Dunleer acquires 83,893-SF industrial business park in Salt Lake City
Salt Lake City —Dunleer, a Los Angeles-based private real estate investment, and development firm, announced it has acquired an 83,893-square-foot (sf) industrial building located at 2950 W 500 S in Salt Lake City, UT for $9.85 million ($117 per square foot). This transaction marks Dunleer’s first industrial investment in Utah.
The property is situated on a 4.8-acre site and includes 16 units. It was 95 percent occupied at the close of escrow and features 20 ground-level doors, 20 restrooms, and more than 110 parking spaces.
“This is a significant milestone for Dunleer as we seek to expand our industrial presence into other Western states over the next year,” says BJ Turner, founder of Dunleer. “We are particularly excited to participate in the Salt Lake City industrial market given the population and job growth forecasts, along with the state’s ongoing investment in infrastructure. We identified this asset as one that occupies a key location near the international airport and downtown. It provided a strong value-add play and our business plan includes renovating the units as the leases expire.”
He added that small-bay multi-tenant assets like this property in the Salt Lake City market are in high demand and have low supply. “Due to rising construction costs, this type of industrial product is rarely built and commands a premium relative to other industrial types.”
The M-2 Heavy Manufacturing zoned property is strategically located in a key in-fill industrial location next to downtown and Salt Lake City International Airport and proximate to major distribution corridors such as I-80, I-215, I-15.
Eli Priest of Newmark represented both the buyer and seller on this transaction.
About Dunleer, LLC: Dunleer is a real estate investment and development company that specializes in niche-focused, value-add real estate investing in Southern California. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy, and long-term partnerships.