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Sterling Realty Organization Buys 541k sf UT Office Asset

7/28/21

Sterling Realty Organization has acquired Vista Station, a Class A office portfolio located in Draper, UT. The four-building, 541.7k sf asset was sold by a joint venture between The Boyer Company and Gardner Company.

Constructed from 2016-2018, the properties are located within Vista Station Office Park. The portfolio was designed with efficiency in mind—each building features solar panels in addition to offering immediate access to FrontRunner at Draper Station. The site is highly amenitized with a parking canopy and a 13-acre park with basketball, volleyball, parks and trail access. The buildings were 100% occupied at the time of sale by a mix of tenants.

Kip Paul of Cushman & Wakefield and Eli Mills of CBRE represented the seller in the deal. The buyer repped itself. The price was not disclosed.

“This is a significant sale for the Greater Salt Lake City office sector and characterizes the ongoing confidence that investors maintain in this market—particularly for high-quality product that offers a modern, amenitized workplace,” said Paul.

The Boyer Company and Gardner Company are full-service developers and managers of office, retail, industrial, medical, government and other specialty product types. The Boyer Company specializes in a wide variety of properties including office, multifamily, industrial, and retail. Boyer is one of the largest development firms in the Western U.S. having developed over 43 msf of commercial space since 1972. Gardner Company has been a prominent fixture in the Utah business community for over 38 years and has one of the largest real estate portfolios in the region.

Bellevue, WA-based Sterling Realty Organization is a 110-year old property investment company focused on the Seattle and Salt Lake City markets, with a 2.7 msf portfolio of investment-grade income properties.






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