×

Classic Auction - Office

Non-performing Note secured by a 14 building office park in Orem, UT

Orem, UT

  • Asset Type
  • Note
  • Property Type
  • Office
  • Land Area
  • 75.11 Acres
  • Year Built
  • 1987-1993
  • Number of Floors
  • 3
  • Number of Buildings
  • 14
  • Parking Count
  • 7,840
  • Occupancy
  • 79.20%
  • Occupancy as of
  • Jul 01, 2017
  • Office Type
  • Suburban Office
  • Property Size
  • 913,411 Sq Ft

Non-performing Note secured by a 14 building office park in Orem, UT

Newmark Knight Frank, in partnership with RealINSIGHT Marketplace, is pleased to present the opportunity to acquire a non-performing commercial loan with an unpaid principal balance of $64,530,753 (hereafter the “Loan”) secured by a 14-building office park in Orem, UT known as Canyon Park Technology Center (the “Collateral,” “Property,” or the “Project”).
 

Canyon Park Technology Center is a master planned development totaling 913,411 rentable square feet at the base of the beautiful Wasatch Front mountain range in Orem, UT. The Property consists of 14 high-tech office buildings constructed between 1987 and 1993 on 75.11 acres. The Project is currently 79.2% occupied by a wide spectrum of tenants including many high-growth tech firms.
 

Located in the highly desirable “Silicon Slopes” submarket, the Property boasts all of the amenities and features necessary to attract growing tech companies: creative office space, high-tech connectivity, basketball/volleyball courts, an on-site restaurant, picturesque views, and access to hiking/biking trails within a few steps make Canyon Park an ideal location for a growing tech company.
 

Although the Property is currently 79.2% occupied, several major tenants will be vacating over the next 18 months, which will drop occupancy below 50%. These pending vacancies will allow a skilled institutional investor to backfill the spaces and create value on a large scale.
 

Canyon Park Technology Center presents investors with an extremely rare and compelling value-add opportunity to acquire a critical mass of high-quality assets in the top western market at a significant discount to replacement cost.


Auctioneer
Lamar P. Fisher
Internet Auctions Exempt per Utah Attorney General Office

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Platform Fee

Platform fee for this transaction is 5.00% or a minimum of $25,000.

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.