Arden Group Acquires Divvy and Dealertrack Buildings in Salt Lake City.
MANews-(C)2009-2021
US-based real estate investment firm Arden Group, in partnership with Vesta Realty Partners, LLC, has acquired a portfolio in Draper, Utah, within Salt Lake City's coveted Silicon Slopes region, the firm said.
Collectively known as 136 Center, the fully leased portfolio measures 318,831 square feet across two adjacent six-story buildings and includes a land parcel that allows for additional development.
The properties at 136 Center include 13693 South 200 West, built-to-suit for Dealertrack, a provider of digital solutions to the automotive retail industry.
Dealertrack leases 112,900 square feet of the 163,725-square-foot building and the remaining space is leased to a diverse mix of tenants including Gold Standard Automotive, Summit Sotheby's International, and NAV Technologies.
The second building is located at 13707 South 200 West and serves as the corporate headquarters for financial technology company Divvy.
The glass and steel office building includes 155,106 rentable square feet of creative and flexible spaces designed to support the company's collaborate work environment.
This transaction also represents the third and fourth Salt Lake city office property acquisition for Arden and Vesta in 2021, following their acquisition of the Solutionreach office building located at 2600 Ashton Boulevard in October, and its previous purchase of Entrata's headquarters located at 4205 North Chapel Ridge Road, both in Lehi, Utah.
Additionally, the portfolio is located directly adjacent to a major Salt Lake City redevelopment called The Point, which will create a city within a city in Draper and replace the Utah State Prison.
In August 2021, officials unveiled plans for redeveloping 600 acres of the state-owned land, which will be among the biggest economic development opportunities in Utah history...
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