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Price Real Estate Buys Metro Logistics' 427,000-SF SLC Industrial Complex for $37.2 Million

AEW Sells Two-Bldg. Facility Fully Leased to Medical Logistics Firm
January 5, 2018
Price Real Estate has acquired two industrial properties in Salt Lake City from AEW Capital Management for $37.2 million, or about $87 per square foot, in an off-market transaction.

The two single-story distribution facilities total 426,866 square feet off Route 154 and minutes northwest of the I-215/Route 201 interchange at 3845 and 3907 Ninigret Dr. Completed in 2008 and 2010, respectively, the properties occupy a 19.84-acre site in Salt Lake City's California Avenue Industrial submarket.

Metro Logics, a third party medical logistic firm, fully leases the complex. Price Real Estate saw the acquisition as a strategic investment due to the quality of the property and the tenant's lease commitment.

Kevin Shannon and Bret Hardy of NKF Capital Markets represented AEW in negotiations, while Kyle Roberts of Newmark Grubb Acres represented Price Real Estate.

“As the largest owner/developer of industrial property in the California Avenue sub-market of Salt Lake City’s Northwest Quadrant, Price Real Estate saw the MetroLogics portfolio as a core, strategic acquisition which expands its footprint in the premier location for occupants of logistics space along the Wasatch Front,” said Roberts. “The quality of the real estate, combined with the long-term lease and the tenant’s capital commitment to the property, makes this a great long-term investment for Price."

Please refer to CoStar COMPS #4098968 for more information on this transaction.
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