Salt Lake City — After six months of searching for a client’s new corporate headquarters, Colliers brokered the highly competitive acquisition of an over 121,956-square-foot building, formally occupied by Target. Colliers was successful in negotiating against several competing buyers. The property is located at 6748 South Redwood Road in West Jordan. Colliers agents Jared Booth, CCIM and Gwen Knight represented The Grace Company, the buyer, in the transaction.
This transaction exemplifies the depth and strength of Utah’s economy,” said Booth, senior vice president at Colliers. “As we come out of the uncertainty over the last year, the economic rebound is clear. Utah has positioned itself to thrive, and we’re honored to be a part of the great Utah success story.”
“The Grace Company is the number one producer of both machine and hand quilting frames,” said Knight, senior vice president at Colliers. “It was a challenge to find the perfect space that was large enough for operations, warehouse, showroom and training space needs. Although Target does not sell stores often, their review committee agreed that Grace was the perfect fit for their former facility. Target recently opened a new location just 1.5 miles north and wanted to make sure that the tenant complimented customer needs and demands in the same area. It was a perfect fit.”
Grace will use the former Target building both as a showroom and training center, as well as warehouse space for inventory. Grace has grown significantly over the years with two locations in South Jordan and the northwest quadrant. In addition to brokering the West Jordan property acquisition, Booth and Knight are also representing Grace in the disposition of existing assets.
As the #1 commercial real estate services company in Utah, Colliers operates from five office locations along the Wasatch Front with 240 local-based Utah professionals.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.