Kensington Real Estate Group Announces Sale of Mixed-Use Retail, Office Center in Salt Lake City for $12.54M
Salt Lake City, Utah (Oct. 2, 2013) – Kensington Real Estate Group, represented by CBRE’s National Retail Investment Group (NRIG), announced the sale of the 69,339-square-foot Plaza 7-21 in Salt Lake City, Utah for $12.54 million. CBRE’s Senior Vice President Philip Voorhees and Vice President Eric Gustafson also represented the buyer, a private real estate investment company based in Southern California.
Kensington Real Estate Group is owned and operated by Pat Galentine and Chris Hite, founding Principals of Coreland Companies. Coreland Companies is one of Southern California’s leading real estate management and brokerage firms.
“We made a significant commitment to Plaza 7-21 over the last seven years, performing a major renovation and implementing a ‘re-tenant’ program to energize a tired property and bring it to market,” said Galentine. “We are very pleased with the management and leasing efforts that led to this sale of a stabilized, high-quality asset.”
Plaza 7-21 is a mixed-use retail center with a three-story office building component. It is situated in the Sugar House neighborhood of Salt Lake City, in proximity to the Salt Lake City International Airport and downtown Salt Lake City. Local and national tenants such as Sketchers, Jimmy John’s, Fast Signs, Jenny Craig and Rumbi Island Grill comprise the tenant mix at this 97-percent-leased project.
“The listing attracted significant interest from the investment community,” said Voorhees. “Working with CBRE’s Salt Lake City team, we vetted a qualified pool of buyers that included institutional and private investment entities seeking yield and cash flow stability. Market fundamentals in Salt Lake City continue to attract strong interest from West Coast investors.”
“Kensington continues to actively pursue new investment opportunities,” said Galentine. “Given our depth of experience, we can bring great value to existing shopping centers throughout the Western United States.”