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8/31/22
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Here’s an activity update about Lakeview Business Park, a brand new, 1,700-acre state-of-the-art warehouse, manufacturing, office and commercial project in Grantsville, UT that is owned by The Romney Group. Situated on more than 1,700 acres, Lakeview Business Park is planned to include 25 msf when fully built out, making it among the largest industrial business parks to launch in the entire U.S.
Lineage Logistics LLC, one of the world’s leading temperature-controlled industrial REITs and logistics solutions providers has purchased 40 acres of improved land within the project. Lineage will be developing a brand new 200k sf, state-of-the-art cold storage facility on the site.
Additionally, there have been lease signings totaling 506.9k sf with two tenants that have filled the first spec building in the project. Jabil Inc, a global leader in manufacturing, recently leased 357k sf and Revman International Inc, a leading distributor of bedding, bath, and home decor products, leased 146k sf of space in the building.
Tom Freeman, SIOR, with Cushman & Wakefield, along with Anthon Stauffer at The Romney Group, negotiated the land sale to Lineage and the two leases on behalf of the landlord.
“This project offers a wide variety of options and is truly capable of serving essentially any sized user,” said Freeman. “Grantsville is a fast-emerging area and growing commercial submarket, and Lakeview Business Park presents a unique opportunity for occupiers or other developers in an advantageous location in the greater Intermountain West.”
With access to Greater Salt Lake’s robust labor pool with a reverse commute and strategic access to Interstate 80, this world-class project will provide top notch industrial warehouse, manufacturing and distribution services to the Western US region. Additionally, the property’s Utah location is within about a 10-hour drive of half of the country, including all major Western ports.
Lakeview Business Park is situated near The Great Salt Lake and resides within 20 minutes of both the renovated Salt Lake City International Airport—currently undergoing a $4.1 bil phased expansion scheduled for full completion by 2025—and the Union Pacific Intermodal Hub. Additionally, an +/- 800-acre portion of the project site is also anticipated to be rail served—ownership is working with Union Pacific and the Utah Inland Port in that effort.
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