Newmark Grubb ACRES Sells 90,699 SF Industrial Office
Salt Lake City— Newmark Grubb ACRES (NGA) has announced the sale of a three-building, 90,699-square-foot industrial office/flex portfolio at Metro Business Park in West Valley City, Utah.
The portfolio is comprised of 2355 South 1070 West, a 43,629-square-foot, multi-tenant building, 1128 West 2400 South, a 22,570-square-foot, single-tenant asset and 1127 West 2320 South, a 24,500-square-foot single-tenant building. Both 1128 West 2400 South and 1127 West 2320 South have been 100 percent occupied by Raytheon since 1998.
NGA Executive Managing Directors Jeff Heaton, SIOR, Lucas Burbank and Kyle Roberts, CCIM, SIOR, ILC, and Managing Director Eli Priest represented both the sellers, RPM Investments and BF Legacy Portfolio, as well as the undisclosed, local buyer in the transaction. NGA has represented the sellers as leasing agents for the last 15+ years and were retained as the go-forward leasing agent by the buyer.
“Investor interest in Salt Lake City remains high, drawn to the area’s large industrial hub, business-friendly environment, and a booming tech scene,” stated Heaton. “Despite an influx of out-of-state capital coming into the area, there are still investment opportunities for local buyers, as evidenced by this portfolio transaction.”
Located off the 201 Freeway and Redwood Road, Metro Business Park offers tenants many appealing amenities including a light rail TRAX transit station, Utopia fiber, and prestigious landscaping within a well-established business park proximate to Salt Lake City. The tenants in the portfolio represent a diverse group of industries and includes Raytheon, MSC Industrial Supply Company, Landmark, The Work Activity Center and International Health Technologies.
“This portfolio provided a unique acquisition opportunity with Salt Lake County at its lowest historical vacancy of 2.81 percent,” added Heaton. “After owning this asset for over 20 years, the sellers were looking to upgrade into bulk distribution centers. The buyer was looking for good cash flow on a 1031 exchange. The transaction was an excellent fit for both parties.”
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt, and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace, and occupancy strategy, global corporate services consulting, project management, lease administration, and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly-traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
Discussion of Forward-Looking Statements about Newmark Grubb Acres
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.