JV Launches Phase 1 of SLC Industrial Park
- Feb 23, 2018
NWQ LLC—a joint venture between Colmena Group, Wadsworth Development Group and Stokes Partners—has launched Phase 1 of the SLC Port Global Logistics Center development. The 3,000-acre Salt Lake City logistics project is located in the city’s northwest region and will have the capacity to accommodate some 50 million square feet of Class A speculative and build-to-suit buildings.
Phase 1 consists of 10 buildings totaling nearly 7.5 million square feet of bulk distribution and manufacturing industrial space. Phase 2 will consist of 532,000 square feet, while Phase 3 will comprise 170,000 square feet. Both are slated for completion in the spring of 2019.
“The development of the Northwest Quadrant of Salt Lake City is one of the most noteworthy events to take place in the local industrial market in the area’s history,” said Jeff Richards, senior vice president at CBRE, in prepared remarks. “Given the market’s current size of approximately 130 million square feet, the addition of SLC Port Global Logistics Center has the potential to increase the total market size by nearly 39 percent. This land was not historically available for development, so this project will dramatically alter the landscape of the local industrial market.”
CBRE industrial and logistic specialists Tom Dischmann, Jeff Richards, Matt McAfee and Chris Liddell will oversee the listing on behalf of NWQ.
Image courtesy of CBRE