$19.5M financing secured for office/R&D building in Salt Lake City
JLL Capital Markets led financing efforts for International Plaza, which totals 134,801 square feet of office and R&D space
NEWPORT BEACH, Calif., Dec. 9, 2021 – JLL Capital Markets announced today that it has arranged $19.5 million in financing for the acquisition of International Plaza, a multi-tenant office and R&D building totaling 134,801 square feet in Salt Lake City, Utah.
JLL worked on behalf of the borrower, a joint venture between George Urban Properties and Long Wharf Capital, to secure the three-year bridge loan through Thorofare Capital.
International Plaza is located at 5416 W. Amelia Earhart Dr. about 10 minutes west of downtown Salt Lake City. The 10.83-acre campus is positioned in the heart of Salt Lake’s Northwest Quadrant, which is home to some of the largest economic development projects in the state. In addition, International Plaza has exceptional connectivity being located close to Interstate 80 and the Salt Lake International Airport.
Recently renovated in 2020, International Plaza consists of a one and two-story 134,801-square-foot building. Overall, the campus is 85% leased to a diverse investment-grade tenant roster.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Greg Brown and Managing Director Mark Root.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About George Urban Properties
George Urban Properties was founded in 2019 by G. Ryan Smith to focus on acquiring urban in-fill office, industrial and mixed-use commercial properties across Southern California and Utah. George Urban leverages its extensive experience, relationships, and in-depth market knowledge to acquire and operate unique real estate opportunities that provide superior risk-adjusted returns for its investors. The principals of George Urban Properties are currently involved in the ownership and/or operation of over 1.1 million square feet of commercial properties throughout the western United States, including Utah, Colorado, and California.