Philadelphia-based real estate investment management firm Arden Group recently announced its latest investment in Lehi, Utah, in partnership with Vesta Realty Partners, LLC. The joint venture has acquired the office building located at 3400 West Mayflower Ave., which currently serves as headquarters for multi-level marketing company Younique. The deal marks the partnership’s fifth office property acquisition in the high-demand tech corridor, which is growing along Interstate 15, south of Salt Lake City. No transaction price was specified in the announcement.

The seller — Stack Real Estate, one of Utah’s most prominent real estate developers — built the property in 2016. The building incorporates 125,000 square feet of premium suburban Salt Lake City office space across five stories, and was designed as a fully amenitized corporate campus and showcase property for its anchor tenant.

Younique HQ Building at 3400 West Mayflower Avenue in Lehi, Utah (property image courtesy of Yardi Matrix)

Built to LEED Silver certification standards, the property features an average floor plate size of 25,000 square feet; two-story, high-end lobbies; floor-to-ceiling glass throughout; abundant parking (a ratio of 4.48 spaces per 1,000 square feet); and three passenger elevators. On-site amenities also include controlled access; a full-size commercial kitchen; cafeteria and lounge; outdoor seating; an auditorium, five balconies with seating; a full-service salon; and an R&D lab.

“Arden continues to demonstrate its belief in Salt Lake City and the Silicon Slopes technology corridor through our numerous trophy office acquisitions,” said Craig A. Spencer, chairman and CEO of Arden. “With its best-in-class design, top amenities and high visibility, the fully leased Younique corporate headquarters is a perfect addition to our growing regional portfolio, and we’re pleased to announce this latest purchase.”

The Arden and Vesta partnership had previously acquired the Solutionreach office building at 2600 North Ashton Blvd. and the Entrata headquarters building at 4205 North Chapel Ridge, both of which are also located in Lehi.

Solutionreach office building at 2600 North Ashton Blvd in Lehi, Utah (property image courtesy of CommercialEdge)

“Investor and tenant demand in Utah’s Silicon Slopes have remained resilient over the past 24 months,” noted Jeff Grasso, founder and managing partner of Vesta Realty Partners. “We are continuing to experience new capital sources seeking exposure to the market, while local and out-of-state tenant demand is ramping up to pre-COVID levels.”

“This transaction underscores the Arden strategy of acquiring high-quality properties in strategic submarkets which deliver compelling returns,” added James Tucker, managing director of Arden’s office investment team. “The Younique headquarters building met all our investment criteria and offers strong cash flow in the near-term and future opportunities for value creation over the long-term.”

Entrata HQ building at 4205 North Chapel Ridge in Lehi, Utah (property image courtesy of CommercialEdge)