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| 201 Commerce Center, Building 6 totals 307,940 SFon 17.9 acres with 32 ft. clear height, excellent truck circulation and abundant loading. |
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| Rebecca Perlmutter |
San Francisco –- CBRE National Partners arranged the sale of a Class A distribution facility in Salt Lake City, Utah to Lincoln Property Company, a global, full-service real estate firm. The price was not disclosed.
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| Darla Longo |
Rebecca Perlmutter, Brett Hartzell, Tom Dischmann, Matt McAfee, Darla Longo, Barbara Perrier, Joe Cesta, Paige ,Morgan Michael Longo and Eric Cox of CBRE National Partners represented the seller.
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| Barbara Perrier |
“The combination of a strong workforce, excellent quality of life and a well-built, very functional distribution building attracted strong investor demand and resulted in a successful sale,” said Perlmutter, Vice Chairman at CBRE.
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| Paige Morgan |
The Class A distribution facility known as 201 Commerce Center, Building 6 totals 307,940 sq. ft. on 17.9 acres with 32 ft. clear height, excellent truck circulation and abundant loading. The building is 100% leased to four tenants with below market rents and 2.6 years of weighted average lease term remaining.
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| Michael Longo |
“We are very pleased to add this highly functional, multi-tenant building to our client’s portfolio,” said Gary Kobus, Senior Managing Director at Lincoln Property Company. “Salt Lake City is rapidly-growing and a target market for us going forward.
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| Gary Kobus |
"This building’s location and access will allow our tenants to continue to benefit from the many favorable attributes that Salt Lake City has to offer.”
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| Brett Hartzell |
The West Valley submarket of Salt Lake City had a vacancy rate of 2.2% in the third quarter this year, below the 4.6% market average, according to CBRE Research.
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| Tom Dischmann |
Leasing activity was strong in Q3, with year-to-date leasing volume reaching nearly 9 million sq. ft. in 2023, positioning it as the second-highest year in leasing activity in the market’s history.
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| Matt McAfee, |
“This sale is reflective of the continued strong investor demand in the solid, dynamic market that is Salt Lake City,” said CBRE Vice Chairman Brett Hartzell.
CONTACTS:
Olivia Vallone (she/her)
Communications
Specialist
CBRE
| Corporate Communications
C +1 847 691 9144
Olivia.Vallone@cbre.com | LinkedIn
Samantha Cheung
+1 415 772 0138
Samantha.Cheung@cbre.com
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