Westcore Pays $52M for Salt Lake City Industrial Asset

Raceway Commerce Center. Image by Eckman Construction, courtesy of Westcore Properties

Westcore Properties has purchased Raceway Commerce Center, a 397,894-square-foot industrial campus in West Valley City, Utah, one of Salt Lake City’s submarkets. Brennan Investment Group sold the Class A asset for $52.2 million, in an off-market transaction.

The deal marks Westcore’s third industrial acquisition from Brennan. Cushman & Wakefield’s Phillip Eilers and Jon Schreck negotiated on behalf of the seller, while Westcore was self-represented.

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Built in 2022, Raceway Commerce Center comprises a 211,294-square-foot building located at 6075 W. State Route 201 Frontage Road and a 186,600-square-foot facility at 2234 S. 5900 West. The property features 32- and 28-foot clear heights, ESFR sprinkler systems and rear-door loading, as well as a total of 64 high-dock doors and 434 vehicle parking spots.

The campus was 33 percent preleased by three companies at the time of sale. The new ownership plans to add tenant improvements at the property, including an office component for each building. Eckman Construction, the general contractor for the recently completed project, will assist Westcore in this endeavor as well.

Situated on a nearly 26-acre lot, Raceway Commerce Center is 6 miles from Salt Lake City International Airport and 10 miles from downtown Salt Lake City.

Growing in the West

Since its founding in 2000, Westcore has acquired, managed and sold more than $10 billion in assets. The firm has expanded its western footprint during the past 3 years; in one of the more recent transactions, the company purchased a 1.1 million-square-foot industrial park in Phoenix from ViaWest Group.

The company started 2022 with a series of investments that included the acquisition of Halsey Business Park, a 405,000-square-foot industrial asset in suburban Portland. The deal followed closely the purchase of a seven-property portfolio in Phoenix and Devnver.

And, in early 2021, Westcore bought a 17-property industrial portfolio, totaling 4.1 million square feet, the largest property being a 1.1 million-square-foot industrial campus in Salt Lake City.