Sold: 34.81 Acres of Industrial Land
Newmark Grubb ACRES is pleased to announce the sale of 34.81 acres of industrial land located in the heart of Salt Lake City’s industrial district at 3800 West California Avenue, Salt Lake City, Utah.
Executive Vice President Kyle Roberts and Principal Zach Anderson of Newmark Grubb ACRES represented both the buyer and seller in this transaction.
The buyer, Price Real Estate, is a developer and investor of institutional industrial real estate, servicing tenants throughout the intermountain region. The property will be used for speculative development or build to suit with approximately 400,000 square feet of buildings planned for construction.
Speaking on the transaction Mr. Roberts remarked, “Price Real Estate continues to invest and develop in the northwest quadrant of Salt Lake City. This latest acquisition affirms Price's commitment to the corridor. With over 1 million square feet of buildings recently completed, under construction, or slated for development in the near term, Price Real Estate has the inventory and expertise to meet the demands of the modern omnidistribution, manufacturing, and traditional warehouse user, now and in the future.”