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Partnership starts 2.4 MSF Class A industrial development in Salt Lake City

Salt Lake City —  The joint partnership of BCG Holdings, Gardner Batt, and a fund advised by Crow Holdings Capital (“The Partnership”) has recently acquired 141 acres of undeveloped land in Salt Lake City, Utah to start construction on more than 2.4 million square feet of brand new Class A industrial product. The two projects, Mountain View Industrial Park and Mountain View North, are ideally situated along the I-80 corridor in the heart of Salt Lake City’s Northwest Quadrant (NWQ), the largest and most sought-after industrial submarket in Utah. The Northwest Quadrant is home to Union Pacific’s Intermodal Facility, the recently expanded Salt Lake City International Airport and the major transportation corridors of I-15 and I-80.

Cushman & Wakefield’s Tom Freeman, SIOR, Travis Healey, SIOR, and Jeremy Terry facilitated the acquisition of these sites and were retained by The Partnership to lead leasing efforts for both projects.

BCG Holdings and Gardner Batt are two of the regions premier developers based in Salt Lake City. These new developments will represent the first entry into the Salt Lake City market for Crow Holdings Capital, a national real estate investment management firm. The Partnership acquired the first 93-acre site at 300 South and 5960 West in October 2020 that will house the future Mountain View Industrial Park and acquired the second 48-acre site at 861 N John Cannon Dr. in December 2020 for what will be known as Mountain View North.

“These two Salt Lake City acquisitions were important additions to our growing portfolio of industrial properties throughout the country and we are thrilled to claim stake to some of the most sought-after industrial land within the Salt Lake Valley.  Salt Lake has been a target market for us as a company as it exhibits all the market fundamentals that are important to us, and we couldn’t be happier with the partnership we have formed with BCG Holdings and Gardner Batt,” says Brice Hafner, managing director at Crow Holdings Capital.

Mountain View Industrial Park is a multi-building, multi-phase warehouse/distribution project totaling more than 1.5 million square feet. Phase 1 is under construction with a speculative development of a single 833,000-sf facility (Building A). Phase 2 is under design for two buildings of 513,000 sf (Building B) and 239,000 sf (Building C) which will begin construction in Summer 2021. An extension of the Mountain View Industrial Park, Mountain View North will consist of a single freestanding building totaling 823,000 sf. Both state of the art parks will include high quality design and construction, offices finished to suit, 36- to 40-foot clear heights, abundant dock loading, heavy power, clerestory windows, skylights throughout the warehouse areas, ample trailer parking and other notable features.

“Mountain View Industrial Park and Mountain View North are the crown jewels of the Northwest Quadrant and two of the best pieces of land for development in the region,” adds Tom Freeman, Executive Director of Cushman & Wakefield. “This new Class A inventory will help satisfy the growing demand for high quality industrial product in the Salt Lake City region, as Utah continues to experience tremendous growth across all sectors of the Industrial market.”

Utah has a highly desirable Manufacturing and Distribution industry and has experienced strong employment growth over the past five years. An increasingly advantageous and strategic location, Utah is a hub to all major western cities and states, as well as a central point for distribution between the Canada and Mexico borders. Two major interstates (I-80 and I-15) and all three major rail lines leaving Seattle, San Francisco, and Los Angeles ports meet in Salt Lake City.

The Mountain View Industrial Park and Mountain View North locations are just 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 percent of the US population. The properties are also proximate to the recently renovated Salt Lake City International Airport—which opened a new concourse as part of its $4.1 billion phased expansion scheduled to be fully completed by 2024.