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Cushman & Wakefield advises sale of new 243,232 SF industrial building in prominent Class A Development in Salt Lake City

Salt Lake City—Cushman & Wakefield announced the firm has represented the joint partnership of a fund advised by Crow Holdings Capital, Gardner Batt and BCG Holdings (“The Partnership”) in the dispositional sale of a newly constructed 243,232-square-foot Class A industrial building on ±31.97 acres and that comprises part of the new Mountain View Industrial Park in Salt Lake City, Utah.  The property was acquired by a global investment manager.

Building C was 100% preleased to a multibillion-dollar logistics company prior to its delivery in November 2023. The asset is part of Phase 2 of the Mountain View Industrial Park, a brand-new multi-building, multi-phase warehouse/distribution project totaling approximately 1.26 million square feet.

Phase 2 consists of the 243,232-sf Building C along with a 179,400-sf building (Building B) and that were both completed in late 2023. Phase I comprises a new large freestanding building totaling 833,280 sf (Building A) that was completed in 2022. The Partnership had acquired the 92-acre site at 300 South and 5960 West where the entire project sits in October 2020.

Jeff Chiate, Rick Ellison, Jeffrey Cole, and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. The firm’s Tom Freeman, SIOR, Travis Healey, SIOR and Jeremy Terry provided local market advisory and lead leasing efforts for the project.  Notably, the Cushman & Wakefield sales team also represented The Partnership (seller) in the disposition of the 833,280-sf Phase 1 Building A, which sold to an undisclosed buyer in Spring 2022.

“Mountain View Industrial Park consists of new state-of-the-art buildings with premium Class A construction, exceptional access to all major transportation infrastructure, and the ability to pull from a superior labor base. The project aims to help fulfill the supply needed for industrial users in a Utah market that maintains growth across a variety of industrial segments, while the sales of these assets reflect the sentiment investors have for the Salt Lake City industrial market, correlating to occupier appetite,” said Executive Vice Chair Jeff Chiate.

“Mountain View Industrial Park is ideally situated along the I-80 corridor in the heart of Salt Lake City’s Northwest Quadrant, the largest and most sought-after industrial submarket in Utah, and that is home to Union Pacific’s Intermodal Facility, the recently expanded Salt Lake City International Airport and vital Interstates 15 and 80,” said Executive Vice Chair Rick Ellison. “According to Cushman & Wakefield’s latest Q4-2023 market report, Salt Lake City recorded more than 3 million square feet of annual industrial occupancy growth in 2023, with 2.25 million square feet stemming from its North West submarket.” 

Mountain View Industrial Park features high quality design and construction, offices finished to suit, 32’ clear heights, abundant dock loading, heavy power, clerestory windows, skylights throughout the warehouse areas, ample trailer parking and other exceptional industrial features.

The location is a half-day’s drive to reach 63 million people, including most of the Western US and all its major ports, and within a day’s drive of nearly 150 million people, or 45% of the US population.

 

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.            

Media Contact:

Joshua Deale

Cushman & Wakefield

Communications Manager, West Region

+1 415 677 0423

[email protected]