June 3, 2016
Gladstone Commercial Corp. paid $17 million to Lone Star Funds for ownership rights to a three-story, 107,626-square-foot, single-tenant office building in Taylorsville, UT. The property, located in a Salt Lake City suburb, had an average cap rate of 8.4%.
Located at 860 W. Levoy Dr., the property is 100% leased to Convergys Corp., a triple-net-lease tenant. Convergys is the second largest provider of business process outsourcing solutions in the U.S., and is the guarantor on the lease.
“This acquisition marks our second acquisition in the Salt Lake City market and our sixth acquisition in the Western U.S., which continues our strategic expansion into both primary and strong secondary markets in the Western U.S.,” said Andrew White, Managing Director of Gladstone Commercial’s Western Region.