in Clearfield, Utah. VMG represented the buyer, Clearfield 888, LLC, a real estate holding company owned by Philadelphia attorney and real estate investor Victor F. Keen. VMG also secured the financing for the transaction from Key Bank’s Salt Lake City commercial banking division. VMG and CBRE represented the seller, 888 Associates, LLC, a VMG sponsored company that acquired the property in November 2015.
Managing Director Raju Shah and Director Bryan Barnes led the VMG team on the purchase and financing.
”This property is a solid investment with high-quality NNN tenants on long-term leases. The dynamic growth in this market makes for an ideal acquisition and will complement the rest of my portfolio,” said the buyer, Victor Keen.
Mr. Shah added, “The building offers great access in a high-quality labor market with a parking ratio in excess of 8:1,000; which is ideal for the 24/7 call center environment of our two tenants. With spectacular views over the valley to the west and the mountains to the east, the property is highly desirable. Debt capital continues to be available for high-quality sponsors investing in superior assets like this one.”
The Buyer, Clearfield 888, LLC, retained VMG for property and asset management services. Chloe Gehrke, Director and Principal Broker for VMG’s Utah-based property management division, stated, “We are honored to be entrusted with the continued management of this property. We look forward to efficiently maximizing the asset’s value and exceeding the expectations of our tenants.”
The 129,949-square-foot Class A office building located on 11.32 acres is located in the “red-hot” Davis County market just south of Hill Air Force Base. The building was constructed from 1999 to 2001, and fully renovated from 2014 to 2016. It is comprised of one building with a two-story north wing and a three-story south wing.
About Vectra Management Group
Vectra Management Group (VMG) is a full-service commercial real estate investment, development and management company specializing in office, retail and industrial properties with offices in Salt Lake City, New York and Los Angeles. Vectra Management Group is an active member of BOMA Utah, CCIM and IREM. For further information, visit www.vectra.com.
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CONTACT: Vectra Management Group
Raju L. Shah
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA UTAH
INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Vectra Management Group
Copyright Business Wire 2018.
PUB: 08/29/2018 01:58 PM/DISC: 08/29/2018 01:58 PM