Raceway Commerce Middle. Picture by Eckman Development, courtesy of Westcore Properties
Westcore Properties has bought Raceway Commerce Middle, a 397,894-square-foot industrial campus in West Valley Metropolis, Utah, one in all Salt Lake Metropolis’s submarkets. Brennan Funding Group bought the Class A asset for $52.2 million, in an off-market transaction.
The deal marks Westcore’s third industrial acquisition from Brennan. Cushman & Wakefield’s Phillip Eilers and Jon Schreck negotiated on behalf of the vendor, whereas Westcore was self-represented.
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Inbuilt 2022, Raceway Commerce Middle contains a 211,294-square-foot constructing positioned at 6075 W. State Route 201 Frontage Highway and a 186,600-square-foot facility at 2234 S. 5900 West. The property options 32- and 28-foot clear heights, ESFR sprinkler techniques and rear-door loading, in addition to a complete of 64 high-dock doorways and 434 automobile parking spots.
The campus was 33 p.c preleased by three firms on the time of sale. The brand new possession plans so as to add tenant enhancements on the property, together with an workplace element for every constructing. Eckman Development, the final contractor for the just lately accomplished undertaking, will help Westcore on this endeavor as nicely.
Located on a virtually 26-acre lot, Raceway Commerce Middle is 6 miles from Salt Lake Metropolis Worldwide Airport and 10 miles from downtown Salt Lake Metropolis.
Rising within the West
Since its founding in 2000, Westcore has acquired, managed and bought greater than $10 billion in property. The agency has expanded its western footprint through the previous 3 years; in one of many newer transactions, the corporate bought a 1.1 million-square-foot industrial park in Phoenix from ViaWest Group.
The corporate began 2022 with a collection of investments that included the acquisition of Halsey Enterprise Park, a 405,000-square-foot industrial asset in suburban Portland. The deal adopted carefully the acquisition of a seven-property portfolio in Phoenix and Devnver.
And, in early 2021, Westcore purchased a 17-property industrial portfolio, totaling 4.1 million sq. ft, the most important property being a 1.1 million-square-foot industrial campus in Salt Lake Metropolis.
