SALT LAKE CITY – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced it has finalized the sale of a $3 million vacant, 22,874 square foot warehouse/office building on nearly half an acre of land in 47 E has completed 700 S. in downtown Salt Lake City, UT.
Jack Cornell, First VP of SRS NNLG, and Heston Beacco, Senior Associate, represented the seller, a Utah-based private investor, and the buyer, Salt Lake City-based Lee Development Group. The buyer plans to redevelop the property but has no official details to announce at this time.
“The Salt Lake City downtown corridor has changed over the past several years, and this transaction is further evidence of that trend,” Cornell said. “The site is classified into Zone D-2: Downtown Support District and offers a wide range of uses through redevelopment, providing the new owner with multiple opportunities to add value and improve the surrounding community.”
The property is close to several national retailers including Target and Smith’s. Walgreens and Whole Foods, among others. It is also within walking distance to hotels, residential communities and 650 S Main Street, a newly delivered 10-story, 327,000 sf office building. It also offers a good view of E. 700 S and has direct access to Interstate 15.
In 2021, SRS’s Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in transaction volume, consisting of 899 transactions in 49 states, and currently have nearly 465 properties in the market more than $2 billion homes sold year-to-date in 2022.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners builds on its retail base to provide comprehensive commercial real estate solutions for tenants, owners and investors. With headquarters in Dallas and more than 25 offices across the United States, SRS has grown to be one of the most influential and respected leaders in the industry. Our commitment to excellence is bolstered by our value guarantee and our success is measured by the achievement of our customers’ goals, their satisfaction and their trust. Visit srsre.com for more information.
SRS’s Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of experienced Net Lease professionals located nationwide and executing transactions with all underwriting and marketing activities strategically located in Southern California. In 2021, the group completed more than 899 sales in more than 49 states and employs over 160 brokerage professionals nationwide. From proactive sales to targeted acquisitions and bespoke debt and equity solutions, the National Net Lease Group of SRS Net Lease owners and investors offers comprehensive services. Superior speed to market, world-class marketing materials, a comprehensive investor database and unparalleled retail submarket intelligence from across the SRS platform enable SRS’s National Net Lease Group to achieve the best possible returns. Visit srsnnlg.com for more information.