As Utah continues to experience significant growth across all sectors of the industrial market, new class-A inventory will help satisfy the increasing demand for Salt Lake City industrial product. The joint partnership of BCG Holdings, Gardner Batt and a fund advised by Crow Holdings Capital recently acquired 141 undeveloped acres in Salt Lake City for more than 2.4 million square feet of industrial product. These developments will represent the first entry into the Salt Lake City market for Crow Holdings Capital.
“These two Salt Lake City acquisitions were important additions to our growing portfolio of industrial properties throughout the country and we are thrilled to claim stake to some of the most sought-after industrial land within the Salt Lake Valley. Salt Lake has been a target market for us as a company as it exhibits all the market fundamentals that are important to us,” said Brice Hafner, managing director at Crow Holdings Capital.
Mountain View Industrial Park is located on a 93-acre site at 300 South and 5960 West, and Mountain View North is located on a 48-acre site at 861 N. John Cannon Dr., both along the I-80 corridor in the Northwest Quadrant. It is home to Union Pacific’s Intermodal Facility, the recently expanded Salt Lake City International Airport and transportation corridor of I-15 as well.
Mountain View Industrial Park is a multi-phase warehouse/distribution project totaling more than 1.5 million square feet. The phase 1 spec project is under construction with a single 833,000-square-foot facility (Building A). Phase 2 is under design for two buildings of 513,000 square feet (Building B) and 239,000 square feet (Building C) which will begin construction in summer 2021. An extension of the Mountain View Industrial Park, Mountain View North will consist of a single freestanding building totaling 823,000 square feet.
Cushman & Wakefield’s Tom Freeman, Travis Healey and Jeremy Terry facilitated the acquisition of these sites and were retained by the partnership to lead leasing efforts for both projects.
“Mountain View Industrial Park and Mountain View North are the crown jewels of the Northwest Quadrant and two of the best pieces of land for development in the region,” adds Freeman.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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