Stanton Road Capital (SRC) has acquired Union Park Center III and IV, a two-building class A office complex totaling 198,423 square feet. The financial terms were not disclosed.
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, Utah, 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, according to the release.
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,” said Tim Ronan Jr., founder and managing partner of SRC.