KPFN Properties Sells Salt Lake City Industrial Asset for $30M
- Mar 18, 2020
KPFN Properties has sold a 364,000-square-foot, single-tenant industrial asset in West Jordan, Utah, for $30.1 million.
Newmark Knight Frank represented both the seller and the buyer, ARKA Properties Group. The building is occupied by Visible SCM Logistics.
Located at 9669 S. Prosperity Road, the property is just off Mountain View Corridor, a highway project that will be 35 miles long once completed. South Valley Regional Airport is 4 miles from the property. The asset is within a growing industrial submarket that spreads between South Salt Lake and North Utah counties. According to NKF, this area consists of 32.5 million square feet of properties, with 3.8 million under construction.
NKF’s team included Executive Managing Directors Bryce Blanchard, Kyle Roberts and Lucas Burbank. Recently, another team from the company arranged a $163 million loan package, on behalf of The Arden Group, for a two-million-square-foot, multiple-state industrial portfolio. The financing included $134.3 million from CIT Bank and approximately $29.2 million from BlackRock.