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11/29/22
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Principal Global Investors has acquired Pacific Summit Logistics Center, a recently completed, 824.3k sf industrial facility in Salt Lake City. The facility, located at 885 N John Cannon Dr, was built and sold by Pacific Industrial.
The transaction is one of the largest ever single-building industrial property sales in Salt Lake City according to Cushman & Wakefield. At the time of the sale, the building was 50% pre-leased to Quality Distribution, a third-party logistics provider headquartered in Utah.
The state-of-the-art building features 40’ clear heights, almost 200 trailer parking stalls, a private perimeter vehicle access road and a modern entry aesthetic. Situated just west of the Salt Lake City International Airport, the facility was built on 48 acres along the I-80 corridor in the heart of Salt Lake City’s Northwest Quadrant (NWQ), the largest and most sought-after industrial submarket in Utah. The Northwest Quadrant is home to the renovated Salt Lake City International Airport—currently undergoing a $4.1 bil phased expansion scheduled for full completion by 2025—and the Union Pacific Intermodal Hub, and the major transportation corridors of I-15 and I-80.
“Salt Lake City has become a booming logistics market in large part because the Salt Lake City valley has one of the fastest growing populations in the U.S.”, said Neil Mishurda, Co-Founder of Pacific Industrial. “We built a facility to appeal to the increasingly large distribution users in the Salt Lake market.”
Jeff Chiate, Rick Ellison, 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, Pacific Industrial, in the transaction. The price was not given out. Freeman and Healey were retained by Principal Global Investors for project leasing.
"Due to its strong fundamentals, the Salt Lake region has been a critical target market for occupiers and owners/developers, as further evidenced by both the significant leasing and acquisition of this newly built facility,” noted Freeman. “Utah offers an advantageous and strategic location, as a hub to all major western cities and states. Two major interstates (I-80 and I-15) and all three major rail lines leaving Seattle, San Francisco, and Los Angeles ports meet in Salt Lake City.”
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