Phase 1 Development of the 3,000-Acre Logistics Park Now Underway
Salt Lake City – February 21, 2018 – The Salt Lake City office of CBRE, in conjunction with NWQ, LLC—a joint venture between Colmena Group, Wadsworth Development Group, and Stokes Partners—today announced the launch of Phase 1 of SLC Port Global Logistics Center, a 3,000-acre logistics park located in Salt Lake City’s Northwest Quadrant.
SLC Port Global Logistics Center has capacity to accommodate up to 50 million square feet of Class A speculative and build-to-suit buildings, combined with owner-occupied and mega-site land for sale. Phase 1 of the development has just launched and is planned to consist of 10 buildings totaling approximately 7.5 million square feet of bulk distribution and manufacturing industrial space. Building 2, consisting of 532,000 square feet and Building 3, consisting of 170,000 square feet, are planned to deliver in the Spring of 2019.
“The development of the Northwest Quadrant of Salt Lake City is one of the most noteworthy events to take place in the local industrial market in the area’s history,” noted Jeff Richards, senior vice president with CBRE. “Given the market’s current size of approximately 130 million square feet, the addition of SLC Port Global Logistics Center has the potential to increase the total market size by nearly 39 percent. This land was not historically available for development, so this project will dramatically alter the landscape of the local industrial market.”
Kip Wadsworth of Wadsworth Development Group added, “We are very excited to work with the City, the State, and future tenants to attract business and enterprise to an area which is now living up to its immense potential. Being located next to two major freeways, just five minutes from an international airport, and ten minutes from downtown is extremely rare—particularly for industrial sites. We are excited to make this project a reality.”
Tom Dischmann, Jeff Richards, Matt McAfee and Chris Liddell, Industrial & Logistics specialists at CBRE, will oversee the listing on behalf of NWQ, LLC.
About the Developer:
Colmena Group is a Salt Lake based, real estate development group which is an active developer of Industrial, Multifamily, and Hospitality holdings throughout the mountain west region. Wadsworth Development Group based in Draper, UT has deep experience in infrastructure and mass transit construction projects as well as development of Retail, Hotel, and Office projects in the Western US.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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