(SALT LAKE CITY) – Hines, the international real estate firm, announced today that it has acquired a 49.5-acre acre property in West Valley City, Utah, just outside of Salt Lake City, upon which it will develop 201 Mountain View Park (“201 MVP”), a single-phased Class A industrial/logistics park. Kyle Roberts with Newmark Grubb Acres will handle the leasing for the new project.
201 MVP will consist of state-of-the-art Class A distribution warehouses capable of meeting the needs of modern logistics service providers. The proposed 727,000-square-foot industrial/logistics park will consist of four buildings—three rear-load medium distribution buildings and a bulk distribution cross-dock.
The site is located conveniently just five miles west of I-15 and is adjacent to the premier California Avenue submarket. It is less than a 12-hour drive from Los Angeles, Denver, Reno, Las Vegas and San Francisco, making it a highly desirable location for a distribution center.
Dusty Harris, senior managing director at Hines, commented, “We are excited to continue our expansion in Utah and are thrilled the firm’s first development in the area will be with this Class A asset—which will be positioned to take advantage of Salt Lake City’s uniquely dynamic industrial leasing market.”
Daniel Stephens, associate at Hines also commented, “As the crossroads of the west, Salt Lake City is centrally positioned for industrial/logistics users, and we look forward to expanding the Hines industrial platform into Salt Lake City.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 214 cities in 24 countries. Hines has approximately $120.6 billion of assets under management, including $66.5 billion for which Hines provides fiduciary investment management services, and $54.1 billion for which Hines provides third-party property-level services. The firm has 128 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,348 properties, totaling over 444 million square feet. The firm’s current property and asset management portfolio includes 512 properties, representing over 223 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
