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Colliers Brokers Sale of Western Distribution Center

NH_Western Distribution

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.”

 

 

 

Media Contact:

Bryan Welch

Senior Manager PR | Southwest U.S.

bryan.welch@colliers.com

 

About Colliers

Colliers is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $77 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more a corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

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.

 


Related Experts

Jarrod Hunt

Executive Vice President

Utah County

Jarrod Hunt brings over 23 years of commercial real estate sales and leasing expertise to Colliers International. As the market’s number one selling and leasing industrial real estate broker for the past 15 consecutive years and recipient of several industry awards, such as the prestigious Coldwell Banker Commercial Platinum Circle of Distinction (reserved for the top 2 percent worldwide), Colliers International  Everest Club, and the CCIM Utah Industrial Broker of the Year, nobody comes close to Jarrod’s deal production record and experience. Jarrod’s background extends beyond the typical real estate advisor and is fortified by his experience as a small business owner and with a broad spectrum of experience working closely with Utah's top developers, construction experts and the leading manufacturing and warehousing companies.

Jarrod and his experienced team offer a full-service approach to real estate services, including analysis and strategy for lease and sale negotiations, cash flow and investment analysis, organized and accelerated disposition for excess properties as well as valuation and feasibility consulting for new developments.

Coupled with his technical deal-structuring expertise, Jarrod adds a personal touch to the equation through his commitment to build and maintain long-term client relationships. Jarrod’s expertise in market demand and feasibility analysis, investment structure and analysis, and organized property disposition helps his clients develop realistic and attainable real estate strategies in line with their specific business objectives. Jarrod has a demonstrated ability to fully understand the end goal of his clients and takes a proactive approach to the resolution of off-sheet issues involved with the transaction to ensure the most favorable outcome for his clients.

Through a proven system of results-driven accountability and customer focus, Jarrod exemplifies the next generation of real estate advisors. Licensed Real Estate Broker in Utah and Idaho , Utah Valley Business Q Magazine Editorial Board.

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