Security National Financial Corporation (NASDAQ symbol-SNFCA) announced the completion of the purchase of a Class-A office building, known as “Wasatch 16,” located in Draper, Utah, a suburb of Salt Lake City. With this purchase, the Company continues to expand its holdings of commercial office space in the Salt Lake City market.
Wasatch 16 has a total square footage of approximately 80,000 square feet with a current occupancy rate of 92%. The Company is pleased to have purchased the office building at an attractive price and it anticipates that the building will generate a favorable overall return rate for the Company. In the past six months, the Company has increased its corporate real estate holdings by over 450,000 square feet.
As the market for quality commercial office buildings continues to show an increase in overall returns, the Company anticipates continued growth in this area in the future. The Company believes that the commercial office space demand in the Greater Salt Lake City area will continue to realize an increase as new companies are seeking office space in this area.
Bryce Baker, Manager of Corporate Real Estate, said: “Purchasing the Wasatch 16 commercial office building was a tremendous opportunity to acquire an institutional-quality asset at a favorable cap rate. The stabilized asset was acquired below replacement cost in a submarket of the Greater Salt Lake City area that is currently experiencing low vacancy rates.“
This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.