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Newmark Grubb ACRES is pleased to announce the sale of Pacific Landing III, a 345,686-square-foot industrial distribution building built on speculation in 2012 with Eckman & Mitchell Construction as general contractors. The $15 million transaction marks Salt Lake City’s largest industrial property sale to date in 2014.
The facility at 4475 West 700 South sold as a warm shell, according to Newmark Grubb ACRES industrial specialists Andy Wheeler, CCIM and Jim Sheldon, SIOR, who represented Pacific Landing III, LLC, the seller. “Still requiring lights and tenant improvements, there were numerous tenants currently in the negotiation process at the time of sale,” said Mr. Wheeler.
For the buyer, Exeter Property Group, the acquisition notes its entry into the Salt Lake City industrial market. The real estate investment management firm specializes in the acquisition, development, leasing, and management of industrial and related business park properties across the U.S. through an array of value add and core return private equity investment vehicles. JLL represented Exeter.
Mr. Sheldon stated, “Quality across all product types is highly sought after, especially by institutional investors. Utah is seen as investment worthy for the long-term, as well as for the opportunity for enduring dividend returns by continued infrastructure investment.”
About Newmark Grubb ACRES
Newmark Grubb ACRES (formerly NAI WEST) was founded in Salt Lake City, Utah in 1998 as a full-service commercial real estate brokerage. It has since grown to include property management, property maintenance and global corporate services. For the last five years, Newmark Grubb ACRES has been recognized as the No. 1 commercial real estate brokerage by Utah Business Magazine and the No. 1 property management firm by the Enterprise Newspaper.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services,investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further
information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.