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1/07/25
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A freestanding 40.7k sf industrial warehouse with 2.25 acres of yard in Salt Lake City traded hands in an end of year deal. The price was not immediately disclosed.
Built in 2016 and located at 3255 West 500 South, the single-tenant building is 100% leased on a long-term basis to a leading provider and distributor of industrial and manufacturing products. The property was acquired by a private real estate investment firm based in St. Louis.
3255 West 500 South is strategically convenient to multiple logistical freeway routes including Interstates 80, 215, 15 and SR 201 as well as the Mountain View Corridor, a vital artery for local manufacturing and distribution. The property is also highly functional and features several acres of yard for outside storage.
The property was sold by AZ-based ViaWest Group, who acquired the seven-acre (total land size) asset in 2022 as part of a larger, 18-acre purchase. In a separate transaction, ViaWest Group also sold the adjacent 11-acre site containing a newly built 172.8k sf, single-tenant industrial building the company developed in 2023, which was 100% leased.
Phil Haenel, Will Strong, Foster Bundy and Katie Repine with Cushman & Wakefield’s Proivate Capital Group represented the seller in the transaction. Phillip Eilers and Jon Schreck also provided market leasing advisory.
According to Cushman & Wakefield’s Q3-2024 market report, Salt Lake City’s overall industrial market vacancy stood at a healthy 5.8%. Tenants have absorbed approximately 3.6 msf market-wide year-to-date, already well surpassing 2023’s total annual occupancy growth of 2.2 msf, per the firm’s tracking.
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