Ares Fund Acquires Salt Lake City Warehouse
The property is fully leased through 2033.
An Ares Real Estate fund has purchased a 325,215-square-foot Class A industrial facility at 5270 W. John Cannon Drive in Salt Lake City. The property is fully leased through February 2033.
LBA Realty was the seller, according to Yardi Matrix information. JLL arranged the sale. Ares Real Estate platform Marq Logistics will manage the property.
In 2024, JPMorgan Chase originated a CMBS loan from trustee Deutsche Bank Trust Co., covering 25 properties, including 5270 W. John Cannon Drive. The $577.6 million loan was scheduled to mature in October 2026. LBA Realty acquired the property from The Ritchie Group in 2021.
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Situated on nearly 21 acres in Salt Lake City’s Northwest Quadrant, the warehouse came online in 2022. The property provides easy access to interstates 80 and 215 and is within 5 miles of Salt Lake City International Airport.
The building has a 36-foot clear height, 89 dock-high doors, four grade-level doors, a cross-dock configuration, an ESFR sprinkler system, 82 trailer parking stalls and 354 automobile parking spaces.
McGee & Co., a home furnishings and lifestyle retailer, fully leases the warehouse on a triple-net basis, according to Yardi Matrix information.
JLL’s Managing Director Todd Torok, alongside Senior Analyst Julia Radu, Director Jeff Pew and Advisor Rex Buys led the team overseeing the sale.
Recent Salt Lake City industrial deals
Yardi Matrix tracks 10 properties totaling roughly 2 million square feet that traded within 5 miles of 5270 W. John Cannon Drive year-to-date through October. Among these, the 833,280-square-foot Mountain View Industrial Park–Building A at 6020 W. 300 S. sold for $145.4 million, or $174.5 per square foot. The Department of Homeland Security purchased the asset from DWS in March.
Also this year, Nuveen traded a 1.6 million-square-foot industrial portfolio to MDH Partners, which included Salt Lake Distribution Center I and II, two facilities spanning 190,000 square feet each.
Nationally, industrial sales totaled $74.7 billion through September, with properties trading at an average of $140 per square foot, according to a recent Yardi Matrix report. The figures reflect broader industrial real estate market trends, with both investment volume and the average price per square foot rising slightly year-over-year.
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