Salt Lake City — Cushman & Wakefield announced the firm has represented ViaWest Group, an Arizona-based real estate development and investment company, in the disposition of a freestanding 40,709-square-foot industrial warehouse with ±2.25 acres of yard in Salt Lake City, Utah. Built in 2016 and located at 3255 West 500 South, the single-tenant building is 100% leased on a long-term basis to a leading provider and distributor of industrial and manufacturing products. The property was acquired by a private real estate investment firm based in St. Louis.
Making its debut in the Salt Lake City industrial market, ViaWest Group expanded into the region in early 2022 with the acquisition of this ±7-acre property, which was part of a larger transaction totaling 18 acres. In a separate transaction, ViaWest Group also sold the adjacent ±11-acre site containing a newly built 172,847 SF single-tenant industrial building the company developed in 2023 which was 100% leased.
Cushman & Wakefield’s Private Capital Group consisting of Phil Haenel, Will Strong, Foster Bundy and Katie Repine represented the seller in the transaction. Phillip Eilers and Jon Schreck also provided market leasing advisory.
“Cushman & Wakefield’s Private Capital Group and multi-market National Industrial Advisory Group united and were pleased to work with ViaWest Group to assist these concurrent and adjacent industrial sales. While containing differing building profiles, both transactions produced win-win outcomes of modern assets that are well positioned in an ongoing high-growth Salt Lake City market,” said Will Strong, Executive Vice Chair.
“In the case of 3255 West 500 South, the building is supported by a strong long-term tenant with a growing regional presence perfectly suiting the buyer’s mantra of targeting long-term investment opportunities in the Mountain West,” added Foster Bundy, Director.
3255 West 500 South is strategically convenient to multiple logistical freeway routes including Interstates 80, 215, 15 and SR 201 as well as the Mountain View Corridor, a vital artery for local manufacturing and distribution. The property is also highly functional and features several acres of yard for outside storage.
Tom Glissmeyer, Market Leader (Mountain West) for ViaWest Group added, “Through our initial market-entry acquisition, development (of 5 South Commerce), and now ultimate disposition of the entire 18-acre site via two recent sales, we are thrilled with the result of our strategic vision. We are also grateful for the opportunity to contribute to the ongoing success of the Salt Lake City industrial market. Once again, we thank all our partners and Land Dynamics for their execution and the Cushman & Wakefield sales and leasing teams for their exceptional and collaborative advisory in handling these high-quality industrial assets. We look forward to finding more opportunities for investment in Utah.”
According to Cushman & Wakefield’s Q3-2024 market report, Salt Lake City’s overall industrial market vacancy stood at a healthy 5.8%. Tenants have absorbed approximately 3.6 million square feet market-wide year-to-date, already well surpassing 2023’s total annual occupancy growth of 2.2 MSF per the firm’s tracking.
