News:
Brokerage
Posted: February 16, 2021
Peck and Annis of GFI Realty Services sources $11 million joint venture equity for Utah development site
West Valley City, UT GFI Realty Services, LLC closed on the $11 million joint venture equity raise for 2550 South and Mountain View Corridor, a development site in Salt Lake City’s NW Quadrant submarket. The GFI Realty team of Joshua Peck and Susan Annis arranged the partnership between Sansone Group and Invesco Ltd.
The 38.7-acre parcel will be developed into a 603,275 s/f industrial facility to be completed in two phases; Q3 2021 is the anticipated completion date for the construction. The facility will benefit from its location at the intersection of Highway 201, and its proximity to the downtown Salt Lake City, Salt Lake City International Airport and I-80. The site also boasts frontage on Mountain View Corridor, a new major North/South freeway.
The development is entering a tightening Salt Lake County industrial market that is being boosted by the development of an 855,000 s/f Amazon distribution center and a 400,000 s/f FedEx facility. The area is the main distribution point for the entire Western half of the U.S. with a vacancy rate below 4%. Salt Lake’s strong workforce, growing demographic and low cost of utilities are driving the demand in this market.
“The Salt Lake City MSA has seen one of the larger increases in demand for industrial product over the last few quarters and we anticipate this trend to continue in the upcoming years. Always glad to be ahead of the curve for our clients,” said Peck.
“We are pleased to have been able to put two great industrial players together in a dynamic market with great growth potential,” said Annis.
Sansone Group is a nationally recognized St. Louis based commercial real estate firm that specializes in full-service property and facility management, brokerage, development, and redevelopment of retail, industrial, office and multifamily properties.
Invesco Ltd, is an Atlanta based investment management company with branch offices in 20 countries.
Tags:
Brokerage
MORE FROM Brokerage
1540 Broadway signs 226,500 s/f of leasing as repositioning drives demand
Manhattan, NY GFP Real Estate and BDT & MSD Partners (BDT & MSD) secured 226,500 s/f of new leasing at 1540 Broadway since unveiling the tower’s $150 million repositioning in January
Quick Hits
Columns and Thought Leadership
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
.gif)
August Promotion
