Cushman & Wakefield | Commerce Closes Sale of Sunset Towers Apartment Building in Salt Lake City
SALT LAKE CITY—June 10, 2013—Cushman & Wakefield |Commerce (www.comre.com) today announced that Sunset Towers, a unique, mid-rise apartment building with 114 units, has been sold. The property was sold by Sun Towers Associates and purchased by 900 East BE. Built in 1962, Sunset Towers is located at 40 South 900 East in Salt Lake City, Utah.
Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce, represented the seller in the transaction.
“This unique building was extremely appealing to the buyers due to its distinctive structure as a mid-rise building and its location, which is five minutes from downtown, the University of Utah and major medical facilities,” Paul said. “The apartment market is robust and strong right now so buyers have to be willing to make aggressive offers in order to find someone willing to sell, which is what happened in this case.”
Paul said the new owners are planning on building a new parking structure, making upgrades and renovating.
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.