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7/22/22
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Gardner Batt has sold the final asset of a three-building, 547.3k sf Class A industrial portfolio comprising three newly constructed industrial/logistics buildings in the Salt Lake City Metro Area. The trio of last-mile facilities are all fully leased to a single Fortune 10 global e-commerce company.
The joint venture of Greenlaw Partners and Mirae Asset Global Investments recently acquired all three buildings in the Utah portfolio during June/July for a combined $291.5 mil.
The third building, located at 7001 New Bingham Hwy in the city of West Jordan, was built in spring 2022 and totals 200k sf situated on over 76 acres. It sold for $103.8 mil on July 7.
The other two building sales, from June, included a brand new 201.1k sf building delivered in 2021 on over 56 acres at 989 W Center St in Salt Lake City and a 146.2k sf building constructed in 2020 and located at 398 E 1100 South St in American Fork.
The modern facilities feature state-of-the-art features and functionality including the most up-to-date clear heights, lighting, both vehicle and trailer parking, fire suppression, etc. The properties are also each convenient to several major freeways routing through the Salt Lake City region and nearby markets and states. They are also proximate to the Salt Lake City International Airport that recently completed Phase I of a $4.1 billion renovation. The facilities are well-positioned near population bases of several million people.
Jeff Chiate, Mike Adey, Brad Brandenburg, Matthew Leupold, Tom Freeman and Travis Healey with Cushman & Wakefield represented the seller in all three transactions.
“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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