SRS brokers $3 million sale of vacant commercial building in Salt Lake City
Salt Lake City — SRS Real Estate Partners’ National Net Lease Group (NNLG) announced it has completed the $3 million sale of a vacant, 22,874-square-foot warehouse/office building located on just under one-half acre of land at 47 E .700 S. in downtown Salt Lake City, UT.
SRS NNLG’s First VP Jack Cornell and Senior Associate Heston Beacco represented the seller, a Utah-based private investor, as well as the buyer, Salt Lake City-based Lee Development Group. The buyer plans to redevelop the property, however, does not have official details to announce at this time.
“Salt Lake City’s downtown corridor has been transforming over the past few years, and this transaction is yet another testimony to this trend,” says Cornell. “The site is zoned D-2: Downtown Support District, and provides for a wide range of uses through redevelopment, giving the new ownership several options to create value and enhance the surrounding community.”
The property is near several national retailers, including Target, and Smith’s. Walgreens and Whole Foods, among others. It is also walkable to hotels, apartment communities, and 650 S Main Street, a newly delivered 10-story, 327,000-sf office building. It also offers strong visibility from E. 700 S and has direct on/off ramp access to Interstate 15.
In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states and currently have more than $2 billion in property on the market, with nearly 465 properties sold year to date in 2022.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the US, SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value, and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2021, the group completed more than 899 sales across more than 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database, and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.