Transaction Set Price Per SF Record in Salt Lake City and National Cap Rate Record for All Sunbelt Leased Properties

 

Salt Lake City, UT— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the all-cash $7,700,000 sale of a 16,658 square-foot Sunbelt Rentals facility. The deal broke two records, setting a price per square foot record in Salt Lake City for industrial assets at $462.24 per square foot and a national cap rate record for all Sunbelt Rental leased assets at 4.40 percent. The property is located at 1545-1555 West 2100 South, Salt Lake City, UT. Senior Associate Isaac Wulff and Senior Vice President and Senior Director Alexander Harrold represented the seller in the transaction.

 

The property was acquired through a 1031 Exchange, where the buyer was able to achieve a strong asset leased to a national credit tenant. Both the seller and buyer are previous clients of Matthews™, allowing for a seamless transaction, closing in under three months.

 

“We created a competitive buying pool, bringing in numerous all-cash offers, which allowed for a quick closing,” said Wulff. “The use of Matthews™ extensive marketing initiatives, paired with our combined databases, widened this property’s overall reach and interest.”

 

Sunbelt Rentals, an equipment and tool rental company, owned by Ahstead Group, is the second-largest equipment rental company in the U.S. and has over 1,150 locations nationwide.

 

“Having previous relationships with both the buyer and seller allowed us to facilitate a deal in a timely manner that met the long-term financial goals of both parties,” said Harrold.

 

For more information, or to contact Isaac Wulff and Alexander Harrold, please visit www.matthews.com

 

 

 

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 15 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.