JV Lands Financing for Salt Lake City Industrial Project
The new development will target smaller users.
A joint venture between OCC Industrial and Xcel Development has secured financing that will allow them to move ahead with Northpoint Innovation Park, a 94.5-acre master-planned industrial development, in Salt Lake City. JLL Capital Markets sourced the funding through a Utah-based community bank. The loan amount was not disclosed.
Located in Salt Lake City’s Northwest Quadrant, the project will deliver 15 pad-ready sites for small industrial users: 10 larger sites (about 7 to 10 acres each) designed for front-park, rear-load vertical development and five smaller sites (about an acre each) for yard space/industrial outdoor storage or additional parking.
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Northpoint Innovation Park will be adjacent to Salt Lake City International Airport and within 10 minutes of downtown Salt Lake City.
A JLL spokesperson told Commercial Property Executive that the scheduled time frame for completion of the infrastructure work is about 15 months.
The developers stated that the location, at 3200 N. 2200 W., is the last significant developable industrial land opportunity for small users in this industrial corridor. They added that the development’s value proposition arises from “a complex annexation and rezoning process” that took the site from agricultural use to M-1A light industrial zoning.
In addition, the financing structure reportedly incorporates an Infrastructure Financing District municipal bond package that will fund public infrastructure improvements including roads, utilities and offsite connections.
The developers envision the property as potentially serving a broad range of industrial uses including light manufacturing, warehouse and distribution, IOS, data centers, as well as research and development.
The JLL Capital Markets team that secured the funding was led by Senior Director Will Haass and Director Jeff Pew. JLL’s Salt Lake City industrial leasing team, led by Managing Director Culum Mills, will market the individual sites to industrial users once horizontal improvements are completed.
2026 off to a strong start
In mid-March, SLC Global Logistics Center, a 3,000-acre industrial development by Wadsworth Development Group, Stokes Stevenson and Colmena Group, gained a new occupant when Memphis-based manufacturer Radians opened its first Salt Lake City distribution center there. Amazon and Walmart were already tenants of the park.
Salt Lake County’s industrial space market is firmly footed, held there in part by consistent leasing demand and disciplined pricing, according to a first-quarter report from Colliers.
Industrial absorption in the first quarter was the highest first-quarter level since 2022, which is all the more important given that almost 3 million square feet of space is currently under construction, most of it in the Northwest quadrant. Colliers noted that vacancy tightened in the first quarter to 4.9 percent, driven by several large leases.
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