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Newmark Grubb ACRES has announced the sale of Westport Distribution III to Industrial Income Trust (IIT) based in Denver, Colorado.
This 415,000-square foot industrial bulk distribution facility is located at 6050 West 700 South in Salt Lake City.
Newmark Grubb ACRES principal Zach Anderson and executive vice president Bryce Blanchard represented the buyer, Industrial Income Trust (IIT). Newmark Grubb ACRES president and CEO Mike Falk and co-founder Steve Condie represented Buzz Oates Real Estate, the seller.
“Given the recent flourish of market activity and lack of available bulk distribution facilities, this class A facility will be able to accommodate all the large scale tenants who are either looking to relocate or expand their operations in Utah,” Anderson said.
Industrial Income Trust is a non-traded real estate investment trust (REIT) that acquires and operates distribution warehouses and other industrial properties. This acquisition brings IIT’s portfolio total to more than 60 million square feet.