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Salt Lake City—Security National Financial Corporation announced today the acquisition of a two-story commercial office building located at 5201 South Green Street in Murray. The building has about 40,000 square feet of office space, which is currently 75 percent vacant. With comparable office space in the immediate area at approximately 85 percent occupancy, the company believes the financial outlook for the property is very positive.
The company believes the attractive location of the office building and the expanding commercial growth in the greater Salt Lake area are contributing factors to the anticipated success of the office building in obtaining a competitive occupancy rate in the near future. The property may be used for expansion of the company’s existing operations, relocation of current tenants or rented at favorable market rates.
This acquisition adds to Security National’s nearly 20 acres of office and land holdings in the immediate area, and will be part of an anticipated redevelopment project at a future date.
Garrett Sill, acting chief financial officer of SNFC, said, “We are very pleased that we were able to acquire this building and land, which is adjacent to our corporate offices. This purchase gives the company additional frontage on I-15 and increases our land holdings in this area by almost 15 percent. This area of the Salt Lake Valley is seeing economic growth, and we are confident in our ability to lease the vacant office space and achieve an acceptable yield on this purchase.”