Newmark Knight Frank (“NKF”) announces the $30.1 million sale of a 363,996-square-foot industrial property located in Utah’s growing South Salt Lake County to North Utah County (“SoNo”) industrial real estate corridor. NKF Executive Managing Directors Bryce Blanchard, Kyle Roberts, CCIM, SIOR and Lucas Burbank represented both the seller, KPFN Properties, LLC, and buyer, ARKA Properties Group, Inc. (“ARKA”), in the sale of the single-tenant asset. The property is occupied by Visible SCM Logistics, a leading supply chain management company.
“This sale further validates industrial market strength and investor demand for industrial acquisition opportunities in Salt Lake City and in Utah, overall,” stated Blanchard. “The institutional-quality big box asset garnered interest from industrial investors all over the country. ARKA was chosen from a deep field of prospective buyers and executed quickly.”
Located at 9669 South Prosperity Road, the property is within two-tenths of a mile of the Mountain View Corridor, a phased transportation infrastructure project that when completed will be a 35-mile freeway spanning from I-80 in Salt Lake County to SR-73 in Utah County.
The SoNo industrial corridor is a combination of several submarkets on either side of the Salt Lake County/Utah County line that have similar characteristics and is often viewed as a contiguous region by tenants, developers and owners. The SoNo industrial corridor consists of 32.5 million square feet of industrial product, with 3.8 million currently under construction. Holding at a sub-3.0 percent direct vacancy rate and with an average of 1.0 million square feet of annual net absorption over the last four years (2016-2019), the area is considered Utah’s growth equivalent to the office market in the Silicon Slopes, an emerging technology sector along the Wasatch Front.
Newmark Knight Frank’s Utah office has worked with ARKA since the company’s inception in the 1990s. ARKA is a private, family-owned and operated real estate investment company with over 50 years’ experience. Currently, ARKA’s portfolio comprises over 14 million square feet of industrial, commercial and retail space, nationwide.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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