The Salt Lake City market is on the verge of a boom, and capital is hearing the call. LPC Desert West has entered the market with its first acquisition, but it plans to grow a portfolio in the state. The industrial firm purchased Access Park, a three-building, class-A industrial property in Kaysville, a suburb outside of Salt Lake City. The property totals nearly 213,000 square feet, and it is fully occupied.

"Salt Lake City is on the front side of a very robust emergence," David Krumwiede, EVP of LPC Desert West, tells GlobeSt.com. "The demographics related to availability of land, cost of doing business and Utah's absolutely stellar workforce is generating commitments from big companies and investors. This is adding diversity to the market, which will attract even more interest. Utah is in our Desert West region that also includes Arizona, Nevada and New Mexico, and adding assets here creates nice geographic diversity for our portfolio."

The firm plans to follow a similar acquisition strategy as it has in other Western US secondary growth markets, like Phoenix. "Our job as an investor and a developer is to anticipate a market's evolution and that is how we are approaching our expansion in Utah—identifying the best opportunities for growth in the state's office and industrial markets," says Krumwiede. "We earmarked 2020 as our year to geographically expand into the Desert West region and we're excited and ready for that diversification. We entered the Nevada market in May and Utah in September."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.