Cushman & Wakefield advises sale of 347,290 SF Class A logistics portfolio in Salt Lake City for $187.75 million

JV of Greenlaw Partners and Mirae Asset Global Investments acquire two last mile properties fully leased to Fortune 10 global e-commerce company

Cushman & Wakefield has advised seller Gardner Batt in the dispositional sale of a Class A industrial portfolio comprising two newly constructed Class A industrial/logistics buildings totaling 347,290 square feet in Salt Lake City, Utah. The last-mile facilities are both fully leased to the same Fortune 10 global e-commerce company. The joint venture of Greenlaw Partners and Mirae Asset Global Investments acquired the Utah portfolio for a combined price of approximately $187.75 million. 

Jeff Chiate, Mike Adey, Brad Brandenburg, and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group together with Tom Freeman and Travis Healey with Cushman & Wakefield’s Salt Lake City office represented the seller in the transaction(s).

“Fully leased to a renowned high credit tenant, these state-of-the-art assets comprise a core last-mile logistics portfolio with critical locations in the Salt Lake City metro,” said Jeff Chiate, Executive Vice Chairman. “Industrial sites remain in high demand by investors due to the continued robust tenant activity happening across many of the sector’s industries and as quality industrial supply remains limited.”

The portfolio consists of a brand new 201,096-sf building delivered in 2021 situated on over 56 acres at 989 W Center St in Salt Lake City and a 146,194-sf building constructed in 2020 located at 398 E 1100 South St in American Fork, a suburb south of Salt Lake City known as a progressive retail, business and technology center. Both modern facilities feature 40’ clear heights, abundant excess van/trailer parking, ample loading and ESFR sprinklers.

The properties are also each convenient to several major freeways routing through the Salt Lake City region and nearby markets and states. 989 Center is also near the expanded Salt Lake City International Airport that recently completed Phase I of a $4.1 billion renovation. Both facilities are well-positioned near population bases of several million people within about an hour’s drive.

“Supported by a highly desirable tenant, this was a terrific and rare investment offering of two best-in-class industrial assets in the Salt Lake City market which is a strategic as well as fast-growing industrial location. Both the city and county are projected to continue to have population, job, and wage growth for the foreseeable future,” added Tom Freeman, Vice Chairman.