Pacific Industrial has bought Pacific Summit Logistics Middle, its just lately accomplished 824,320-square-foot industrial facility at 885 N. John Cannon Drive in Salt Lake Metropolis to Principal World Buyers.
A Cushman & Wakefield crew represented the vendor, and can proceed to offer leasing brokerage providers for the brand new landlords.
Accomplished earlier this yr, Pacific Summit Logistics Middle was constructed below the possession of Pacific Industrial. Development was topic to a $60 million mortgage supplied by Residents Monetary Group, CommercialEdge info reveals.
Neil Mishurda, co-founder of Pacific Industrial, mentioned in ready remarks that the ability was designed to attraction to the more and more massive distribution customers within the Salt Lake market, and that this long-term strategy has resulted in high quality initiatives that entice high-caliber tenants.
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Half of the property is preleased to High quality Distribution, which intends to make use of the constructing as a warehousing and distribution facility. The asset contains a host of industry-leading options resembling 40-foot clear heights, 200 trailer parking stalls, mechanical loading doorways and a vehicle-accessible perimeter street. The power is positioned 2 miles north of the Lincoln Freeway, with entry to quite a few interstate transport routes. Salt Lake Metropolis Worldwide Airport is 3 miles east of the constructing and downtown Salt Lake Metropolis is inside 6 miles.
The Cushman & Wakefield crew representing Pacific Industrial was led by Govt Vice Chairman Jeffrey Chiate, Vice Chairman Richard Ellison, Director Michael Adey, Associates Bradley Brandenburg, and Matthew Leupold of the agency’s Nationwide Industrial Advisory Group, as well as Govt Director Thomas Freeman and Govt Managing Director Travis Healey out of the agency’s Salt Lake Metropolis workplace. Freeman and Healey will proceed to function leasing brokers for the property.
Salt Lake Metropolis’s Industrial Energy
The sale of Pacific Summit Logistics Middle, the biggest of a single constructing within the metropolis’s historical past, is emblematic of the world’s sturdy industrial building, leasing and occupancy numbers. The property is strategically positioned on the intersection of quite a few interstate trucking corridors.
In accordance with information from a 3rd quarter 2022 report from JLL, town has 11.6 million sq. toes of house in its pipeline, with a internet absorption of 6.9 million sq. toes year-to-date and a emptiness charge of three.4 p.c.
Different current Salt Lake Metropolis offers embrace ViaWest Group and Clarion Companions’ acquisition of 25 acres for the development of 340,000 sq. toes of commercial house, in addition to Medline’s relocation to a 710,000-square-foot distribution heart.