EverWest Real Estate Partners, in partnership with Independencia, is pleased to announce the acquisition of South Towne Corporate Center, one of the premier Class "A" suburban office projects in the Salt Lake City market. Completed in 2000 and 2006, the property is comprised of two best-in-class, six story office buildings, encompassing a total of 262,219 rentable square feet and situated on 10.7 acres.
South Towne Corporate Center is strategically located within Salt Lake City's technology corridor - the "Silicon Slopes" - comprised largely of biotechnology, education, retail, and creative firms. This submarket is located 13 miles south of Downtown Salt Lake towards the southern end of the Salt Lake County.
The properties feature dramatic two-story wood and stone-clad lobbies, efficient floor plates, three high speed elevators in each building, base storage, "smart building" high-tech features such as CAT 6 wiring and computer-controlled access monitors, upgraded electrical and command security systems, and a 5.9.1,000 USF parking ratio provided in a combination of service and structured parking stalls.
Larry Lance, Managing Partner with EverWest, comments, "EverWest is excited with this initial investment in the Salt Lake City market - the millennial growth, educated labor force, and expanding tech base position this market as an attractive strategic expansion for EverWest. The quality of the assets and tenant profile complement our growing portfolio with Independencia and we're ethusiastic to complete another investment in this partnership."
Juan C. Sanchez, of Independencia Asset Management, noted, "We are very excited with our Core Properties Portfolio that we are acquiring together with EverWest. South Towne Corporate Center, Sandy, Utah became the fourth investment from our partnership with EverWest, and we hope to continue investing in the Mountain West region in the upcoming years."