Just one week after entering the Utah industrial market, the Desert West Region of Lincoln Property Company (LPC) has added a second asset to its Salt Lake City portfolio with the purchase of Pacific Landing, a two-building, Class A multi-tenant industrial property in the city’s rapidly developing northwest submarket.
The purchase is part of a bullish regional expansion by the Desert West region that began in April with the company’s entrance into the Nevada industrial market, and continues today in Utah.
“Pacific Landing has an exceptional location, minutes from two major interstates, an international airport and the planned Utah Inland Port – a massive undertaking that has the potential to change the face of Utah’s industrial market,” said LPC Desert West Executive Vice President David Krumwiede. “That combination will drive the future of this asset, helping it to capitalize on not only an industrial boom but also the evolution of Salt Lake City’s northwest quadrant.”
Pacific Landing sits at 4752 W. California Avenue in Salt Lake City. Developed in 2009, the property totals 133,885 square feet and features two rear-loaded buildings with minimum clear heights of 28’. It is 100 percent leased with a roster of international, national and regional tenants.
The project is located within two miles of Interstate 80, four miles from Interstate 215, approximately 7.5 miles from downtown Salt Lake City and approximately 3 miles from Salt Lake City International Airport.
It is also minutes from the planned Utah Inland Port, a 16,000-acre development that, according to the Utah Inland Port Authority, will help to support a market with an expected 104 percent increase in demand for cargo over the next 25 years.
“The northwest quadrant is set up to play a pivotal role in the city’s progression into a highly sophisticated distribution hub,” said LPC Desert West Vice President John Orsak. “Pacific Landing sits in the middle of that growth, supported by quality tenants and a strong labor pool.”
LPC Desert West will provide property management services for Pacific Landing – along with all of its new Nevada and Utah acquisitions – bringing its regional management portfolio up to almost 7.5 million square feet of premier office, industrial and retail space. The company continues to actively evaluate new commercial real estate investment and development opportunities across the Desert West region, including Arizona, Nevada, Utah and New Mexico. For more, contact Krumwiede or Orsak at 602.912.8888.