GFI Realty Services close on $10.1 million equity for Utah development

West Valley City, UT GFI Realty Services, LLC closed on the raise of $10.1 million in joint venture equity for 2550 South and Mountain View Corridor, a well-situated development site in Salt Lake City’s NW Quadrant submarket. The GFI team of Institutional Advisory Group managing director, Joshua Peck and Institutional Advisory Group director, Susan Annis arranged the partnership between Sansone Group and their institutional client. 

The 38.7-acre parcel will be developed into two industrial assets totaling 603,275 s/f to be completed in two phases; Q3 2022 is the anticipated completion date for the construction of Phase I and the Phase II completion is estimated for 2023. The facility will benefit from its location at the intersection of Highway 201, and its proximity to the downtown Salt Lake City, Salt Lake City International Airport and Interstate 80. The site also boasts frontage on Mountain View Corridor, a new major North/South freeway.

Salt Lake’s strong workforce, growing demographic and low cost of utilities are driving the demand in this market.

“This is the third Salt Lake City development transaction that we have arranged for our client within the past year and we are very delighted to have partnered with them in growing their exposure in this market" said Peck. 

"We are excited to be at the forefront of expanding the industrial development marketplace in Salt Lake City, one of the best locations for distribution and e-commerce," said Annis.

Sansone Group is a St. Louis based commercial real estate firm that specializes in full-service property and facility management, brokerage, development, and redevelopment of retail, industrial, office and multifamily properties.