The Rockefeller Group Sells Salt Lake City Distribution Facility for $12.75 Million
SALT LAKE CITY, UTAH – Jan. 3, 2013 – The Rockefeller Group today announced the sale of a new 150,300-sq.-ft. distribution facility in Salt Lake City, Utah, to an affiliate of Cole Real Estate Investments for approximately $12.75 million. The property is occupied by a leading shipping and delivery company.
Completed in 2012, the distribution facility is the first building developed by The Rockefeller Group at the Rockefeller Group Foreign Trade Zone in Salt Lake City. Rockefeller Group Foreign Trade Zone consists of approximately 71-acres on which the company has plans to develop up to six additional buildings.
“This building is in a highly desirable strategic-distribution location and we’re pleased that Cole Real Estate Investments recognized the quality and value of the asset,” said Tom McCormick, regional development officer for The Rockefeller Group. “The combination of strong tenant and investor demand in Salt Lake City validates our overall vision for the project and we’re looking forward to maximizing the site’s full potential.”
Rockefeller Group Foreign Trade Zone/Salt Lake is in the southwest quadrant of Salt Lake City’s Airport Submarket, between I-80 and SR-201, just west of Bangerter Highway. In addition the site is across from Union Pacific Railroad’s Salt Lake City Intermodal, which is the first intersection for eastbound freight moving from the three largest West Coast ports, including the Port of LA/Long Beach in California. Foreign Trade Zones are highly desirable today because, among other benefits, they offer speed-to-market advantages derived from their ability to bypass many customs restrictions.
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