Newmark Capital Markets has announced the $37.2 million sale of a two-building 426,866-square-foot industrial property located at 3845-3907 West Ninigret Drive in Salt Lake City, UT. The property is 100 percent occupied by Metro Logics, a third party medical logistics firm.
Newmark Capital Markets President, West Coast Kevin Shannon and Executive Managing Director Bret Hardy represented the seller, AEW in this off-market transaction while Executive Vice President Kyle S. Roberts of Newmark Grubb ACRES represented the buyer, Price Real Estate.
The property is located at 3845-3907 W. Ninigret Drive. The two single-tenant buildings were built in 2008 and 2010 respectively and the project is situated on 19.84 acres.
According to Newmark Grubb ACRES research, the Salt Lake County industrial market maintained last year’s momentum into the third quarter of 2017. Overall vacancy has remained low for the past decade compared with the vacancies of surrounding cities in the Mountain West, while average lease rates and sale prices per square foot have increased markedly in the past several quarters.
“As the largest owner/developer of industrial property in the California Avenue sub-market of Salt Lake City’s Northwest Quadrant, Price Real Estate saw the MetroLogics portfolio as a core, strategic acquisition which expands its footprint in the premier location for occupants of logistics space along the Wasatch Front,” said Roberts. “The quality of the real estate, combined with the long-term lease and the tenant’s capital commitment to the property, makes this a great long-term investment for Price. Moreover, the timing of the sale was perfect for AEW and the final execution exceeded expectations,” stated Hardy.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.