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Pacific Industrial Completes One of Salt Lake City’s Biggest Single-Building Industrial Sales

Pacific Industrial has sold a 824,320 square foot logistics centre in Salt Lake City to developer Principal Global Investors in a transaction advised by Cushman & Wakefield.

The recently completed Pacific Summit Logistics Center is a single industrial facility totaling 824,320 square feet located at 885 N John Cannon Drive. The developer, a Southern California-based investment firm exclusively focused on the development and acquisition of industrial real estate in select West Coast markets, is one of the most active privately held development firms in the state – currently developing several million square feet of industrial space having closed more than US $2 billion in transactions since its inception in 2012.

Pacific Industrial sold the property on a forward basis to Principal Global Investors, a global real estate investment platform based in Des Moines, Iowa.

The transaction is one of the largest ever single-building industrial property sales in Salt Lake City according to Cushman & Wakefield. At the time of the sale, the building was 50% pre-leased to Quality Distribution, a third-party logistics provider headquartered in Utah.

“Salt Lake City has become a booming logistics market in large part because the Salt Lake City valley has one of the fastest growing populations in the U.S.”, says Neil Mishurda, Co-Founder of Pacific Industrial. “We built a facility to appeal to the increasingly large distribution users in the Salt Lake market. Our long-term approach to design has proven again to result in quality projects that attract high caliber tenants.”

The state-of-the-art building features 40-metre clear heights, almost 200 trailer parking stalls, a private perimeter vehicle access road and a modern entry aesthetic. Situated just west of the Salt Lake City International Airport, the facility was built on 48 acres along the I-80 corridor in the heart of Salt Lake City’s Northwest Quadrant (NWQ), the largest and most sought-after industrial submarket in Utah. The Northwest Quadrant is home to the renovated Salt Lake City International Airport—currently undergoing a $4.1 billion phased expansion scheduled for full completion by 2025—and the Union Pacific Intermodal Hub, and the major transportation corridors of I-15 and I-80.

Jeff Chiate, Executive Vice Chairman of Cushman & Wakefield’s National Industrial Advisory Group led a team that included colleagus Rick Ellison, Mike Adey, Brad Brandenburg, and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group, together with Cushman & Wakefield Vice Chairman, Tom Freeman, and Travis Healey from the company’s Salt Lake City office to represent the seller in the transaction. Freeman was also retained alongside Healey by Principal Global Investors for project leasing.

“This is a state-of-the-art logistics asset in the Salt Lake City metro in a highly desired market and investors remain drawn to the industrial sector due to the continued robust leasing velocity,” says  Chiate.

“Due to its strong fundamentals, the Salt Lake region has been a critical target market for occupiers and owners/developers, as further evidenced by both the significant leasing and acquisition of this newly built facility,” adds Freeman. “Utah offers an advantageous and strategic location, as a hub to all major western cities and states. Two major interstates (I-80 and I-15) and all three major rail lines leaving Seattle, San Francisco, and Los Angeles ports meet in Salt Lake City.”

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  • Staff Reporter

    FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

CAMFIL HVAC Filtration Solutions

Staff Reporter

FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.
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