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12/19/24
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STAG Industrial Inc has acquired 5 South Commerce Center, a newly built, 172.8k sf Class A warehouse in Salt Lake City. The price was not disclosed. AZ-based ViaWest Group was the seller.
The warehouse development is situated on 11 acres and was delivered in late 2023. The single-tenant facility is 100% leased on a long-term basis to a logistics and supply chain solutions company.
Strategically located at 3175 West 500 South, 5 South Commerce offers seamless access to major logistical routes, including Interstates 80, 215, and 15, as well as SR 201 and the Mountain View Corridor, a vital artery for local manufacturing and distribution. 5 South Commerce is also positioned near the expanded and renovated Salt Lake City International Airport—currently undergoing a significant $4.1 bil phased expansion scheduled for full completion by 2026. Downtown Salt Lake City sits several miles east of the property.
5 South Commerce offers state-of-the-art features including a 2.5k sf modern spec office suite. Other key features include 32’ clear height, 56’ x 54’ column spacing, 35 dock high doors, four grade-level doors, ESFR sprinklers, 146 car parking stalls, ample power, clerestory windows, plus a 1.84-acre fenced and secure storage yard on-site.
A C&W sales team comprised of Will Strong, Michael Matchett, and Molly Hunt of the firm’s IAG – Mountain West team, together with Jeff Chiate, Rick Ellison, Matthew Leupold and Aubrie Monahan of the firm’s IAG – West team, represented the seller in the deal. Cushman & Wakefield’s Greg Lance repped the building’s tenant in its lease prior to sale and Phillip Eilers and Jon Schreck also provided market leasing advisory for the sale transaction.
Marking its debut in the Salt Lake City industrial market, ViaWest Group entered the region in early 2022 with the acquisition of the 11-acre site, as part of a larger purchase encompassing 18 acres of property.
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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