UtahBusiness.com: Stos Partners Acquires 279,233-Square-Foot Industrial Complex in Salt Lake City for $34.99 Million
Salt Lake City — Stos Partners, one of the most active commercial real estate investment and management firms, has announced that it has entered the Salt Lake City industrial market, acquiring a three building 279,233-square-foot industrial complex located on 14.53 acres at 900 W 2900/2950/3100 S in Salt Lake City, Utah for $34.99 million ($118 per square foot) in an off market transaction.
Led by Principal and Founder CJ Stos, Partner Jason Richards, Executive Vice President Jay Boyle and Vice President of Acquisitions Morgan Hill, the company will immediately implement a capital improvement program, stabilizing and re-tenanting the asset.
Eli Priest, Jeff Heaton, and Kyle Roberts of Newmark have been retained to oversee leasing at the industrial complex. Alex Harrold of Mathews Real Estate represented Stos Partners in the acquisition.
“With the growth of ecommerce, logistics, and manufacturing, Salt Lake City continues to strengthen as a key market for industrial users,” says CJ Stos, Principal at Stos Partners. “Despite this property not being on the market, our team identified this asset and immediately began working to acquire it. In addition to the prime location and functionality of the park, we were attracted to the opportunity due to the wide range of suite sizes and tenant diversification.
“The Salt Lake City industrial market saw leasing activity exceed 2.5 million square feet in the second quarter of this year with logistics and distribution accounting for 81 percent of that total, according to JLL’s Q2 Salt Lake City Industrial Report,” said Hill. “Small to mid-sized industrial tenant requirements in Salt Lake City make up the majority of the of leasing activity throughout the market, which should continue to drive strong leasing activity in the second half of 2024.”
900 W 2900/2950/3100 S is ideally located near the I-15, I-80, I-215 and SR-201 Freeways, providing convenient access to neighboring communities and accessibility for transport and logistics. It is also located approximately 10 miles from Salt Lake City International Airport.
Competitive building features include 22-foot clear height, 49 dock high doors and 18 drive-in ground level doors.
About Stos Partners
Stos Partners is a privately held commercial real estate investment and management firm that invests in real estate directly and in partnership with high net worth and institutional investors. With a track record spanning over $1.7 billion in transactions to date, the firm targets the most competitive risk-adjusted returns in the marketplace through value-add acquisitions and strategic repositioning of industrial and multifamily assets of both institutional and small-to-mid-cap commercial properties.
Headquartered in San Diego, California with an office in Orange County, California and Laredo, Texas, Stos Partners’ local expertise and longstanding relationships translate into the ability to source, fund and close transactions quickly and profitably. More information is available at www.stospartners.com.
Article source: utahbusiness.com