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8/01/24
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Stos Partners has acquired a three-building, 279.2k sf industrial complex in Salt Lake City for $34.99 mil ($125/sf) in an off-market transaction. The asset sits on roughly 14.5 acres at 900 W 2900/2950/3100 S. The deal marks Stos Partners’ first purchase in the market.
The property is ideally located near the I-15, I-80, I-215 and SR-201 freeways, providing convenient access to neighboring communities and accessibility for transport and logistics. It is also located approximately 10 miles from Salt Lake City International Airport.
Competitive building features include 22-foot clear height, 49 dock-high doors and 18 drive-in ground-level doors. Stos Partners plans to immediately implement a capital improvement program, stabilizing and re-tenanting the asset.
Alex Harrold of Mathews Real Estate represented Stos Partners in the acquisition. Eli Priest, Jeff Heaton, and Kyle Roberts of Newmark have been retained to oversee leasing at the industrial complex.
“With the growth of ecommerce, logistics, and manufacturing, Salt Lake City continues to strengthen as a key market for industrial users,” says CJ Stos, Principal at Stos Partners. “In addition to the prime location and functionality of the park, we were attracted to the opportunity due to the wide range of suite sizes and tenant diversification.”
“The Salt Lake City industrial market saw leasing activity exceed 2.5 msf in the second quarter of this year with logistics and distribution accounting for 81% of that total, according to JLL’s Q2 Salt Lake City Industrial Report,” said Vice President of Acquisitions Morgan Hill. “Small to mid-sized industrial tenant requirements in Salt Lake City make up the majority of the of leasing activity throughout the market, which should continue to drive strong leasing activity in the second half of 2024.”
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