November 30, 2022 9:00 AM
Newmark announces it has been awarded the leasing assignment of El Tenedor Logistics Center, a five-building Class A industrial park. Phase I, comprising 253,580 square feet, is slated for completion in the fourth quarter of 2023.
Newmark Executive Managing Directors Kyle Roberts and Jeff Heaton and Senior Managing Director Ben Richardson have been assigned to lease the forthcoming project on behalf of the developers, Wadsworth Development Group and Co-General Partner Colmena Group.
Located at 560 W 1000 N Spanish Fork, the industrial park is being built in roughly three phases. Features will include an ESFR fire sprinkler system, light manufacturing zoning, a gas heated warehouse, 6” reinforced concrete slab, 32’-36’ clearance height, LED lighting, a build-to-suit office and an abundance of on-site parking.
“We are thrilled to lease this thoughtfully designed, state-of-the-art industrial project,” said Richardson. “The space is optimized for e-commerce and logistics users and ideally located providing excellent connectivity to the West.”
Roberts added, “The South Utah County location provides a unique nexus of labor availability and freight proximity to the Los Angeles/Long Beach Port Complex. With approximately 60% of the nutraceutical, food grade and health and beauty products manufactured in the region moving through the ports to consumption bases in the Asia Pacific region, the site is ideal for growing manufacturing and supporting distribution activities to consolidate and save both labor and transportation costs. This, in addition to the projected population growth for the region, creates a unique recipe for success.”
The Utah industrial market saw delayed construction deliveries in the third quarter of 2022 pushing direct vacancy up to 2.3%, according to Newmark Research. The low net absorption total for the third quarter of 2022 belies a robust and dynamic market, albeit with concerns ahead of high inflation and expected interest rate hikes. The Salt Lake City Metro area is well positioned for the long term with strong population growth; a young, educated work force; a lower cost of doing business relative to many other Western U.S. metros; and an advantageous position in the crossroads of the West, with well-connected transportation infrastructure.
About Wadsworth Development Group
Wadsworth Development Group (“WDG”) is a vertically integrated regional real estate firm headquartered in Salt Lake City, Utah. The company provides development and management services throughout the inter-mountain west for a wide range of clients and partners. The firm is active in development of multifamily, office, retail, industrial, and hospitality assets. WDG maintains a first-class property management team to operate its portfolio to class A standards on behalf of the family and its shareholders.
About Colmena Group
Colmena Group is a real estate development and investment company headquartered in Salt Lake City, Utah. The managing partners of Colmena Group have more than 65 combined years of real estate experience, building their reputation on thoughtful stewardship of investment opportunities. Founded in 2008, Colmena’s mission is to build a legacy of quality, long-lasting communities. Since its inception, Colmena has developed, co-developed and invested in real estate projects that built a current portfolio value of more than $1.6 billion (exceeding six million square feet and 12,000 apartment units). Colmena’s success is rooted in our ability to understand market need, source capital and work successfully with local and national partners.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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