Black Creek Acquires Salt Lake City Industrial Asset
- Jun 18, 2020
Continuing its strategy of buying industrial properties in key markets, Black Creek Group has acquired a logistics asset in Salt Lake City. According to a Black Creek representative, Kelez sold the fully leased Legacy Logistics Center Building II for an undisclosed price.
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Located at 620 S. 5700 W., the 383,000-square-foot industrial property includes 76 dock high doors, eight ground-level doors, 36-foot minimum clear heights, cross dock load configuration, 132 trailer parking spaces and 281 car parking spaces. Legacy Logistics has nearby access to Interstates 15 and 215 and is roughly 7 miles away from Salt Lake City International Airport.
Mace McClatchy, senior vice president of Black Creek’s South Central region, said in prepared remarks that the company was attracted to the property as it was fully leased to a leading e-commerce company. McClatchy also said that the Legacy Logistics acquisition is part of Black Creek’s strategy of buying core assets in premier industrial markets. Black Creek also acquired a 690,702-square-foot industrial facility in Brownsburg, Ind., in May.
Stable outlook for Salt Lake City industrial
As industrial markets across the U.S. weather the COVID-19 pandemic, Salt Lake City is also expected to bounce back relatively healthy, according to CBRE’s first quarter report on the area’s industrial market. Salt Lake City is continuing to see high levels of development activity, with 7.1 million square feet of industrial properties under construction in the first quarter of the year, 6 million of which are expected to come online by the end of 2020.
Demand for industrial space also remained high, with nearly 560,000 square feet of positive net absorption for the quarter, which extended the 33-quarter streak of positive net absorption since 2012. According to the report, CBRE expects the Salt Lake City industrial market to come out of the current economic situation relatively unscathed due to the rapid growth in e-commerce and the need for manufacturing and cold storage once the market fully reopens.