SALT LAKE CITY — Pacific Industrial has completed the construction of Pacific Summit Logistics Center, an industrial facility at 885 N. John Cannon Drive in Salt Lake City.
The development and investment firm has already sold the asset on a forward basis to Principal Global Investors, a global real estate investments platform based in Des Moines, Iowa, for an undisclosed price.
Situated on 48 acres, the 824,320-square-foot facility features 40-foot clear heights, nearly 200 trailer parking stalls, a private perimeter vehicle access road and a modern entry. At the time of sale, the building was 50 percent preleased to Quality Distribution, a third-party logistics provider headquartered in Utah.
Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group together with Tom Freeman and Travis Healey of Cushman & Wakefield’s Salt Lake City office represented the seller.
Freeman and Healey were retained by Principal Global Investors to handle leasing of the project. According to Cushman & Wakefield, the transaction is one of the largest ever single-building industrial property sales in Salt Lake City.