DRAPER, UT-Security National Financial Corporation has completed the purchase of a class-A office building, known as Wasatch 16,” located in Draper, a suburb of Salt Lake City. With this purchase, the company continues to expand its holdings of commercial office space in the Salt Lake City market.
Wasatch 16 has a total space of approximately 80,000 square feet with a current occupancy rate of 92%.
Security National says it purchased the building “at an attractive price” and and expects a favorable overall return rate.
“Purchasing the Wasatch 16 commercial office building was a tremendous opportunity to acquire an institutional-quality asset at a favorable cap rate,” said Bryce Baker, manager of corporate real estate in a prepared statement. “The stabilized asset was acquired below replacement cost in a submarket of the Greater Salt Lake City area that is currently experiencing low vacancy rates.”
In the past six months, the firm has increased its corporate real estate holdings by over 450,000 square feet.
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