Arden Group, in partnership with Vesta Realty Partners, LLC, has acquired a portfolio in Draper, Utah. The property known as 136 Center, is a fully-leased portfolio measuring to 318,831 square feet with two six-story buildings and a piece of undeveloped land.
The first property, 13693 South 200 West, is built for Dealertrack, a provider of digital services to the automotive retail industry. The firm leases 112,900 feet of the 163,725 square foot building with the remaining real estate leased out to a mix of tenants.
The second property, 13707 South 200 West, is the headquarters for Divvy, a financial technology company. The deal is the third and fourth Salt Lake City property purchase for Arden and Vesta in 2021.
“The portfolio is designed to capitalize on the growing technology industry,” stated James Tucker, managing director of Arden’s office investment team. “Over $3.4 billion of venture capital has been invested into Utah startups across 165 transactions in 2021, doubling the record $1.7 billion of capital invested in all of 2020.”
Walker & Dunlop served as exclusive advisor to Arden Group and Vesta Realty Partners and brokered the financing of the transaction.