Newmark Grubb ACRES is pleased to announce the sale of the IDS Fulfillment & Distribution Center to Industrial Property Trust.
Situated in the prestigious Ninigret Park, this 207,490 square foot Class A building is located on 14 acres in the heart of Salt Lake City’s industrial hub at 1711 South 4650 West.
NGA Executive Vice Presidents Zach Anderson and Bryce Blanchard represented both IPT and the seller, The Ninigret Group, in this transaction. Speaking of the transaction, Anderson said, “This was a noteworthy sale as we were able to generate several offers very quickly and identified Industrial Properties Trust as the ideal transaction partner because of their combination of pricing, closing track record, and their ability to value the additional land that was part of the sale. Both parties were exceptional to deal with.”
Industrial Property Trust operates as a real estate investment trust (REIT) that acquires and operates high-quality distribution warehouses throughout the United States. IPT’s core strategy is to build a national platform of high-quality industrial properties by targeting markets that have high barriers to entry, proximity to a large demographic base, and/or access to major distribution hubs.
The Ninigret Group, L.C. is a diversified real estate company known for its leadership in developing, managing and structuring quality real estate projects. Their vertically integrated platform, combined with the depth and breadth of their talented team, allows for them to address all aspects of a real estate transaction, from sourcing to property management.
Founded in 1960 as Trans-City Terminal Warehouse, IDS has a long history of delivering superior logistics services to a wide range of industries and customers. Their two strategic distribution points in Indianapolis, IN, and Salt Lake City, UT, serve all major markets and allow their customers to drive down cost and decrease transit times by choosing the location that best serves their customer base.