Security National Financial Corporation Purchases Commercial Office Building
in Draper, Utah
SALT LAKE CITY -- July 1, 2013
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.
Security National Financial Corporation
Brian Nelsen or Garrett S. Sill, 801-264-1060
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