February 22, 2023 9:00 AM
Newmark announces that it has signed a 199,680-square-foot industrial lease with a multinational food and beverage corporation at 6900 W 9800 S in West Jordan, Utah.
Newmark Executive Managing Director Kyle Roberts and Senior Managing Director Ben Richardson represented the landlord, BGJ Industrial, L.C., a joint venture comprised of The Boyer Company and KC Gardner Company. Newmark has completed over 200 acres of transaction volume with the landlord to date.
“The tenant’s decision to locate operations within the project further validates the logistical and labor thesis for companies seeking to address direct-to-consumer, store replenishment and regional distribution from what has become the premier bulk distribution hub within the southwest Salt Lake Valley,” said Roberts. “West Jordan is rapidly becoming the geographic center of gravity for scale use cases such as manufacturing, distribution, e-commerce and data centers. We are thrilled to see an iconic brand choose the site and developer.”
Richardson added, “We are excited to complete another successful lease for Boyer Gardner in a prime industrial location. The expanding traffic infrastructure in the rapidly growing southwest quadrant of Salt Lake County allows the tenant access to an expanding labor force, road infrastructure and the ability to easily serve broadening distribution routes.”
Located in the emerging southwestern industrial corridor, 6900 W 9800 S is positioned near the Northwest Quadrant, one of the most dynamic real estate markets in the Western United States. The property sits within 0.5 miles of Mountain View Corridor and offers convenient access to West Jordan’s largest labor base, featuring strong population growth and an educated workforce.
According to Newmark Research, the Utah industrial market remains resilient with strong demand for industrial space as absorption continues to outpace deliveries. For the fifth consecutive quarter, national industrial absorption topped 100 million square feet. The persistent imbalance between demand and new deliveries has pushed vacancy down to 3.7%, likely a cyclical low.
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 $2.7 billion for the year ending December 31, 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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Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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Newmark Completes Nearly 200,000-Square-Foot Industrial Lease in West Jordan, Utah
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