Salt Lake City area cold storage facility acquisition financed
Salt Lake City— JLL Capital Markets announced that it has arranged $8.52 million in financing for the acquisition of a 157,750-square-foot cold storage facility at 400 S. Main St. in the suburban Salt Lake City community of Clearfield, Utah.
JLL worked on behalf of the borrower, IWH Capital, to secure the financing through a New York-based financial institution, Ready Capital.
The single-tenant property is net leased to Forte Frozen on a long-term basis. The facility features 23-foot clear heights, deep truck court, 120,000 square feet of freezer space, more than 30,000 pallet positions, seven dock high doors, one ground-level door, one rail door and low office finish. The property is situated on 12.34 acres adjacent to UT-193 approximately 25 miles north of Salt Lake City. The property has an active Union Pacific rail spur, and UP’s intermodal facility is 35 miles south of the property. Additionally, Interstate 15 is less than one mile east of the property and provides access to the greater Salt Lake City area freeway system that includes Interstates 80, 84 and 215.
The JLL Capital Markets team representing the borrower was led by Senior Director Christopher Knight and Director Lucas Borges, along with Senior Managing Director Mark Detmer and Senior Directors Robin Stolberg and Ryan Sitov.
Cold storage has become a priority in the wake of the COVID-19 pandemic, especially in dense population centers like the greater Salt Lake City area where nearly 60 percent of the state’s residents live and where the demand for online grocery is high and remaining constant. JLL Research in its Cold storage in the post-COVID economy whitepaper detailed key trends across the cold storage sector, including how a rise in e-commerce adoption has increased online grocery shopping and, as a result, companies across the supply chain are taking steps to capitalize on the demand for cold storage and last-mile transportation services.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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