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June 15, 2024
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Newly Constructed 243k sf Industrial Facility in Salt Lake City Trades

1/30/24

A newly constructed, 243.2k sf Class A industrial building on just under 32 acres in Salt Lake City, UT was acquired by a global investment manager. The asset – Building C - comprises part of the new Mountain View Industrial Park. It was sold by a joint partnership of a fund advised by Crow Holdings Capital, Gardner Batt and BCG Holdings.

Building C was 100% preleased to a multibillion-dollar logistics company prior to its delivery in November 2023. The asset is part of Phase 2 of the Mountain View Industrial Park, a brand-new multi-building, multi-phase warehouse/distribution project totaling approximately 1.26 msf.

In addition to Building C, Phase 2 includes the 179.4k sf Building B. Both structures were completed in late 2023. Phase I consists of the new large freestanding Building A totaling 833.3k sf that was completed in 2022. The partnership had acquired the 92-acre Mountain View Industrial Park site at 300 South and 5960 West in October 2020.

Jeff Chiate, Rick Ellison, Jeffrey Cole, and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. The firm’s Tom Freeman, SIOR, Travis Healey, SIOR and Jeremy Terry provided local market advisory and lead leasing efforts for the project. The C&W sales team also represented the seller in the disposition of Building A, which sold to an undisclosed buyer in spring 2022.

“Mountain View Industrial Park consists of new state-of-the-art buildings with premium Class A construction, exceptional access to all major transportation infrastructure, and the ability to pull from a superior labor base. The project aims to help fulfill the supply needed for industrial users in a Utah market that maintains growth across a variety of industrial segments, while the sales of these assets reflect the sentiment investors have for the Salt Lake City industrial market, correlating to occupier appetite,” said Chiate.

“Mountain View Industrial Park is ideally situated along the I-80 corridor in the heart of Salt Lake City’s Northwest Quadrant, the largest and most sought-after industrial submarket in Utah, and that is home to Union Pacific’s Intermodal Facility, the recently expanded Salt Lake City International Airport and vital Interstates 15 and 80,” added Ellison. “According to Cushman & Wakefield’s latest Q4-2023 market report, Salt Lake City recorded more than 3 msf of annual industrial occupancy growth in 2023, with 2.25 msf stemming from its North West submarket.”

Mountain View Industrial Park features high quality design and construction, offices finished to suit, 32’ clear heights, abundant dock loading, heavy power, clerestory windows, skylights throughout the warehouse areas, ample trailer parking and other exceptional industrial features.

The location is a half-day’s drive to reach 63 million people, including most of the Western US and all its major ports, and within a day’s drive of nearly 150 million people, or 45% of the US population.





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