Market-leading absorption and continued demand within the Salt Lake City industrial sector has prompted a two-building industrial portfolio buy from EverWest Real Estate Investors. Built in 2019, the “Ace & Apollo” portfolio provides the infrastructure and amenities required by modern logistics users, along with a location in Salt Lake City’s high-performing Northwest Quadrant.
“This acquisition captures seven years of contractual cash flow and an ability to capitalize on upside potential through leasing the project’s remaining 93,000 square feet of vacant space in one of Salt Lake’s most in-demand locations,” said EverWest Director of Acquisitions Phil Larger. “During first quarter 2021 alone, the Northwest Quadrant absorbed almost 2.5 million square feet, or 92 percent, of the metro’s total industrial absorption.”
Larger directed the transaction on behalf of EverWest in collaboration with Wick Udy of JLL.
The 23.35-acre, 413,352-square-foot Ace & Apollo portfolio includes two Class A industrial buildings totaling 311,658 square feet and 101,694 square feet at 260 N. Ace Yaeger Ct. and 5725 W. Amelia Earhart Dr. It is approximately 78 percent leased to seven tenants including Falcon Fulfillment, Health Line International, Masimo and Solo Stove. The Ace Yaeger Court building has 93,104 square feet available for lease.
The buildings are located immediately north of Interstate 80 and west of Salt Lake City International Airport. They sit within the Northwest Quadrant, Salt Lake’s largest industrial submarket.