500 & 1200 Meadowbrook — Sale in West Valley City, UT

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Business
  • Location: West Valley City, UT 84119
  • Size: 265,032 SF

Description

Jones Lang LaSalle (“JLL”) as exclusive advisor is pleased to offer the opportunity to acquire 500 + 1200 Meadow Brook North (“The Properties”), a stabilized two building office portfolio located along the growing I-280 corridor in Birmingham, Alabama. At 93% leased across 265,032 SF, Meadow Brook North demands top-of-market rents and outperforms its corridor’s peer set. Built in 1987 & 1988, The Properties underwent extensive renovations after current ownership acquisition in 2017. With everything from elevator modernizations to renovated tenant experiences, invested capital has solidified the Properties as top-of-line product amidst the corridor. The renovation, coupled with growth along the corridor, has lead to substantial leasing velocity at the Properties. With over 260K of leases signed over the last 5 years, Meadow Brook North is currently capturing the most demand across the corridor. Through this heightened demand, Ownership has been able to curate a risk-adverse and boutique rent roll of smaller deals with even rollover. As market norm leans toward shorter deal term, there is a continuous opportunity to stay nimble and mark rents to market with renewals or rollover. Due to the extensive capital renovations, ownership has been able to push rents at the Properties 30% since acquisition. Keeping operating expenses stable, this increase in rate has produced a significant increase to annual cash flow, offering the next investor attractive cash returns. With easy access, healthy suburban amenity base, shifting corridor dynamics as the population grows along the I-280 corridor, Meadow Brook North is in a great location to continue to experience this demand. 500 + 1200 Meadow Brook North provides an unmatched investment opportunity to acquire stable suburban office buildings with attractive annual cash returns and value creation with proven leasing momentum in a growing secondary market.

Market Context

This commercial property in West Valley City, UT is listed for sale across 265,032 SF. It has been on the market for 82 days. Compare it against other commercial property listings for sale in West Valley City, UT — view the full market.

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