<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2r84sY_1GvJtRDW00" alt="https://img.particlenews.com/image.php?url=2r84sY_1GvJtRDW00" width="2016" height="1512" ></figure>An Ares Real Estate fund has bought a 325,215-square-foot distribution center at 5270 W. John Cannon Drive in Salt Lake City’s Northwest Quadrant, JLL Capital Markets announced Monday.The sale closed in October. JLL, which marketed the property, did not disclose the price or name the seller.The building is fully leased through February 2033 on a triple-net basis to what the release describes as a home furnishings and lifestyle retailer. JLL’s offering materials identify the tenant as McGee &amp; Co. Partners LLC, the home furnishings company behind Utah-based Studio McGee, which uses the building as its primary distribution and fulfillment center.Studio McGee recently opened its first ever flagship store at Trolley Square.The JLL materials also cited 3 percent annual rent increases and projected rent upside of about 37 percent when the lease expires.The Class A building sits on 20.5 acres and was completed in 2022, according to JLL. It has a 36-foot clear height, a cross-dock layout, 89 dock-high doors, 82 trailer stalls and 354 car parking spaces.The site is near Interstate 80 and Interstate 215 and about five miles from Salt Lake City International Airport.Marq Logistics, Ares Real Estate’s logistics real estate platform, will manage the property.“This transaction reflects the depth of institutional demand for high-quality industrial product in Salt Lake City and the continued evolution of the market as a destination for long-term investment,” said Todd Torok, the JLL managing director who led the sale.JLL is also marketing Scannell Properties’ roughly 630,000-square-foot distribution building in Provo.</div></body>

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An Ares Real Estate fund has bought a 325,215-square-foot distribution center at 5270 W. John Cannon Drive in Salt Lake City’s Northwest Quadrant, JLL Capital Markets announced Monday. The sale closed in October. JLL, which marketed the property, did not disclose the price or name the seller. The building...

Ares buys McGee & Co.’s Northwest Quadrant distribution center

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An Ares Real Estate fund has bought a 325,215-square-foot distribution center at 5270 W. John Cannon Drive in Salt Lake City’s Northwest Quadrant, JLL Capi

Ares buys McGee & Co.’s Northwest Quadrant distribution center

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