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Cobalt Capital Partners has purchased the Summit Distribution Center from RT Summit Distribution. The investment sale included 275,080 square feet of space and constituted one of the few class-A bulk industrial sales of 2013.
“Since our entry into Salt Lake City in 2011, the industrial market has outperformed much of the country, and we have continued to see an increase in demand and a growing base of quality tenants, said David Broome of Cobalt Capital Partners. “The recent acquisition of Summit Distribution Center adds a high-quality, well-located property to our existing Salt Lake industrial portfolio and is an excellent fit with our light industrial, value-add strategy.”
Newmark Grubb ACRES industrial specialists Jeff Heaton and Jim Sheldon represented both the buyer and the seller in the transaction.