Salt Lake City and El Segundo, Calif.—NKF Capital Markets has announced the $37.2 million sale of a two-building 426,866-square-foot industrial property located at 3845-3907 West Ninigret Drive in Salt Lake City. The property is 100 percent occupied by Metro Logics, a third-party medical logistics firm.
NKF Capital Markets President, Western U.S. Kevin Shannon and Executive Managing Director Bret Hardy represented the seller, AEW in this off-market transaction while Executive Vice President Kyle S. Roberts of Newmark Grubb ACRES represented the buyer, Price Real Estate.
The property is located at 3845-3907 W. Ninigret Drive. The two single-tenant buildings were built in 2008 and 2010 respectively and the project is situated on 19.84 acres.
According to Newmark Grubb ACRES research, the Salt Lake County industrial market maintained last year’s momentum into the third quarter of 2017. Overall vacancy has remained low for the past decade compared with the vacancies of surrounding cities in the Mountain West, while average lease rates and sale prices per square foot have increased markedly in the past several quarters.
“As the largest owner/developer of industrial property in the California Avenue sub-market of Salt Lake City’s Northwest Quadrant, Price Real Estate saw the MetroLogics portfolio as a core, strategic acquisition which expands its footprint in the premier location for occupants of logistics space along the Wasatch Front,” said Roberts. “The quality of the real estate, combined with the long-term lease and the tenant’s capital commitment to the property, makes this a great long-term investment for Price. Moreover, the timing of the sale was perfect for AEW and the final execution exceeded expectations,” said Hardy.