Vesta Realty Partners acquires Utah County’s largest industrial facility - a 1.1 million SF distribution warehouse with additional development plans
Spanish Fork, UT, July 13, 2022 – Colliers is pleased to announce the sale of the Western Distribution Center located at 4000 East Highway 6, Spanish Fork, Utah. Jarrod Hunt, Executive Vice President of Industrial Services, represented the seller and buyer, Salt Lake City-based Vesta Realty Partners, in the transaction and will continue to represent ownership as exclusive leasing agent. Led by Jeff Grasso, Vesta Realty Partners continues to acquire numerous office, life science, multifamily, and industrial assets across Utah’s Wasatch Front.
Initially built by the Fingerhut corporation, the facility has been an icon in Utah Valley. It will continue to carry that distinction with the development of additional warehouse and distribution space to complement the 1.1 million square feet currently on the site. Before the most recent change in ownership, a pair of Knoxville, Tennessee, investors held the asset for the past 20 years.
“This facility combined with its strategic location represent a highly desirable product in the market for a reliable and dedicated workforce, access to key transportation corridors, and efficient operational costs for our tenant partners,” states Grasso. “We are pleased to expand our industrial strategy into Utah County to complement our existing holdings and grow our industrial development pipeline. We anticipate breaking ground on the additional development by year’s end.”
Senior Manager PR | Southwest U.S.
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About Vesta Realty Partners
Founded in 2020, Vesta Realty Partners is an institutional manager focused on real estate investment outperformance through a macro driven value-oriented approach coupled with hands on business plan execution. The firm focuses on executing undervalued office, life science, industrial, and residential investments with offices in Salt Lake City and New York City.