Salt Lake City — Stanton Road Capital, LLC (“SRC”), a national investment management firm focused on direct commercial property investments, is pleased to announce the acquisition of Union Park Center III and IV, a two-building Class “A” office complex totaling 198,423 SF. The acquisition is SRC’s second investment in the Salt Lake City area since 2019 when the firm acquired Union Heights, a shopping and entertainment center located nearby. In addition, SRC recently opened a corporate office in Park City in 2020.
SRC was attracted to Union Park Center due to its strategic, infill suburban location within greater Salt Lake, more specifically within the high-growth market of Cottonwood Heights, a primary economic center with both strong historical occupancy and increased leasing demand. SRC has plans to invest significant post-acquisition capital to improve the tenant experience, including renovated lobbies, implementation of tenant relations technology, and new, pre-built, turn-key spec suites. The property offers surface parking at a current ratio of 4.0/1,000 and is currently 92 percent leased.
“SRC has favored the Salt Lake area for some time now and views the Union Park assets as a strong, long-term investment opportunity. The local business climate continues to attract several inbound corporate relocations which will benefit suburban assets,” says Tim Ronan, Jr., Founder and Managing Partner of SRC.
Dana Baird and Amanda Lawson of Cushman & Wakefield will handle leasing for Union Park Center III and IV while Colliers will serve as property manager. The transaction was facilitated by Kip Paul with Cushman & Wakefield.
About Stanton Road Capital
Stanton Road Capital, LLC (“SRC”) is a private investment management firm focused on direct commercial real estate investments and select private equity strategies. Founded in 2013, the Principals of SRC have acquired over $7.0 billion of commercial real estate. SRC currently owns and operates a commercial property portfolio in excess of 6 million square feet and is actively investing on behalf of its institutional, family office, and private capital partners. SRC targets opportunistic, value-add, and core-plus commercial properties located in Salt Lake City, Texas, Southern California, Chicago, and Kansas City.