Three months after entering the Las Vegas market, the Desert West Region of Lincoln Property Company (LPC) has planted a flag in Utah. The regional expansion benchmark comes with the purchase of Access Park, a three-building, Class A industrial property in Kaysville, Utah, just outside of Salt Lake City.
“Salt Lake, like Phoenix and Las Vegas, is a market with significant growth potential. This is particularly true for Class A industrial assets like Access Park – developments that house the kind of tenants that keep the e-commerce, manufacturing and logistics machines in motion,” said LPC Desert West Executive Vice President David Krumwiede. “Tenants are aggressively seeking out industrial space in Salt Lake City in the same way they identified and pursued space in Phoenix a few years ago. We look forward to applying what we’ve learned in Arizona to join and support the Utah industrial sector.”
At 212,950 square feet, Access Park totals three fully occupied industrial buildings, including two newly built, state-of-the-art distribution facilities each totaling 69,101 square feet, and one Class A, 74,784-square-foot industrial and manufacturing building that has been under the same ownership since its delivery in 1995. Building clear heights range from 22 to 32 feet, with a total of 74 dock-high and ground-level doors.
Access Park is located at 505 N. Kays Drive, within the Kaysville Business Park, less than one mile from Interstate 15 and part of a growing suburb on the northern edge of the Salt Lake City market. It benefits from the highly skilled labor force of Davis and Weber counties, and an industrial market experiencing record low vacancies.
“Right now, Salt Lake City industrial vacancy sit at about 1.5 percent – something that would have seemed almost unattainable five years ago but that today reflects the strength of the Southwest as a critical distribution hub,” said LPC Desert West Vice President John Orsak. “Access Park has the amenities to attract modern industrial users who continue to expand in our region and who, thanks to a steady increase in demand, are projected to continue to grow.”
Access Park is currently 100 percent occupied by tenants including Lippert Components, Triot, Life-seasons, UST and Momentum Shipping.
Kip Paul, Rhett Bue and Jorgi Paul of Cushman & Wakefield represented the property seller, Access Park LLC, in the sale transaction.
LPC Desert West will provide property management services for Access Park as part of its more than 7 million-square-foot regional management portfolio. The company continues to actively evaluate new commercial real estate investment and development opportunities across the Desert West region. For more, contact Krumwiede or Orsak at 602.912.8888.