Salt Lake City – June 19, 2014—The Salt Lake City office of CBRE announced today that 201 Commerce Center, Building 6 (Building 6) has broken ground in West Valley City. The new industrial listing is being overseen by Tom Dischmann and Matt McAfee of CBRE.
A joint-venture development between Clarion Partners and DLM Development, Building 6 is a 307,935-square-foot, Class-A, cross-dock, industrial building. It is the first building to break ground in the 1.2-million-square-foot, planned industrial development. Construction commenced the beginning of June 2014 and is expected to be completed January 2015.
“New big box industrial space has been in high demand for some time now”, stated Dischmann. “Many new developments have commenced within Salt Lake County over the past couple of years, and there has been strong pre-leasing activity witnessed within those developments. The Salt Lake industrial market is experiencing low vacancy rates at 4.7%, and there is high demand for new industrial product—these are good indicators for developers to commence construction. Building 6 is a speculative development that offers a clear height of 32 feet and a cross-dock configuration, important features to today’s industrial tenant base.”
This new development is situated in West Valley City, a pro-business city that has been proactive in incentivizing new business entrants. The building has excellent exposure on the 201 Highway and sits near a variety of amenities, including retail, shopping and restaurants, as well as a 27-hole golf course. More information regarding the development of 201 Commerce Center can be found at www.cbre.com/201cc.
About Clarion Partners Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. The Firm’s industrial footprint is comprised of more than 99 million square feet across 43 markets across the U.S., Mexico and Brazil. More information about the firm is available at www.clarionpartners.com
About DLM Development The principals of DLM have developed major projects in the western states including 4.5 million square feet of industrial warehouse buildings, the 1.4 million square foot River Park office and retail project in South Jordan and The Arroyo, a 450 acre mixed use project in Las Vegas.
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 (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.