July 8, 2016
Commonwealth Partners LLC has sold the Class A, 490,030-square-foot Cottonwood Heights Corporate Center for $140 million. Hines Global REIT II now has ownership of the four-building, trophy office campus on East Cottonwood Parkway in Salt Lake City.
Kevin Shannon, Ken White and Laura Stumm of NGKF Capital Markets along with Eli Mills, Tim Ritchey and Mike Winn with CBRE represented the seller. NGKF Capital Markets’ David Milestone and Brett Green handled the $78 million debt for the buyer. Hines Global REIT II is also funding the buy from public offering proceeds and a Hines Interests LP credit facility.
The Class A office property, designed by GSBS Architects, is 92.3 % occupied. The tenant roster includes venture capital/private equity, technology, REIT, utility and defense industries.