Salt Lake City logistics portfolio sells for $187m

The joint venture of Greenlaw Partners and Mirae Asset Global Investments has acquired a Utah-based logistics portfolio for a combined price of about $187.75 million.

Gardner Batt was the seller of the class A industrial portfolio comprising two newly constructed industrial/logistics buildings totaling 347,290 square feet in Salt Lake City.

“Fully leased to a renowned high credit tenant, these state-of-the-art assets comprise a core last-mile logistics portfolio with critical locations in the Salt Lake City metro,” said Jeff Chiate, executive vice chairman at Cushman & Wakefield, which advised the seller. “Industrial sites remain in high demand by investors due to the continued robust tenant activity happening across many of the sector’s industries and as quality industrial supply remains limited.”

The portfolio consists of a new 201,096-square-foot building constructed in 2021 on more than 56 acres at 989 W. Center St. in Salt Lake City and a 146,