CBRE announces sale of Parkway Center in West Valley City
Salt Lake City— The Salt Lake City office of CBRE has announced the sale of Parkway Center, an institutional quality office portfolio located in West Valley City, Utah. Eli Mills and Tim Richey of CBRE, along with their partners, represented the seller—a fund managed by Washington Capital—in the transaction.
Parkway Center is comprised of three buildings consisting of 247,000 rentable square feet. Completed in 2000, the property resides within Lake Park Corporate Center, an expansive Class A office park situated on 24.2 acres and surrounded by outdoor amenities, including a 27-hole golf course and mountain views. Convenient to the CBD and Salt Lake International Airport, the property was 100% occupied by five credit tenants at the time of sale.
Eli Mills, Senior Vice President, noted, “Parkway Center is an attractive institutional investment which is further strengthened in attractiveness by Salt Lake’s favorable business economy and skilled workforce. In addition, the fact that the property was fully occupied by five credit tenants at the time of sale—two of which occupied their own buildings—brought a great deal of attention to this listing and ultimately factored into Kennedy Wilson’s reasons for purchasing the asset.”
The buyer, Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), targets value-add real estate opportunities in high-growth markets across the Western U.S. This is Kennedy Wilson’s first entry into the Salt Lake office market. Kennedy Wilson is a leading global real estate investment company. To learn more about Kennedy Wilson, visit www.kennedywilson.com.