Security National Financial Corporation (NASDAQ symbol “SNFCA”)
announced today the acquisition of a two story commercial office
building located at 5201 South Green Street in Murray, Utah. The
building is approximately 40,000 square feet of office space, which is
currently 75% vacant. With comparable office space in the immediate area
at approximately 85% 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, noted: “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%. 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.”
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.
