CUSHMAN & WAKEFIELD ADVISES VIAWEST GROUP IN ACQUISITION OF INDUSTRIAL & DEVELOPMENT SITE IN ENTRY INTO SALT LAKE CITY
Buyer plans to construct new 171,600 SF Class A building on 18-acre site
Cushman & Wakefield has advised Phoenix, AZ-based ViaWest Group in the acquisition of an 18-acre industrial development site in Salt Lake City, Utah. The site contains an existing 37,000 square foot modern industrial building built in 2016.
Making its entry into the Salt Lake City industrial market, ViaWest Group 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.
Phillip Eilers with Cushman & Wakefield represented ViaWest Group 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,” said Phillip Eilers, Director at Cushman & Wakefield.
Tom Glissmeyer, Market Leader (Mountain West) for ViaWest Group added, “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 to 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 that recently completed Phase I of a $4.1 billion renovation. Downtown Salt Lake City is also within a few miles adding to the attractiveness of the site.