Cushman & Wakefield has advised Gardner Batt on the disposal of an industrial portfolio of two newly constructed Class A industrial/logistics buildings let by a Fortune 10 global e-commerce company in Salt Lake City.
The joint venture of Greenlaw Partners and Mirae Asset Global Investments acquired the 347,290-sf portfolio in Utah for a combined price of approximately US $187.75 million.
Cushman & Wakefield Executive Vice Chairman, Jeff Chiate and colleagues, Mike Adey, Brad Brandenburg, and Matthew Leupold from the firm’s National Industrial Advisory Group, together with Cushman & Wakefield Vice Chairman, colleague Tom Freeman and Travis Healey from the company’s Salt Lake City office represented the seller during the transactions.
Chiate comments: “Fully leased to a renowned high credit tenant, these state-of-the-art assets comprise a core last-mile logistics portfolio with critical locations in the Salt Lake City metro.
“Industrial sites remain in high demand by investors due to the continued robust tenant activity happening across many of the sector’s industries and as quality industrial supply remains limited.”
The portfolio consists of a brand new 201,096-sf building delivered in 2021 situated on over 56 acres at 989 W Center St in Salt Lake City and a 146,194-sf building constructed in 2020 located at 398 E 1100 South St in American Fork, a suburb south of Salt Lake City known as a progressive retail, business and technology center. Both modern facilities feature 40’ clear heights, abundant excess van/trailer parking, ample loading and ESFR sprinklers.
The properties are also each convenient to several major freeways routing through the Salt Lake City region and nearby markets and states. 989 Center is also near the expanded Salt Lake City International Airport that recently completed Phase I of a $4.1 billion renovation. Both facilities are well-positioned near population bases of several million people within about an hour’s drive.
Freeman adds: “This was a terrific and rare investment offering of two best-in-class industrial assets in the Salt Lake City market which is a strategic as well as fast-growing industrial location.
“Both the city and county are projected to continue to have population, job, and wage growth for the foreseeable future.”