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| Pacific Landing, a two-building, Class A multi-tenant industrial property in Salt Lake City's rapidly developing northwest submarket. |
SALT LAKE CITY, UT – Just one week after
entering the Utah industrial market, the Desert West Region of Lincoln Property
Company (LPC) has added a second asset to its
Salt Lake City portfolio with the purchase of Pacific Landing, a two-building,
Class A multi-tenant industrial property in the city’s rapidly developing
northwest submarket.
The purchase is part
of a bullish regional expansion by the Desert West region that began in April
with the company’s entrance into the Nevada industrial market, and continues
today in Utah.
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| David Krumwiede |
“Pacific Landing has
an exceptional location, minutes from two major interstates, an international
airport and the planned Utah Inland Port – a massive undertaking that has the
potential to change the face of Utah’s industrial market,” said LPC Desert West
Executive Vice President David Krumwiede.
“That
combination will drive the future of this asset, helping it to capitalize on
not only an industrial boom but also the evolution of Salt Lake City’s
northwest quadrant.”
Pacific Landing sits
at 4752 W. California Avenue in Salt Lake City.
Developed in 2009, the property
totals 133,885 square feet and features two rear-loaded buildings with minimum
clear heights of 28’.
It is 100 percent leased with a roster of international,
national and regional tenants.
The project is located
within two miles of Interstate 80, four miles from Interstate 215,
approximately 7.5 miles from downtown Salt Lake City and approximately 3 miles
from Salt Lake City International Airport.
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| John Orsak |
It is also minutes
from the planned Utah Inland Port, a 16,000-acre development that, according to
the Utah Inland Port Authority, will help to support a market with an expected
104 percent increase in demand for cargo over the next 25 years.
“The northwest
quadrant is set up to play a pivotal role in the city’s progression into a
highly sophisticated distribution hub,” said LPC Desert West Vice President
John Orsak. “Pacific Landing sits in the middle of that growth, supported by
quality tenants and a strong labor pool.”
LPC Desert West will
provide property management services for Pacific Landing – along with all of
its new Nevada and Utah acquisitions – bringing its regional management
portfolio up to almost 7.5 million square feet of premier office, industrial
and retail space.
The
company continues to actively evaluate new commercial real estate investment
and development opportunities across the Desert West region, including Arizona,
Nevada, Utah and New Mexico.
CONTACT:
Stacey Hershauer
480.600.0195
David Krumwiede or John Orsak at 602.912.8888.
