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10/18/22
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ViaWest Group has broken ground on a new 172.8k sf Class A spec warehouse building in Salt Lake City, UT. Known as 5 South Commerce Center, the new development is scheduled for completion in the second quarter of 2023.
Marking its entry into the Salt Lake City industrial market, ViaWest Group acquired the 18-acre site in early 2022, subsequently subdividing it to create a separate 11-acre parcel on which the new warehouse building will sit. The remaining seven-acre parcel contains an existing, modern 37k sf industrial building constructed in 2016 with roughly three acres of secure, paved storage yard.
The building will be divisible to 57.6k sf and features a 2.5k sf spec office suite plus additional office space to-suit. Other key features include 32’ clear height, 56’ x 54’ column spacing, 35 dock high doors, four grade-level doors, ESFR sprinkler system, 146 car parking stalls, ample power, clerestory windows, as well as a paved and fenced outdoor storage yard.
Located at 3175 West 500 South in a heavy industrial-zoned area (M-2), the new building is convenient to multiple logistical freeway routes including Interstates 80, 215, 15 and SR 201 as well as the Mountain View Corridor, a key local corridor for manufacturing and distribution. It is also close to the expanded and renovated Salt Lake City International Airport—currently undergoing a $4.1 bil phased expansion scheduled for full completion by 2025. Downtown Salt Lake City is also within a few miles of the property.
Cushman & Wakefield’s Phillip Eilers, Jon Schreck and Rick Newton are handling project leasing efforts.
According to Cushman & Wakefield’s Q2-2022 report, Salt Lake City’s overall industrial market vacancy stood at just 2.3% at midyear. The average asking rent was $0.71 per square foot per month on a triple net basis, up 23.6% year-over-year. Tenants absorbed approximately 4 msf market-wide in the first half of 2022, slightly outpacing the record-setting 7.7 msf of annual absorption in 2021 per the firm’s tracking.
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