Lincoln Property Company Purchased Class A Salt Lake City Distribution Facility

CBRE National Partners arranged the sale of a Class A distribution facility in Salt Lake City, Utah to Lincoln Property Company, a global, full-service real estate firm.

Rebecca Perlmutter, Brett Hartzell, Tom Dischmann, Matt McAfee, Darla Longo, Barbara Perrier, Joe Cesta, Paige Morgan, Michael Longo and Eric Cox of CBRE National Partners represented the seller.

“The combination of a strong workforce, excellent quality of life and a well-built, very functional distribution building attracted strong investor demand and resulted in a successful sale,” said Rebecca Perlmutter, Vice Chairman at CBRE.

The Class A distribution facility known as 201 Commerce Center, Building 6 totals 307,940 sq. ft. on 17.9 acres with 32 ft. clear height, excellent truck circulation and abundant loading. The building is 100% leased to four tenants with below market rents and 2.6 years of weighted average lease term remaining.

“We are very pleased to add this highly functional, multi-tenant building to our client’s portfolio,” said Gary Kobus, Senior Managing Director at Lincoln Property Company. “Salt Lake City is rapidly-growing and a target market for us going forward. This building’s location and access will allow our tenants to continue to benefit from the many favorable attributes that Salt Lake City has to offer.”

The West Valley submarket of Salt Lake City had a vacancy rate of 2.2% in the third quarter this year, below the 4.6% market average, according to CBRE Research. Leasing activity was strong in Q3, with year-to-date leasing volume reaching nearly 9 million sq. ft. in 2023, positioning it as the second-highest year in leasing activity in the market’s history.

“This sale is reflective of the continued strong investor demand in the solid, dynamic market that is Salt Lake City,” said CBRE Vice Chairman Brett Hartzell.