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BRICKYARD OFFICE TOWER1245 BRICKYARD ROAD, SALT LAKE CITY, UT 84106
EXTRAORDINARY LOCATION
NATIONAL TENANTS
BEST VALUE PRICED SUGAR HOUSE AREA OFFICE BUILDING
ABUNDANT COVERED PARKING
CBRE, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in Brickyard Tower (the “Property”), a Class “B+” suburban office property located in the highly sought after Brickyard/Sugar House area. Brickyard Tower is a part of a mixed use development and is located alongside Element 31, a recently constructed Class A, 208 unit multifamily project. The properties share a common parking structure.
For additional information regarding Brickyard Tower and to access due diligence information please visit: www.brickyardtowerslc.com
THE OFFERING
The Seller is willing to pre-pay the debt at the time of closing. Alternatively, a buyer can assume the existing debt and share in the benefit of avoiding a pre-payment penalty. Existing debt details are below.
NEW OR EXISTING DEBT
ORIGINATION DATE: MAY 2013ORIGINAL PRINCIPLE BALANCE: $9,000,000APPROXIMATE BALANCE 4/1/18: $8,253,000AMORTIZATION PERIOD: 30 YEARSBALLOON: 10 YEARSINTEREST RATE: 4.79%
PURCHASE PRICE: $14,500,000
YEAR 1 CAP RATE: 8.4%*
YEAR 1 NOI: $1,215,450*
ALL CASH IRR: 10.31%
LEVERAGED IRR: 18.30%
TOTAL RENTABLE SF: 92,964
YEAR BUILT: 1984 (Significant remodel 2011-2017)
CLASS: B+
OCCUPANCY: 86%
STORIES: 7 (Including plaza level)
ACREAGE: 1.02 Acres
PRICING
BUILDING SPECIFICATIONS
*Year 1 NOI and Cap Rate are based on two spaces leasing up throughout the year. As-Is cap rate is 7.66%.
BRICKYARD OFFICE TOWER1245 BRICKYARD ROAD, SALT LAKE CITY, UT 84106
EXTRAORDINARY LOCATION
The Brickyard/Sugar House, area is one of Salt Lake’s most desirable east side locations, with popular shopping, nightlife and housing. The area is charming with its mid-century bungalows and walkable live, work, play communities. The Brickyard/Sugar House area is highly accessible from I-80, I-15 and I-215 making it a popular location for commuters.
BEST VALUE PRICED SUGAR HOUSE OFFICE BUILDING
Brickyard is located within 1.3 miles of the downtown Sugar House. Average asking rents in downtown Sugar House are $25.20 PSF. Asking rents at Brickyard Tower are $21.75 PSF. Tenants have the benefits of a Sugar House location in a recently remodeled building at a lease rate 14% below competing downtown Sugar House buildings.
WALKABLE RESTAURANTS, SHOPPING AND VASA FITNESS
Brickyard Tower has what many office tenants want, but few buildings can provide, “walkable amenities”. The property is directly across the street from Brick-yard Plaza an 850,000 SF retail center. Tenants can walk to multiple food options including a Harmons Grocery Store. Harmons is a high-end grocery store with an extensive deli, large salad bar and multiple fast serve options. Within Brickyard Plaza is a 25,000 SF full-service VASA Fitness Gym. VASA fitness is with-in a 2 minute walk of the Brickyard Tower.
INVESTMENT HIGHLIGHTS
MULTIPLE NATIONAL TENANTS
54% of the property is occupied by credit and/or nationally recognized tenants such as Pitney Bowes and EnerBank USA.
SUBMARKET
Brickyard Tower is located within the Central Valley East office submarket. However it is more closely located to the Sugar House submarket.
EXCEPTIONAL ACCESS TO I-80 & DOWNTOWN SUGAR HOUSE
The property is 1.3 miles (a 4 minute drive) from I-80 and downtown Sugar House. The property enjoys access to all the Sugar House amenities without the traffic congestion in downtown Sugar House.
ON-SITE CAFE
The property has an on-site café with a lunch menu. The café is run by a local entrepreneur who has been in place for 2 years. The equipment and FF&E are owned by the building and is a part of the sale. Ten-ants enjoy the convenience this amenity provides.
COVERED PARKING
Brickyard Tower has 4/1,000 covered parking in a new parking structure shared with Element 31, the contiguous Class A multifamily property.
BRICKYARD OFFICE TOWER1245 BRICKYARD ROAD, SALT LAKE CITY, UT 84106
EXTERIOR IMPROVEMENTS
3M window tint on all exterior glass (2013), new soffit (2014), new vestibules at entrances (2014), all exterior lighting converted to LED (2016), new concrete at front and rear entrances (2016), new entrance canopies front and rear entrances (2016), completely new landscaping including new irrigation system (2016).
MAJOR HVAC UPGRADE
Complete upgrade of HVAC system including new HVAC compressors, boiler and digital controls (2011).
REMODELED RESTROOMS
Restrooms were remodeled in 2013 using high quality materials including commercial grade tile, granite, stone or solid service counter tops and new lighting (1st floor restrooms were remodeled in 2010).The plaza level restrooms have showers and lockers.
SIGNIFICANT RENOVATION & MAJOR SYSTEMS UPGRADE COMPLETE
PARKING STRUCTURE
A new parking structure was completed in 2016 bringing the total parking to 542 stalls. The parking is shared with Element 31. Brickyard Tower has the rights to a 4/1,000 parking ratio. The new structure provides tenants with a high amount of covered parking which is an attractive amenity for tenants.
ELEVATOR MODERNIZATION
Elevators are in the process of being modernized by Schindler Elevator Company which includes a replace-ment of the major systems.
CONTEMPORARY REFINISHED LOBBIES
Lobbies on floors 1-6 were remodeled in 2013 to an attractive contemporary style.
BRICKYARD OFFICE TOWER1245 BRICKYARD ROAD, SALT LAKE CITY, UT 84106
E X C L U S I V E L Y M A R K E T E D B Y :
E L I M I L L S C A P I T A L M A R K E T SI N V E S T M E N T P R O P E R T I E SS E N I O R V I C E P R E S I D E N T+1 8 0 1 8 6 9 8 0 2 9E L I . M I L L S @ C B R E . C O M
P A T R I C K B O D N A R C A P I T A L M A R K E T SI N V E S T M E N T P R O P E R T I E SS E N I O R A S S O C I A T E+1 8 0 1 8 6 9 8 0 5 3P A T R I C K . B O D N A R @ C B R E . C O M
© 2 0 1 8 C B R E , I n c . A l l r i g h t s r e s e r v e d . T h i s i n f o r m a t i o n h a s b e e n o b t a i n e d f r o m s o u r c e s b e l i e v e d r e l i a b l e , b u t h a s n o t b e e n v e r i f i e d f o r a c c u r a c y o r c o m p l e t e n e s s . Y o u s h o u l d c o n d u c t a c a r e f u l , i n d e p e n d e n t i n v e s t i g a t i o n o f t h e p r o p e r t y a n d v e r i f y a l l i n f o r m a t i o n . A n y r e l i a n c e o n t h i s i n f o r m a t i o n i s s o l e l y a t y o u r o w n r i s k .
D O U G B I R R E L L C A P I T A L M A R K E T SD E B T & S T R U C T U R E D F I N A N C EF I R S T V I C E P R E S I D E N T+1 8 0 1 8 6 9 8 0 4 1D O U G . B I R R E L L @ C B R E . C O M
3300 SOUTH
BRICKYARD ROAD
1300 EAST
1100
EAST
SALT LAKE CITY CBD
BRICKYARD PLAZA
TOKAI SUSHI
GALLEY GRILL
BRICKYARD
±850,000
RETAIL SF
BRICKYARD TOWER
DOWNTOWN
SUGAR HOUSE
±900,000
DOWNTOWNSALT LAKE CITY
SALT LAKEINT’L AIRPORT
SOUTHSALT LAKE CITY
201
15 MIN
10 MIN5 MILES
12 MILES
SUGAR HOUSE 7 MIN
3.7 MILES
4 MIN1.3 MILES
DOWNTOWNSUGAR HOUSE
12 MIN4.3 MILES
6 MIN2 MILES
WESTMINSTER COLLEGE
BRICKYARD TOWER
EXTRAORDINARY LOCATION
The property is only 1.3 miles (4 minute drive) from downtown Sugar House, 5 miles (10 minute drive) from downtown Salt Lake City, 12 miles (15 minute drive) from the Salt Lake International Airport and only 20 miles (25 minute drive) from Park City. It is also 2 miles from Westminster College and University of Utah.
ABUNDANT SURROUNDING RETAIL
Brickyard Tower is surrounded by ±850,000 SF of retail. Additionally, it’s outstanding location is within 4 minutes of nearly ±900,000 SF of shopping and dining opportunities.