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11/12/24
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Hyde Development and Mortenson Properties have teamed up in the purchase of the Salt Lake City Industrial Portfolio, a nine-building, 787k sf infill portfolio. The price was not disclosed.
The Portfolio is comprised of five single-tenant and four multi-tenant buildings that are 96% leased to 13 blue-chip tenants. The properties are located just south of the Salt Lake City International Airport near the convergence of interstate highways I-15 and I-80. The submarket, known as the Northwest Quadrant of the Salt Lake Industrial market, historically accounts for over 75% of market demand.
Jeremy Ballenger, Tyler Carner, Rebecca Perlmutter and Brett Hartzell of the CBRE National Partners team represented the seller in the deal.
“We’ve been building in the community since 1983 and investing here since 2020,” commented Dan Ryan, Managing Director of Mortenson Properties. “We believe the Wasatch Front is one of the most dynamic and promising markets in the country. Its strategic location, paired with an infrastructure that supports industry and innovation, offers a tremendous advantage for companies serving Salt Lake City and Western U.S. markets.”
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