SALT LAKE CITY—July 27, 2021— The Salt Lake office of CBRE has announced the sale of Vista Station, a Class A office portfolio located in Draper, Utah. Eli Mills of CBRE and Kip Paul of Cushman & Wakefield represented the seller—a joint venture by The Boyer Company and Gardner Company—in the transaction. The buyer, Sterling Realty Organization (SRO), represented themselves.
Located within Vista Station Office Park, the Vista Station office portfolio consists of four buildings totaling 541,678 square feet. Constructed from 2016-2018, the portfolio was designed with efficiency in mind—each building features solar panels in addition to offering immediate access to FrontRunner at Draper Station. The site is highly amenitized with a parking canopy and a 13-acre park with basketball, volleyball, parks and trail access. The buildings were 100% occupied at the time of sale by a mix of tenants.
“Vista Station is an institutional-quality asset in the popular Draper submarket, a highly desired area due to its centralized location within the Silicon Slopes tech corridor,” noted Eli Mills, senior vice president.
“This is a significant sale for the Greater Salt Lake City office sector and characterizes the ongoing confidence that investors maintain in this market—particularly for high-quality product that offers a modern, amenitized workplace,” added Kip Paul, vice chairman with Cushman & Wakefield.
The Boyer Company and Gardner Company are full-service developers and managers of office, retail, industrial, medical, government and other specialty product types. The Boyer Company specializes in a wide variety of properties including office, multifamily, industrial, and retail. Boyer is one of the largest development firms in the Western U.S. having developed over 43 million square feet of commercial space since 1972. Gardner Company has been a prominent fixture in the Utah business community for over 38 years and has one of the largest real estate portfolios in the region.
Bellevue, WA-based Sterling Realty Organization is a 110-year old property investment company focused on the Seattle and Salt Lake City markets, with a 2.7-million-square-foot portfolio of investment-grade income properties.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.