The new owner is Koll/PER LLC, a joint venture of Koll Co. of Newport Beach and the Public Employees Retirement System of Idaho. The seller is Puget of Texas Inc. Eli Mills and Tucker White of NAI Utah Commercial Real Estate Co. brokered the transaction.
Woodland Office Park currently has 12 tenants and is 63% occupied. The park includes three single-story buildings and two two-story buildings. Built between 1995 and 1997, the wood-frame buildings have brick exteriors and cedar shake shingle roofs. The street address is 1528-1572 North Woodland Park Dr. The property includes surface parking for 331 vehicles.
In August, Koll/PER purchased the Redwood Business Park and the Broadbent Business Park in northwest Salt Lake City. Located approximately three miles apart, the two light industrial, multi-tenant properties have a combined 197,776 sf in 11 buildings. They combined purchase price was $12.5 million.
Koll is handling leasing and property management for all three assets. Koll managing principal Alan Airth says he expects to lease up Woodland Office Park by way of "renewed marketing efforts and hands-on personal interaction with tenants and local brokers."
Koll owns and manages over four million sf of existing multi-tenant, light industrial and suburban office space and has an additional 1.1 million sf under development or in the planning stage. PERSI is a $9-billion public pension plan.
Last week, the Koll/PER JV acquired three buildings in the Denver and Phoenix areas from AmeriVest Properties Inc., a locally headquartered REIT that is liquidating its portfolio. For that story, click here.
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