Salt Lake City-dunleer, a Los Angeles-based private real estate investment and development firm, announced that it has acquired an 83,893 square foot (sf) industrial building located at 2950 W 500 S in Salt Lake City, UT for 9.85 million dollars ($117 per square foot). This transaction marks Dunleer’s first industrial investment in Utah.
The property sits on a 4.8 acre site and comprises 16 units. It was 95% occupied when the escrow ended and includes 20 ground floor doors, 20 restrooms and over 110 parking spaces.
“This is an important milestone for Dunleer as we look to expand our industrial presence in other western states over the next year,” said BJ Turner, Founder of Dunleer. “We are especially excited to participate in Salt Lake City’s industrial market given the expected population and employment growth, as well as the state’s continued investments in infrastructure. We have identified this asset as one that occupies a key location close to the international airport and downtown. It has provided strong added value and our business plan includes renovating units when leases expire.
He added that small bay multi-tenant assets like this property in the Salt Lake City market are in high demand and have low supply. “Due to rising construction costs, this type of industrial product is rarely built and commands a premium over other industrial types.”
The M-2 Heavy Manufacturing zoned property is strategically located in a key industrial location adjacent to downtown and Salt Lake City International Airport and close to major distribution corridors such as I-80, I-215, I-15.
Eli Priest of Newmark represented both buyer and seller in this transaction.
About Dunleer, LLC: Dunleer is a real estate investment and development firm that specializes in value-added, niche-focused real estate investing in Southern California. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy and long-term partnerships.