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6/02/15
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BH Properties has purchased a 287k sf industrial facility in Salt Lake City, UT in an all-cash deal that closed in 15 days. The property is located at 620 N. John Glenn Rd, north of I-80 on the west side of Salt Lake City International Airport.
LA-based BH Properties plans to renovate the site, improving the interior and implementing value-add strategies to reposition the vacant facility for multi-tenant use, including space for light manufacturing and distribution. This is the second property acquired by BH Properties in Salt Lake City’s International Center adjacent to the Salt Lake City International Airport.
“Salt Lake City is seeing a strong demand for industrial facilities, keeping pace with the rise of e-commerce and the resulting need for additional as well as larger distribution warehouses,” said Steve Jaffe, chief investment officer and principal of BH Properties. “The building’s competitive pricing per-square-foot in addition to the area’s strong demand for industrial facilities made this property a solid value-add investment.”
The Salt Lake City commercial real estate market experienced steady growth within multiple market sectors throughout 2014. Specifically, high demand for space within the industrial sector aided in the sector’s strongest first quarter post-recession during 2015, pointing to the city’s recovering economy.
Phillip Dunn, president of Dunn Commercial Properties, represented BH Properties in the transaction. Rick Newton, senior director of retail, land and investment at Cushman Wakefield | Commerce repped the seller, Compeq International Corp.
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