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NAI WEST represented both the buyer and seller in the sale of the beautiful 144,210 square foot manufacturing/engineering facility located at 369 North Billy Mitchell Road in Salt Lake City, Utah.
The buyer, Parkside Investment, and the seller, KPP, were both represented by NAI WEST Co-Founder and Executive Vice President Kyle Roberts and NAI WEST Principal and Executive Vice President Bryce Blanchard.
Speaking of the transaction, Whit Hamlin of Parkside Investment remarked, “Warehouse investments in the core of Salt Lake City submarkets are difficult to source and thus require Buyers to be both patient and ready to move fast. Kyle Roberts and his team presented us with an opportunity to purchase a high-quality building at a reasonable price, and we were fortunate to have the ability to meet the Seller’s short timeline. The parties were all aligned and communicated well—as a result, the process went quite smoothly. We are grateful to Kyle and NAI West for helping us add this asset to our portfolio.”
Kyle Roberts added, “We were pleased both parties were able to capitalize on advantages presented by the economy. KPP was able to take advantage of the historical low capitalization rates and Parkside Investment was able get a low in-place lease rate with a premier tenant.”