March 10, 2021 12:00 PM
Newmark Knight Frank (“NKF”) announces that Carvana, an innovator in the online auto sales industry, has recently completed a sizeable expansion into Utah, acquiring 107.47 acres in Tooele’s Ninigret Depot. With a market capitalization over $45 billion, Carvana (CVNA) has been extremely active in growing its portfolio since going public in 2017.
Carvana’s selection of the Ninigret Depot in Tooele was facilitated by NKF and Fischer & Company. This noteworthy sale represents the latest in a long list of prominent companies that have chosen to expand at this former Army Depot. Rebranded and upgraded in 2012 under the leadership of Randy Abood, the Ninigret Depot is a low-cost alternative to Salt Lake County that beckons companies westward. The property is located only 30 minutes from Salt Lake City’s International Airport and adjacent to I-80.
The transaction, successfully negotiated during the height of the pandemic, added Carvana to an impressive list of users that Ninigret has landed or expanded, including Detroit Diesel, Utah Fabrication, Cabela’s, AirGas and LKQ. The Depot project is only a portion of an impressive footprint that The Ninigret Group has created throughout Utah including pioneering some of Salt Lake County’s most prime industrial developments in the “northwest quadrant” beginning in the 90’s.
NKF’s Executive Managing Director Bryce Blanchard, who originally brokered the sale of the Depot and has remained involved in the property, commented, “The Ninigret Group’s vision for this asset has been remarkable. They have delivered numerous large transactions, to the economic benefit of Tooele County and all of Utah, turning an underperforming asset into an impressive rail-served beehive of industrial productivity.”
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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