Newmark Grubb ACRES is pleased to announce the sale of the 28,084 square foot MGIS building and 5.71 acres of land to multi-family developer Lake Union Partners.
NGA’s Senior Vice President Collin Perkins represented the seller, Winn Utah Properties doing business as MGIS, in this transaction.
Lake Union Partners plans to tear down the existing office building and build a new apartment complex in its place. The significant deal, which was the culmination of a three-year marketing campaign, was initially marketed as an office investment. After receiving several offers it became clear that the highest and best use of the property was a "change of use" to apartments, a complex process that required a change of zoning and took two years before the deal was able to be closed.
"After a somewhat lengthy process we went through to sell the property, we were able to find a qualified buyer that recognized the value of the building’s location,” commented Jeff Brunken, President of MGIS. “And given we went through a failed escrow the first time around, it was very important for us to choose the right buyer – one that we felt would follow through and close the deal. We were very happy with Lake Union Partners.”