Cushman & Wakefield has advised Phoenix, Arizona-based real estate and investment company, ViaWest Group, on the acquisition of an 18-acre industrial development site in Salt Lake City, Utah.
The site features an existing 37,000 square foot modern industrial building and ViaWest plans to split the existing lot, creating a separate 11-acre parcel on which it will construct a new 171,600-square-foot Class A speculative industrial building to accompany the existing building on the property.
Cushman & Wakefield director Phillip Eilers represented ViaWest and James Merrill with cRc Nationwide represented the seller in the transaction.
“I am happy to welcome ViaWest to the Salt Lake market. Their new class A distribution building will serve as a great addition to the industrial pipeline to satisfy the high demand we are seeing for distribution space,” Eilers says.
Tom Glissmeyer, market leader (Mountain West) for ViaWest Group, adds: “We are excited to be part of the growth in the dynamic Salt Lake City industrial market. The 171,600 square foot Class-A facility we plan to deliver will meet the needs of the market—a modern building with excess paved yard for storage. The existing 37,000 square foot building is highly functional and will have several acres of yard for outside storage, which is extremely hard to find and in high demand.”
Located at 3255 West 500 South in a heavy industrial-zoned area (M-2), the property is convenient for multiple logistical freeway routes including Interstates 80, 215, 15 and SR 201 as well as the Mountain View Corridor, a key local area for distribution. It is also close to the expanded Salt Lake City International Airport which recently completed the first phase of a US $4.1 billion renovation. Downtown Salt Lake City is only a few miles away.
