By Lisa Brown
Stanton Road Capital LLC (SRC) recently acquired Union Park Center III and IV, a two-building class-A office complex totaling 198,423 square feet. 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.
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. SRC plans to invest significant post-acquisition capital to improve the tenant experience. The property is currently 92 percent leased.
In addition, SRC opened a corporate office in Park City in 2020.
“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,” said 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.