Real Estate

LBA Logistics Buys Last Building at Industrial Campus in SLC

Two separate buyers acquired the other two buildings at the 1.3 million-square-foot industrial campus. Image courtesy of Cushman & Wakefield

A joint venture of Gardner Batt, BCG Holdings and a fund advised by Crow Holdings Capital has sold an industrial property totaling 179,400 square feet in Salt Lake City, within the metro’s Northwest Quadrant industrial submarket.

LBA Logistics purchased the last available building at Mountain View Industrial Park, a recently developed campus encompassing nearly 1.3 million square feet. Cushman & Wakefield worked on behalf of the seller.

The one-story industrial property is at 6020 W. 150 S. and includes 32-foot clear heights, sky lights, two grade level doors and 88 dock high doors, according to CommercialEdge. The same source reveals that Comerica Bank issued a $19.5 million construction loan for the project. Building B is fully occupied by a molecular diagnostics company.

Nuveen and Deutsche Bank each acquired a building

Mountain View Industrial Park’s Building B is on 46 acres and allows access to Interstate 80, as well as to State Route 154. Additionally, the industrial facility is 5 miles from Salt Lake International Airport, 9 miles from downtown Salt Lake City, 14 miles from South Valley Regional Airport and within 20 miles of West Jordan, Utah.

Cushman & Wakefield’s team of Executive Vice Chairmen Jeff Chiate, Rick Ellison and Jeffrey Cole, together with Director Matthew Leupold negotiated on behalf of the seller. The same team represented the partnership in each of the three transactions, while the company’s Executive Director Tom Freeman, Travis Healey and Jeremy Terry led leasing efforts for the facilities.

The other buildings at Mountain View Industrial Park are the 833,280-square-foot Building A and the recently delivered 243,232-square-foot Building C. The campus’ Building A was completed in 2022, when Deutsche Bank’s subsidiary, DWS, purchased it, according to CommercialEdge. Building C was sold earlier this year to Nuveen Real Estate, the same source reveals.

Projects coming to Salt Lake City

Significant industrial projects currently underway in Salt Lake City include ViaWest Group’s Central Commerce Center, a two-building development that will total 340,000 square feet of space. The company broke ground on the Class A project earlier this month, together with Clarion Partners. Colliers is leading leasing efforts.

At the beginning of the year, Riverbend Management secured $112 million in credit tenant lease and equipment financing for Copper Crossing @ I-80, a 309,389-square-foot warehouse that will be converted into a manufacturing facility.

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