SALT LAKE CITY — JLL Capital Markets announced it has secured financing for Northpoint Innovation Park, a 94.51-acre master-planned industrial development that will deliver 15 pad-ready sites for small industrial users in Salt Lake City’s coveted Northwest Quadrant. The project, located at 3200 N 2200 W, represents the last significant developable industrial land opportunity for small users in the market’s premier industrial corridor.
JLL worked on behalf of the borrower, the joint venture between OCC Industrial and Xcel Development, to secure the loan through a Utah-based community bank.
Northpoint Innovation Park occupies a strategic location adjacent to Salt Lake City International Airport and within 10 minutes of downtown Salt Lake City. The Northwest Quadrant accounts for approximately 70 percent of Salt Lake City’s industrial inventory and benefits from direct proximity to the Davis North submarket, which maintains a tight 2.3 percent vacancy rate. The site’s master plan features eight larger sites designed for front-park, rear-load vertical development and five smaller format sites with approximately one acre each of yard space or additional parking.
The development represents a significant value creation opportunity following the sponsor’s successful navigation of a complex annexation and rezoning process that transitioned the land from agricultural use to industrial use with M-1A zoning. This upzoning immediately unlocked substantial land value while positioning the project to serve diverse industrial uses including light manufacturing, warehouse and distribution, industrial outdoor storage, data centers, and research and development facilities.
The financing structure incorporates an innovative Infrastructure Financing District municipal bond package that will fund public infrastructure improvements including roads, utilities and offsite connections.
The JLL Capital Markets team was led by Senior Director Will Haass and Director Jeff Pew. The JLL Salt Lake City industrial leasing team, led by Managing Director Culum Mills, will market the individual pad-ready sites to industrial users upon completion of horizontal improvements.
“Northpoint Innovation Park represents a unique convergence of strategic location, proven sponsorship and exceptional market timing,” said Haass. “The Northwest Quadrant’s position as Salt Lake City’s primary industrial hub creates compelling fundamentals for this master-planned development. The sponsor’s successful navigation of the complex entitlement process has unlocked significant value while positioning the project to serve the high demand we’re seeing from small industrial users who have been underserved in this market.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of December 31, 2025. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.
About OCC Industrial
OCC Industrial is a privately-held company focused on generating investor returns through development of Class A, institutional quality, well-located industrial assets. The three key principals include Megan O’Brien, James Carolan, and Will Channell. Each key principal provides a unique professional history in the real estate industry with each member contributing a distinctive area of expertise.