SALT LAKE CITY — Development of Salt Lake City's Northwest Quadrant took another step forward Tuesday when commercial real estate company JLL Capital Markets announced it secured financing for the Northpoint Innovation Park.
The 94-acre industrial development at 3200 N. 2200 West aims to deliver 15 pad-ready sites for small industrial users as some of the last developable land opportunities in the area.
JLL worked on behalf of the borrower — a joint venture between OCC Industrial and Xcel Development — to secure the loan through an undisclosed Utah-based community bank, the company said in a statement.
The loan amount wasn't disclosed, either.
The industrial park's location, being adjacent to Salt Lake City International Airport and within 10 minutes of downtown Salt Lake City, will likely be its strongest selling point.
As is, the Northwest Quadrant accounts for approximately 70% of Salt Lake City's industrial inventory and includes the International Center, the city's western industrial warehouse, distribution facilities like Amazon's, mining operations and landfills.
"Northpoint Innovation Park represents a unique convergence of strategic location, proven sponsorship and exceptional market timing," Will Haass, JLL senior director, said in a statement. "The Northwest Quadrant's position as Salt Lake City's primary industrial hub creates compelling fundamentals for this master-planned development. The sponsor's successful navigation of the complex entitlement process has unlocked significant value while positioning the project to serve the high demand we're seeing from small industrial users who have been underserved in this market."
Potential uses for the industrial park mentioned in a release from JLL include light manufacturing, warehouse and distribution, industrial outdoor storage, data centers and research and development facilities.
Grace Lewis, a spokeswoman for JLL, said initial infrastructure work for the site is expected to be completed in around 15 months.
