SALT LAKE CITY — PGIM and Dakota Pacific Real Estate (DPRE) announced the December 17 closing of a new joint venture and the acquisition of two industrial land parcels located near Bangerter Highway along California Avenue and 4400 West in Salt Lake City’s Northwest Quadrant and Inland Port.
The venture will immediately commence construction on a six-building, Class A spec industrial development totaling nearly 450,000 square feet, including dedicated yard space. The project is designed as modern small- and mid-bay industrial product, targeting a broad range of logistics, manufacturing, service, and distribution users in one of the region’s most supply-constrained submarkets. Initial deliveries are anticipated in early 2027.
The land transaction was facilitated by Newmark, led by Kyle Roberts and Ben Richardson on behalf of the seller, along with Lucas Burbank on behalf of the buyer. Newmark will also oversee leasing efforts, led by Lucas Burbank and Kelsie Akiyama. Big-D Construction has been selected as general contractor and will manage construction of the project. The development is financed by JPMorgan Chase Bank, N.A.
Salt Lake City’s Northwest Quadrant continues to experience strong tenant demand driven by its central location, proximity to regional transportation infrastructure, and limited availability of new Class A industrial space. Vacancy across comparable small- and mid-bay industrial product remains historically low, reinforcing the venture’s conviction in speculative development at this scale and location.
“This project reflects our strong conviction in Salt Lake City and the long-term fundamentals supporting small- and mid-bay industrial product in this market,” said Brian Dilley, Managing Director of Dakota Pacific Real Estate. “We’re excited to partner with such a marquee firm as PGIM on a development that meets real tenant demand, offers flexible configurations, and delivers modern Class A space in a market where supply has struggled to keep pace.”
“This investment aligns with our strategy of deploying capital into what we view as high-quality industrial developments in infill and logistics-oriented markets with durable demand drivers,” said Soultana Reigle, Head of US Equity for PGIM’s real estate business. “We value Dakota Pacific’s operating expertise and local market knowledge, and we believe this project is well positioned given its scale, asset type, and location within the Inland Port.”
Construction will begin immediately with estimated construction completion in Q2 2027. Newmark has begun actively marketing the project to prospective tenants seeking efficient, modern industrial space with access to Salt Lake City’s deep employment base and core transportation corridors.
About Dakota Pacific Real Estate
Dakota Pacific Real Estate (DPRE) is a privately held real estate development and investment firm focused on serving the dynamic multifamily residential, industrial and commercial real estate needs of the thriving Intermountain West. DPRE’s industrial investing targets acquisitions and ground-up development with an emphasis on small- and mid-bay projects leveraging deep local knowledge and hands-on execution.
About PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets, PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.
PGIM’s real estate business is the world’s third-largest real estate investment manager, with $213 billion in gross assets under management and administration, and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.