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January 20, 2018
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Price is Right for 427k sf, Fully Occupied Industrial Property in Salt Lake City

1/05/18

Price Real Estate paid $37.2 mil for a two-building, 426.9k sf ($87/sf) industrial property in Salt Lake City, UT. The asset, located at 3845-3907 West Ninigret Dr, is 100% occupied by Metro Logics, a third-party medical logistics firm.

The two single-tenant buildings were built in 2008 and 2010 respectively. They’re situated on 19.84 acres at located at 3845-3907 West Ninigret Dr, west of I-215 and south of I-80.

Kevin Shannon and Bret Hardy with NKF Capital Markets represented AEW in the off-market transaction. Kyle S. Roberts of Newmark Grubb ACRES repped Price Real Estate. ‎

According to Newmark Grubb ACRES research, the Salt Lake County industrial market maintained last year's momentum into the third quarter of 2017. Overall vacancy has remained low for the past decade compared with the vacancies of surrounding cities in the Mountain West, while average lease rates and sale prices per square foot have increased markedly in the past several quarters.

“As the largest owner/developer of industrial property in the California Avenue sub-market of Salt Lake City’s Northwest Quadrant, Price Real Estate saw the MetroLogics portfolio as a core, strategic acquisition which expands its footprint in the premier location for occupants of logistics space along the Wasatch Front,” said Roberts.




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