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Hines Global REIT II Picks Up 490k sf UT Campus

7/20/16

Hines Global REIT II Inc has acquired Cottonwood Corporate Center, a four-building, 490k sf office campus in the Salt Lake City submarket of Cottonwood, UT. The Class A complex, built between 1997 and 2000, was designed by Giles Stransky Brems Smith. The campus includes:

• 2855 East Cottonwood Parkway - which was built in 1997 and contains 108.9k sf over five stories.

• 2825 East Cottonwood Parkway - which was built in 1998 and contains 109.4k sf over five stories.

• 2795 East Cottonwood Parkway - which was built in 1999 and contains 135.2k sf over six stories.

• 2755 East Cottonwood Parkway - which was built in 2000 and contains 136.6k sf over six stories.

The property is 91 percent leased to 25 tenants including Western Digital, a global storage technology and solutions company that leases approximately 31 percent of the of the net rentable area; and Extra Space Storage, a real estate investment trust that leases approximately 15 percent of the net rentable area.

Sherri Schugart, president and CEO of Hines Global REIT II, said, "We were attracted to the opportunity to acquire this best-in-class office asset in a very desirable suburban submarket of Salt Lake City. This campus features panoramic views of the Wasatch Mountain Range, and offers close proximity to executive housing, retail and dining venues, world-famous ski resorts and other area amenities."

The seller was NOP Cottonwood Holdings, which was represented in the transaction by CBRE. The acquisition of Cottonwood Corporate Center is Hines Global REIT II's fourth investment.





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