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Phoenix & Southwest  + Southwest  + Office  | 
Lake Point Corporate Center

Lake Pointe Sale Displays Notable Increase in Private Capital

Lake Pointe Corporate Centre, a two-building class-A suburban office campus in West Valley City, UT, was developed in the late 1990s within the Decker Lake Business Park, a master-planned commercial district in Salt Lake County. The property located at 2850 and 2875 South Decker Lake Dr. recently sold to a partnership between Advanced Medical Properties and George Urban Properties, both based in Orange County.

Newmark’s Kevin Shannon, Ken White and Rick Stumm in cooperation with Bryce Blanchard and Steve Walton represented the Portland-based seller Felton Properties. Newmark’s David Milestone and Brett Green secured the acquisition financing on behalf of the buyer.

“Since the onset of the pandemic, we have seen a notable increase in private capital investing in office assets to fill the void of temporarily diminished institutional demand for the asset class,” said Shannon.

Comprising 182,121 square feet, the property is currently 97 percent leased to a roster of nationally recognized tenants. And since 2018, the property has undergone significant capital upgrades.

“The successful sale of Lake Point 1 and 3 represents another vote of confidence for the Salt Lake County office market,” Blanchard adds. “A deep field of buyers confidently underwrote the asset as Utah’s office market showed tremendous resiliency to the effects of COVID-19. We were pleased to work with George Urban Properties as they expanded their holdings in a key target market in conjunction with facilitating an excellent exit for Felton Properties.”

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Inside The Story

Kevin Shannon

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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