Newmark announces it has been awarded the leasing assignment of El Tenedor Logistics Center, a five-building Class A industrial park. Phase I, comprising 253,580 square feet, is slated for completion in the fourth quarter of 2023.
Newmark Executive Managing Directors Kyle Roberts and Jeff Heaton and Senior Managing
Director Ben Richardson have been assigned to lease the forthcoming project on behalf of the developers, Wadsworth Development Group and Co-General Partner Colmena Group.
Located at 560 W 1000 N Spanish Fork, the industrial park is being built in roughly three phases. Features will include an ESFR fire sprinkler system, light manufacturing zoning, a gas heated warehouse, 6” reinforced concrete slab, 32’-36’ clearance height, LED lighting, a build-to-suit office and an abundance of on-site parking.
“We are thrilled to lease this thoughtfully designed, state-of-the-art industrial project,” said
Richardson. “The space is optimized for e-commerce and logistics users and ideally located
providing excellent connectivity to the West.”
Roberts added, “The South Utah County location provides a unique nexus of labor availability and freight proximity to the Los Angeles/Long Beach Port Complex. With approximately 60% of the nutraceutical, food grade and health and beauty products manufactured in the region moving through the ports to consumption bases in the Asia Pacific region, the site is ideal for growing manufacturing and supporting distribution activities to consolidate and save both labor and transportation costs. This, in addition to the projected population growth for the region, creates a unique recipe for success.”
The Utah industrial market saw delayed construction deliveries in the third quarter of 2022
pushing direct vacancy up to 2.3%, according to Newmark Research. The low net absorption total for the third quarter of 2022 belies a robust and dynamic market, albeit with concerns ahead of high inflation and expected interest rate hikes. The Salt Lake City Metro area is well positioned for the long term with strong population growth; a young, educated work force; a lower cost of doing business relative to many other Western U.S. metros; and an advantageous position in the crossroads of the West, with well-connected transportation infrastructure.