SANDY, Utah — Fort Street Partners has teamed up with Cumming Capital Management to complete the acquisition of the South Towne Corporate Center, located within the East Village of the 1,000- acre Cairns District, a master-planned overlay that encompasses the Shops at South Towne, Hale Center Theatre, and Sandy City Hall. The premier, class “A” office campus includes two six-story buildings, totaling 261,194 square feet.
“South Towne Corporate Center and the Sandy submarket have outperformed other assets within the Salt Lake area, while consistently achieving rates at or above comparable assets,” commented Jim Balderson, Founder and CEO of Fort Street Partners. “We’re pleased to add South Towne Corporate Center to our Fort Street portfolio and look forward to continuing our growth in the Utah office market.
Located at the junction of Salt Lake and Utah counties, South Towne Corporate Center sits on 10.73 acres of land zoned to allow for high-density multifamily units as a conditional use. Additionally, Smith Entertainment Group (SEG) recently acquired The Shops at South Town in the Cairns District, and has future plans to build out Utah Hockey Club’s permanent state-of-the-art practice and training facility, scheduled for completion in 2025.
Fort Street Partners is set to transform some of South Towne Corporate Center’s first-floor vacancies into a comprehensive tenant amenity space. This newly designed area will feature a spacious training room accommodating more than 100 people, versatile meeting rooms for small and medium sized gatherings, a fully equipped kitchen and tenant lounge.
“This area has consistently maintained the lowest vacancy rate of any major submarket in Salt Lake, and has absorbed almost one million square feet of leasing over the last two years,” Patrick Egbert, Real Estate Director at Cumming Capital Management noted. “The South Towne Corporate Center offers best-in-class tenancy within one of the nation’s most in-demand and resilient office markets.”
This is the fourth partnership for Fort Street Partners and Cumming Capital Management. Since partnering on the highly coveted Silicon Slopes properties, Lehi Spectrum I and II, the two firms have had the common investment strategy to find best-in-class office properties at significant discounts.
Jenny Taumoepeau, Fort Street Partners COO, commented, “We are excited to have partnered with the Cumming Family again to acquire these beautiful South Towne Center properties. These buildings are geographically and economically irreplaceable putting us in a great situation with this new acquisition.”
Quality buildings in Utah continue to see strong demand, and growth will continue as more companies go back into the office. “This has been an incredible window for us to acquire best-in-class premiere office space,” Balderson said. “Our acquisition of South Towne Corporate Center provides a steady cash flow investment with significant market upside.”
About Fort Street Partners
Fort Street Partners own a strong portfolio of more than 1.5 million square feet of office, retail and medical properties. The team consists of market-leading property and construction managers, finance professionals, and leasing and acquisition experts.
About Cumming Capital Management
Cumming Capital Management (CCM) has decades of experience investing in private companies and real estate. Offering strategic management, board participation, and consulting services. CCM is in the process of building multiple platform investments.
Media Contact: Katherine Benning, Fort Street Partners, 315-345-9827, katherine@fortstreetpartners.com