{"id":1004233718,"date":"2018-06-06T02:22:40","date_gmt":"2018-06-06T10:22:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004233718"},"modified":"2022-12-08T09:26:23","modified_gmt":"2022-12-08T17:26:23","slug":"slc-office-campus-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/slc-office-campus-changes-hands\/","title":{"rendered":"SLC Office Campus Changes Hands"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Canyon<\/a>

Canyon Park Technology Center in Orem, Utah.<\/p><\/div>\n

A joint venture between the Muller Co., and an affiliate of Cerberus Capital Management LP has acquired Canyon Park Technology Center, a 924,634-square-foot office campus in Orem, Utah.<\/p>\n

The sellers and price of the transaction were not disclosed.<\/p>\n

\u201cWe purchased the property through a foreclosure sale,\u201d <\/em>Jon Muller, Muller\u2019s principal, told Commercial Property Executive. \u201cThe previous owners had not invested in improving the buildings and as a result the property was only 60 percent occupied. The opportunity to lease up the property along with the demographics of the area fit well with our business philosophy.\u201d<\/em><\/p>\n

This marks the second time the two firms have teamed up, following last year\u2019s recapitalization of an 841,036 square-foot, three-building office portfolio in Orange County<\/a>, Calif.<\/p>\n

Originally constructed between 1988 and 1992 to serve as headquarters for WordPerfect Corp., the campus is made up of 14 single-, two- and three-story buildings, with spaces ranging in size from 100 square feet to 60,000 square feet. This allows for configurations of everything from single-office incubator space to whole-building headquarter opportunities.<\/p>\n

Amenities in the office campus, which is located at 1501 Technology Way, include a conference center with theater-style seating that seats up to 400 people; UVU\u2019s Culinary Arts Institute\u2019s internship kitchen; and outdoor amenities such as sand volleyball courts, basketball courts, West End Park and BBQ facilities. It also includes 7,840 parking spaces.<\/p>\n

\u201cThe Muller Co. specializes in value-add opportunities where we can capitalize on repositioning assets with a quality of management and operations consistent with other \u2018best in class\u2019 properties in the market,\u201d <\/em>Muller said. \u201cThis property presents the opportunity for us to extend the Muller \u2018brand\u2019 to a new market for us.\u201d<\/em><\/p>\n

Picturesque location<\/strong><\/h2>\n

Situated on 85 acres, Canyon Park Technology Center offers scenic views of the Wasatch Mountains. The sprawling campus is less than an hour from Salt Lake City and offers convenient access to the city via the I-15 and State Route 189.<\/p>\n

According to Muller, the economics of the marketplace are very strong.<\/p>\n

\u201cA combination of positive quality of life, low cost of living and a well-educated workforce has made the area attractive to both start-up and more mature tech-oriented companies,\u201d <\/em>he said. \u201cIn fact, the area has acquired the nickname \u2018Silicon Slopes\u2019 as a result of the rapid growth in the tech sector.\u201d<\/em><\/p>\n

Three universities within close proximity also provide a steady source to increase the area\u2019s workforce.<\/p>\n

Changes ahead<\/strong><\/h2>\n

The joint venture plans to invest significant capital to upgrade the common areas and grounds, and enhance the branding of the property with updated signage, color schemes and better wayfinding through the campus.  <\/p>\n

\u201cWe plan on investing $8.6 million over the next two years to significantly upgrade the property,\u201d <\/em>Muller said. \u201cAn indoor amenity center will feature an upscale gym, snack center, gaming rooms and gathering areas. An outdoor area will be developed with sports-minded activities, picnic alcoves, fire pits and bike parking.\u201d<\/em><\/p>\n

There will also be a food truck alley, as well as outdoor dining areas to take advantage of the adjacent caf\u00e9 operated by the UVU culinary school. <\/p>\n

In April, Cerberus Capital Management partnered with Harvest Properties on the acquisition of DC Station, an office building in San Francisco<\/a>\u2019s suburb of Daly City, Calif. <\/p>\n

Image courtesy of The Muller Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Muller Co. has teamed up with Cerberus Capital Management to acquire Canyon Park Technology Center, a 924,634-square-foot campus in Orem, Utah.<\/p>\n","protected":false},"author":451,"featured_media":1004233728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1606,15],"tags":[33647,34015],"class_list":["post-1004233718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-salt-lake-city","category-west","tag-cerberus-capital-management","tag-the-muller-company"],"acf":[],"yoast_head":"\nSLC Office Campus Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/slc-office-campus-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SLC Office Campus Changes Hands\" \/>\n<meta property=\"og:description\" content=\"The Muller Co. has teamed up with Cerberus Capital Management to acquire Canyon Park Technology Center, a 924,634-square-foot campus in Orem, Utah.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/slc-office-campus-changes-hands\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-06T10:22:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T17:26:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Canyon-Park-Technology-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/slc-office-campus-changes-hands\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/slc-office-campus-changes-hands\/\",\"name\":\"SLC Office Campus Changes Hands - 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