Hyde Development and Mortenson Properties Expand Salt Lake City Holdings through Nine-Building Acquisition in Top Industrial Submarket

CBRE announced the sale of the Salt Lake City Industrial Portfolio (the “Portfolio”), a nine-building infill portfolio, to a partnership of Hyde Development and Mortenson Properties. Jeremy Ballenger, Tyler Carner, Rebecca Perlmutter and Brett Hartzell of the CBRE National Partners team represented the seller.

The Portfolio is comprised of five single-tenant and four multi-tenant buildings totaling 787,000 square feet, 96% leased to 13 blue-chip tenants and located just south of the Salt Lake City International Airport near the convergence of interstate highways I-15 and I-80. The submarket, known as the Northwest Quadrant of the Salt Lake Industrial market, historically accounts for over 75 percent of market demand.

“We are thrilled to be partnering with Mortenson Properties in entering our third market together. Our partnership’s ability to move quickly and decisively to acquire best-in-class infill industrial was key to our successful acquisition,” said Paul Hyde, CEO of Hyde Development.

“Mortenson is pleased to expand our long-term commitment to Salt Lake City,” said Dan Ryan, Managing Director of Mortenson Properties. “We’ve been building in the community since 1983 and investing here since 2020. We believe the Wasatch Front is one of the most dynamic and promising markets in the country. Its strategic location, paired with an infrastructure that supports industry and innovation, offers a tremendous advantage for companies serving Salt Lake City and Western U.S. markets.”

“Hyde and Mortenson quickly realized the uniqueness of a portfolio of the scale being offered in such an infill location, in one of the strongest performing markets across the country,” said CBRE’s Carner. “This portfolio has performed well for the previous owner and is well positioned to perform well for Hyde/Mortenson long into the future.”