Salt Lake City area cold storage facility acquisition financed
JLL Capital Markets placed the $8.52M acquisition loan for the fully leased cold storage facility with Ready Capital
CHICAGO, December 21, 2020 – JLL Capital Markets announced today that it has arranged $8.52 million in financing for the acquisition of a 157,750-square-foot cold storage facility at 400 S. Main St. in the suburban Salt Lake City community of Clearfield, Utah.
The single-tenant property is net leased to Forte Frozen on a long-term basis. The facility features 23-foot clear heights, deep truck court, 120,000 square feet of freezer space, more than 30,000 pallet positions, seven dock high doors, one ground-level door, one rail door and low office finish. The property is situated on 12.34 acres adjacent to UT-193 approximately 25 miles north of Salt Lake City. The property has an active Union Pacific rail spur, and UP’s intermodal facility is 35 miles south of the property. Additionally, Interstate 15 is less than one mile east of the property and provides access to the greater Salt Lake City area freeway system that includes Interstates 80, 84 and 215.
The JLL Capital Markets team representing the borrower was led by Senior Director Christopher Knight and Director Lucas Borges, along with Senior Managing Director Mark Detmer and Senior Directors Robin Stolberg and Ryan Sitov.
Cold storage has become a priority in the wake of the COVID-19 pandemic, especially in dense population centers like the greater Salt Lake City area where nearly 60 percent of the state’s residents live and where the demand for online grocery is high and remaining constant. JLL Research in its Cold storage in the post-COVID economy whitepaper detailed key trends across the cold storage sector, including how a rise in e-commerce adoption has increased online grocery shopping and, as a result, companies across the supply chain are taking steps to capitalize on the demand for cold storage and last-mile transportation services.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About IWH Capital
IWH Capital is a New York-based real estate investment firm primarily focused on fully leased industrial and flex assets in select core markets. The firm maximizes investments’ value through focusing on properties with lease terms in excess of five years with strong tenants who are leaders in their industry or markets.
About Ready Capital
Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Our National Bridge Originations team offers non-recourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Ready Capital is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 to $45 million and larger for select assets and portfolios.