PGIM and Dakota Pacific Real Estate (DPRE) have closed on a new joint venture and the acquisition of two industrial land parcels located near Bangerter Highway along California Avenue and 4400 West in Salt Lake City’s Northwest Quadrant and Inland Port.

The venture will immediately commence construction on a six-building, class A, spec industrial development totaling nearly 450,000 square feet, including dedicated yard space. The project is designed as modern small- and mid-bay industrial product, targeting a broad range of logistics, manufacturing, service, and distribution users in one of the region’s most supply-constrained submarkets. Initial deliveries are anticipated in early 2027.

Salt Lake City’s Northwest Quadrant continues to experience strong tenant demand driven by its central location, proximity to regional transportation infrastructure, and the limited availability of new class A industrial space. Vacancy across comparable small- and mid-bay industrial product remains historically low, reinforcing the venture’s conviction in speculative development at this scale and location.

“This project reflects our strong conviction in Salt Lake City and the long-term fundamentals supporting small- and mid-bay industrial product in this market,” said Brian Dilley, managing director of Dakota Pacific Real Estate. “We’re excited to partner with such a marquee firm as PGIM on a development that meets real tenant demand, offers flexible configurations, and delivers modern class A space in a market where supply has struggled to keep pace.”

Soultana Reigle, head of U.S. equity for PGIM’s real estate business, said, “This investment aligns with our strategy of deploying capital into what we view as high-quality industrial developments in infill and logistics-oriented markets with durable demand drivers.”

Construction will begin immediately with estimated construction completion in second quarter 2027. Newmark has begun actively marketing the project to prospective tenants seeking efficient, modern industrial space with access to Salt Lake City’s deep employment base and core transportation corridors.

The land transaction was facilitated by Newmark, led by Kyle Roberts and Ben Richardson on behalf of the seller, along with Lucas Burbank on behalf of the buyer. Newmark also will oversee leasing efforts, led by Burbank and Kelsie Akiyama. Big-D Construction has been selected as general contractor and will manage construction of the project. The development is financed by JPMorgan Chase Bank, N.A.