Provo is located about 45 miles south of Salt Lake City. The building, located at 400 West Dynix Dr., is a four-level class A office building with one basement level of office and underground parking completed in 1992. The new owner is BH Properties LLC, a Los Angeles-based real estate investment firm specializing in value-add opportunities.
Steve Jaffe, BH Properties' executive vice president and general counsel, tells GlobeSt.com that SirsiDynix's leaseback is for the basement, first and second levels and includes a three-year extension option. The value-add opportunity for BH is leasing the remainder of the building, which amounts to about 59,500 sf. The asking triple-net lease rate is $14 per sf per year.
Curtis Cannon of NAI Utah was the selling broker and has landed the leasing assignment. BH Properties was represented by Phil Dunn, the firm's regional director of real estate.
BH Properties current portfolio includes six million sf of retail, office and industrial properties, mostly in Southern California. BH Properties president Steve Gozsini called 400 West Dynix Dr. the "crown jewel" of its Utah portfolio in a prepared statement. According to the company's website, 400 West Dynix is its only property in Nevada.
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