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Salt Lake City — Pacific Landing III, a 345,686-square foot industrial distribution building, has sold. The building was built on speculation in 2012 with Eckman & Mitchell Construction as general contractors and was owned by Pacific Landing III, LLC. The buyer was Exeter Property Group a real estate investment management firm.
The transaction is the largest industrial investment deal of the year so far in the market. The property sold as a warm shell, still requiring lights and tenant improvements, but with numerous tenants currently in the negotiation process.
Newmark Grubb ACRES industrial specialists Andy Wheeler and Jim Sheldon represented the seller.
“This property’s transition is underscored by the general ‘flight-to-quality’ across all product types and especially for institutional investors,” Sheldon said. “It is also confirmation of Utah being seen as investment-worthy for the long-term, as well as the enduring dividend returned by continued infrastructure investment.”