Cushman & Wakefield as exclusive advisor is pleased to present the opportunity to acquire 1985-1997 South 1100 East (The “Property” or the “Site”), a premier retail covered-land play development site, nestled in the heart of the Sugar House district of Salt Lake City, Utah.
Salt Lake City, serving as both the capital of Utah and its cultural and economic hub, is renowned for its robust demographics, availability of jobs and higher education, affordability, and unparalleled access to outdoor recreation, making it the vibrant urban core of the mountain west.
Sugar House is highly sought after in Salt Lake City, appealing to both residents and investors due to its unparalleled quality of life. Sugar House seamlessly combines convenient access to outdoor recreation and a walkable urban environment, making it an attractive choice for Salt Lake City’s young demographic. As evidenced by the Multifamily Rent Survey (See OM), newer vintage Sugar House projects are pushing rents of approximately $2,200, well above the $1,629 average for Salt Lake City.
Originally constructed between 1925 and 1948 on a 1.06-acre site, the Property comprises four single-story retail buildings (12,286 RSF), one two-story office building (8,460 RSF), and garage space (1,338 RSF), totaling 22,084 RSF. The Property is currently 96% occupied and leased to eight diverse retail tenants and one office tenant.
The Site boasts Sugar House’s most coveted and versatile zoning, known as CSHBD1. This zoning designation permits buildings of up to 105’ in height for any property type.
1985-1997 South 1100 East stands out as an excellent development opportunity due to several key factors. These include its covered land play potential, prime location within a high-demand submarket, and its favorable zoning designation. This combination makes it an exceptional option for those seeking to invest in quality covered-land play development projects.
