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6/13/22
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A joint venture between Greenlaw Partners and Mirae Asset Global Investments acquired a Class A industrial portfolio comprising two newly constructed Class A industrial/logistics buildings totaling 347.3k sf in Salt Lake City for $187.75 mil. The last-mile facilities are both fully leased to the same Fortune 10 global e-commerce company.
398 E 1100 South St, American Fork |
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One of the properties in the portfolio is a brand new 201.1k sf building delivered in 2021 and situated on over 56 acres at 989 W Center St in Salt Lake City. The other structure is a 146.2k sf building constructed in 2020 and located at 398 E 1100 South St in American Fork, a suburb south of Salt Lake City known as a progressive retail, business and technology center. Both modern facilities feature 40’ clear heights, abundant excess van/trailer parking, ample loading and ESFR sprinklers.
The properties are convenient to several major freeways routing through the Salt Lake City region and nearby markets and states. 989 Center is also near the expanded Salt Lake City International Airport that recently completed Phase I of a $4.1 bil renovation. Both facilities are well-positioned near population bases of several million people within about an hour’s drive.
Jeff Chiate, Mike Adey, Brad Brandenburg, and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group together with Tom Freeman and Travis Healey with Cushman & Wakefield’s Salt Lake City office represented the seller, Gardner Batt, in the transaction.
“Fully leased to a renowned high credit tenant, these state-of-the-art assets comprise a core last-mile logistics portfolio with critical locations in the Salt Lake City metro,” said Chiate. “Industrial sites remain in high demand by investors due to the continued robust tenant activity happening across many of the sector’s industries and as quality industrial supply remains limited.”
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