AEW Sells Salt Lake City Industrial Asset for $37M
- Jan 05, 2018
NKF Capital Markets has arranged the sale of a two-building, 426,866-square-foot industrial facility in Salt Lake City, for $37.2 million. NKF Capital Markets worked on behalf of the seller, AEW, and Newmark Grubb ACRES represented the buyer, Price Real Estate, in the off-market transaction.
At 3845-3907 W. Ninigret Drive, the facility is situated near the Belt Route, Interstate 80 and 2100 S. Freeway. Built in 2008 and 2010, the property occupies 19.8 acres and is fully occupied by Metro Logics, a third-party medical logistics firm. According to Newmark Grubb ACRES research, vacancy has remained low in the Salt Lake County industrial market, while average lease rates and sale prices per square foot have increased in the past several quarters.
“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 Bret Hardy, executive managing director at NKF Capital Markets.
Bret, together with President Kevin Shannon, represented the seller, and Executive Vice President Kyle Roberts of Newmark Grubb ACRES worked on behalf of the buyer.
In December, AEW acquired a 1 million-square-foot facility, Southwest Commerce Center in Reno, Nev., for $93.2 million.
Image courtesy of NKF Capital Markets