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11/25/20
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A joint partnership of NorthPoint Development, a Kansas City based developer, and The Romney Group will soon begin construction on a 19 msf, state-of-the-art warehouse, manufacturing, office and commercial project in Grantsville, UT. Named the Lakeview Business Park, the new monumental Class A project is situated on more than 1,300 acres and is among the largest industrial business parks to launch in the entire US. The partnership will invest over $1 bil in developing the park.
Construction is commencing in November on the first speculative building totaling 506.9k sf in size, and expandable to 1 msf. The remainder of the project is being developed in phases at future dates yet to be determined. Cushman & Wakefield has been awarded the leasing assignment for the development.
“Lakeview Business Park offers a great location for tremendous success with the ability to serve any industrial client in terms of size and labor for many years to come,” noted Chad Meyer, President, NorthPoint Development. “The area boasts a strong local workforce and with nearly 80% commuting daily to Salt Lake Valley would now have the opportunity to work closer to home.”
The new Lakeview Business Park is also just a stone’s throw from The Great Salt Lake and is within 30 minutes of both the renovated Salt Lake City International Airport—which recently opened a new concourse as part of its $4.1 bil phased expansion scheduled to be fully completed by 2024—and also the Union Pacific Intermodal Hub. As part of the vision for the development, a +/- 400-acre portion of the property will be rail served. The developer is currently working with Union Pacific and the Utah Inland Port Authority to rehabilitate an existing rail line that routes into the park.
Cushman & Wakefield’s Tom Freeman, SIOR, who is leading brokerage efforts for the project, said, “This project has all of the best ingredients to be a special opportunity for companies seeking a strategic and advantageous location in the greater Intermountain West, while also providing a successful economic driver.”
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