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4/03/08
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SALT LAKE CITY (April 3, 2008) – LNR Property Corporation’s Commercial Property Group today announced it has erected the first of their planned buildings in the ultimate 160-acre, 3.5 million-square-foot Bangerter Crossing Business Park in Salt Lake City. LNR’s Commercial Property Group is the real estate development and investment division of LNR Property Corporation.
The first building will contain 244,300 square feet with a second 162,866 square foot building is expected to be completed and ready for occupancy in May 2008 and August of 2008, respectively. A third building will soon follow, bringing an additional 300,000 square feet. Construction is scheduled to commence on the third building in the summer of 2008.
Throughout the project, LNR’s Commercial Property Group will utilize more than 52,000 cubic yards of concrete on its building pads and roadways. The re-utilized airport runway concrete will only be used for pad and roadway construction as an additive to the engineered soils, and will not be used for new wall construction. Once completed, the park will have used more than 110,000 cubic yards of new concrete, the same amount needed to build a four-foot sidewalk from Salt Lake City to San Francisco.
“In a team effort involving both Camco Construction and Ninigret Construction Companies, we are very pleased we are able to utilize a portion of the airport concrete in our development, as it helps reduce landfill waste and will contribute to the long-term strength of our project,” said David Baird, director of development for LNR Property Corporation’s Commercial Property Group in Salt Lake City. “This project is located directly in the middle of the major distribution nodes along the Wasatch Front. We believe the project’s design and location will prove to be very valuable in the eyes of our tenants and the larger business community.”
Bangerter Crossing Business Park offers highway visibility and is adjacent to freighting operations at Salt Lake City International Airport, the new Union Pacific Intermodal facility and Interstate Highways 15 and 80. Its location and amenities make it an ideal site for warehouse distribution building operations.
NAI Utah Commercial Real Estate Services is responsible for leasing and selling Bangerter Crossing. Zach Anderson, a veteran broker and Principal in NAI Utah’s Salt Lake City office can be reached by calling (801) 578-5555, ext. 5501.
About LNR
Headquartered in Newport Beach, Calif., the Commercial Property Group operates as the real estate development and investment division of LNR Property Corporation. LNR Property Corporation is a $3 billion private company with its corporate headquarters located in Miami Beach, Fla.
LNR is a market leader in the master planning and development of commercial properties and is invested in large commercial developments and redevelopment transactions that range in size from $10 million to more than $100 million. Supported by 15 offices across the United States, LNR has been responsible for the successful development, redevelopment and repositioning of more than 1,000 properties in 33 states during the last 15 years. Its expertise extends to a range of property types including office, industrial, retail, apartments, hotels, land and military base reuse. LNR can be found on the Internet at www.LNRCPG.com.
About NAI Utah
NAI Utah Commercial Real Estate is the premier commercial real estate brokerage in Utah providing expert services to both local and global clientele. NAI’s services include acquisitions and dispositions, leasing, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services.
NAI Utah’s commercial brokers specialize in industrial, office, retail, investment and multifamily properties. It also has the largest Utah property management and corporate services teams that helps businesses save time and money. NAI Utah has offices in Cache County, David/Weber Counties, Salt Lake City, Utah County, and St. George. NAI Utah can be found on the Internet at www.NAIUtah.com.
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