SALT LAKE CITY--(BUSINESS WIRE)--Vectra Management Group (VMG) today announced the firm’s purchase of 888 South University Park Boulevard in Clearfield, Utah, on behalf of 888 Associates, LLC, a VMG-sponsored company.
The fully occupied 130,000-square-foot Davis County office building includes a two-story North wing that accommodates Exeter Finance Corp., and a three-story South wing dedicated to the American Automobile Association (AAA) of Northern California, Nevada and Utah.
Originally occupied by Northrop Grumman Corporation upon construction completion in 2001, a comprehensive renovation of the entire building occurred in 2014 and 2015. Ownership added additional parking capacity with a current parking ratio of eight stalls per 1,000 square feet.
The high parking ratio and recent building renovations contributed to VMG’s interest in the property, in addition to the building’s proximity to Hill Air Force Base and other growing Northern Utah industry sectors.
The building’s acquisition brings VMG’s sponsored investment in Utah to more than 1 million square feet. “The Utah market continues to offer attractive investment opportunities for our partners and clients,” said VMG Managing Director Raju Shah. “888 University has an incomparable mix of high parking ratio, modern build-out and investment-grade tenancy.”
Craig Thomas with CBRE represented the seller. VMG represented the buyer and will provide asset and property management services.
About Vectra Management Group
Vectra Management Group (VMG) is a full-service commercial real estate firm that offers management services for office, retail and industrial properties. With a strong network and respected reputation in the Salt Lake City, Southern California and New York City markets, VMG’s services include property management, asset management and development services. www.vectra.com.
