JLL completes sale and financing of creative office in Salt Lake City

SALT LAKE CITY, Nov. 28, 2023 – JLL Capital Markets announced today that it has completed the sale of and arranged financing for Sandy Commerce Park, a Class A, creative office asset totaling 121,197 square feet in Salt Lake City, Utah.

JLL represented the seller, Nuveen Real Estate, in the sale of the property to Alturas Capital Partners, LLC. Additionally, JLL worked on behalf of Alturas to secure the five-year, fixed-rate acquisition loan through a life insurance company.

Completed in 2017, Sandy Commerce Park is a five-story building with 25,000-square-foot average floorplates, floor-to-ceiling glass curtain walls and 360-degree views of the Wasatch and Oquirrh Mountains. The property is fully leased to eight tenants with an average weighted lease term of 3.7 years. “Sandy Commerce Park provided what investors were looking for - best in class product with strong tenancy, within a highly visible prime location,” said Nuveen’s Ines Olesen.

Sandy Commerce Park is located at 9490 S 300 West in the Silicon Slopes submarket of Salt Lake City. This submarket consistently has the highest occupancy rates of any major submarket in Salt Lake City and has absorbed close to one million square feet of leasing in the last two years. The property is located close to Salt Lake’s major population centers, with 42% of the city’s population accessible within a 20-minute drive. In addition, the immediate area surrounding the property is highly amenitized, offering an array of retail, restaurants and recreation amenities for tenants to enjoy.

The JLL Investment Sales and Advisory team representing Nuveen Real Estate was led by Senior Director Phil Brierley and Director Cole Macadaeg. The Nuveen Real Estate team was led by Ines Olesen, U.S. Head of Workplace, Retail and Mixed-Use Dispositions, and Nichole Wiley, Director of Asset Management.

“It’s always exciting to represent a high-quality asset and owner in this market,” said Brierley. “The depth of the bidder pool, and strong execution by a new-to-market capital source in Alturas, shows that there is still vitality in the office sales market for best-in-class assets.”

JLL’s Debt Advisory team representing the borrower was led by Managing Director Mark Root and Director Will Haass.

“This transaction is a great example of current buying opportunity for strong operators like Alturas, who can excel in the asset management of an office asset like Sandy Commerce Park and acquire a newer vintage property at a low basis,” added Haass.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Alturas Capital Partners is a real estate investment and operating company based in Boise, Idaho. Alturas owns and operates real estate throughout the Western United States, with an emphasis on the Intermountain West and Inland Northwest. Their business is built on long-term partnerships with investors, brokers, and tenants. With over $554M of assets under management and 3.36M total portfolio square feet, Alturas is an experienced owner/operator with an extensive track record of success. Alturas Capital Partners owns and operates real estate in six different states in the western United States. The portfolio is made up of a variety of asset types including office, retail, flex, industrial, single family, multi family and senior housing.