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10/30/07
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NEWPORT BEACH, Calif. (Oct. 30, 2007) – LNR Property Corporation’s Commercial Property Group (“LNR”), the company’s real estate development and investment division, today announced it acquired phase one of Bangerter Crossing Business Park, a 34-acre commercial site in Salt Lake City, Utah.
Currently under construction are two state-of-the-art warehouse distribution buildings with a third to soon follow. LNR anticipates that the first two buildings will be completed and ready for occupancy in May and August of 2008. These buildings will contain 162,866 square feet and 244,300 square feet of front-load and cross-dock plans respectively.
With frontage on Bangerter Highway, the third building of phase one, an approximately 325,000 square foot cross-dock facility, is scheduled to break ground during mid-year 2008.
LNR is acquiring additional phases of the project through a four-phase acquisition. Once developed, the total project building area will be approximately 3.5 million square feet.
“Bangerter Crossing Business Park is one of the last premier commercial sites available with developable land for industrial projects in Salt Lake City,” said Ric Kern, regional president of LNR Property Corporation’s Commercial Property Group. “It offers highway visibility and adjacency to freighting operations at Salt Lake City International Airport, the new Union Pacific Intermodal facility and Interstate Highways 15 and 80. This location, along with the property’s amenities, makes it an ideal site for warehouse distribution buildings of this type.”
The Bangerter Crossing Business Park industrial buildings will be characterized by flexible bay depths allowing for front-loaded tenants as low as 15,000 square feet all the way up to a single-tenant, cross-dock facility of 244,300 square feet. High-cube clearance, ample truck staging areas and glass elements up to 28 feet high at the office corners, will be an impressive addition to the greater Salt Lake City industrial market.
The sellers are Randy Abood and Gary McEntee of the Ninigret Group. The broker for Bangerter Crossing Business Park is Zach Anderson with NAI Utah.
About LNR
Headquartered in Newport Beach, Calif., the Commercial Property Group operates as the real estate development and investment division of LNR Property Corporation. LNR Property Corporation is a $3 billion private company with its corporate headquarters located in Miami Beach, Fla.
LNR is a market leader in the master planning and development of commercial properties and is invested in large commercial developments and redevelopment transactions that range in size from $10 million to more than $100 million. Supported by 15 offices across the United States, LNR has been responsible for the successful development, redevelopment and repositioning of more than 1,000 properties in 33 states during the last 15 years. Its expertise extends to a range of property types including office, industrial, retail, apartments, hotels, land and military base reuse. LNR can be found on the Internet at www.lnrcpg.com.
About NAI Utah
NAI Utah Commercial Real Estate is the premier commercial real estate brokerage in Utah providing expert services to both local and global clientele. NAI's services include acquisitions and dispositions, leasing, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services.
NAI Utah’s commercial brokers specialize in industrial, office, retail, investment and multifamily properties. It also has the largest Utah property management and corporate services teams that helps businesses save time and money. NAI Utah has offices in Cache County, Davis/Weber Counties, Salt Lake City, Utah County, and St. George,
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