Walton Street Capital Acquires Salt Lake City Industrial Park
Cushman & Wakefield has brokered the disposition sale of a newly constructed 628,611 SF Class A industrial project in West Valley City (Salt Lake City), Utah.
Built in 2021, the three-building, multi-tenant property known as 201 Mountain View Park is situated in Salt Lake City’s premier Northwest Quadrant (NWQ) on a site of approximately 41.5 acres, and offers freeway access to Interstates 15, 80 and 215. It boasts premium construction with modern features, including 32 to 36-foot clear heights, ground level and dock high doors, ample power, rear loading, and on-site trailer parking. The Northwest Quadrant is home to Union Pacific’s Intermodal Facility, the recently expanded Salt Lake City International Airport that recently completed Phase I of a US $4.1 billion renovation, and the major transportation corridors of I-15 and I-80.
Chicago-based Walton Street Capital acquired the asset from the joint venture of Hines and a global investment firm for an undisclosed price.
Cushman & Wakefield vice-chairman, Kip Paul, represented the seller in the transaction with colleague, Michael King, from the company’s Capital Markets Group in Salt Lake City and fellow vice-chairman, Jeff Chiate working with colleague, Mike Adey, of Cushman & Wakefield’s National Industrial Advisory Group.
Paul comments: “This was a tremendous and rare investment offering of a new state-of-the-art industrial asset of scale that is well located in Salt Lake City’s NWQ, one of the most dynamic industrial real estate corridors in the West, and consists primarily of strong credit tenants.
“Utah is a strategic location and key hub in the West, as well as a centralized distribution location between Canada and Mexico.”
Chiate adds: “Industrial product, and in particular high quality, well leased properties, remain in high demand by investors due to the continued robust tenant activity happening across many of the sector’s industries and as supply remains limited—developers are also actively looking to build more Class A product across the country, including in the red hot Salt Lake City metro.”