Salt Lake City – October 08, 2013 – The Salt Lake office of CBRE announced today that Kensington Real Estate Group has sold their retail and office plaza located on the northwest corner of 700 East and 2100 South. Eric Gustafson and Craig Thomas represented Kensington Real Estate Group in the sale, with the assistance of retail leasing brokers JR Moore and Russ Harris, and office leasing broker Melissa McIntyre.
Plaza 7-21 is a neighborhood retail plaza that includes a three-story office center consisting of 36,867 square feet, in addition to two retail strip buildings totaling 32,472. Constructed in 1987, the plaza was renovated in 2009. It is currently 92% leased to tenants such as Sketchers, Rumbi Island Grill and Sampan Asian Cuisine.
Eric Gustafson, vice president, commented, “Plaza 7-21 is an excellent investment property. It weathered the downturn extremely well due to its location and high visibility. We expect that the new owner will be very pleased with the addition of this asset to their portfolio."
Kensington Real Estate Group is owned and operated by Pat Galentine and Chris Hite, founding Principals of Coreland Companies.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.