We recently represented Pacific Steel & Recycling (www.pacific-steel.com) in a 12 acre land acquisition in Syracuse, UT. Pacific Steel plans to build a 100,000 SF state of the art rail served facility, which will be their 47th facility in the United States & Canada.
Utah Business Magazine recently published an article detailing the transaction and project. Read the full article here: http://www.utahbusiness.com/articles/view/pacific_steel_recycling_to_build_at_ninigret_nor
Since Jeff Bezos began training us to buy anything online at “The Everything Store” and to expect it delivered for free within 2 days, retailers around the world have scrambled to find new and better ways to capture our attention and our wallets. Instantaneous everything appears to be the direction of things and Walmart seems to have an idea to be faster and more convenient for consumers.
Sometime in the not too distant future it appears that Walmart intends to have online shopping fulfilled at new 15,000 square foot Internet grocery pick up centers. As best as I can tell, from conversations with experts and internet research, Walmart’s pick up centers will either have large parking lots with “lockers” for product pick up or as many as 30 lanes of drive up delivery for consumers to gather the goods they purchased online. Imagine a large parking lot with a gas station in the center, code operated lockers dotting the outside perimeter of the lot, and a convenience store sized only for pick up fresh produce and various items you may have forgotten to order online, and… Walla, you’ve got a new shopping experience! What will they think of next?!
If you are looking for industrial real estate in Utah we’d love to talk to you.
(below are a few links with additional info on some of the topics above)
Links
Walmart 2015 real estate strategy - http://www.forbes.com/sites/walterloeb/2014/06/16/why-walmart-suddenly-thinks-smaller-is-better/
Amazon’s Distribution Strategy/Sortation Centers - http://www.scdigest.com/experts/Wulfraat_14-07-23.php?cid=8309
Amazon Surprises with Profit - http://www.forbes.com/sites/ryanmac/2015/07/23/amazon-second-quarter-earnings-2015/
IPG donates a portion of proceeds from every deal we complete to various charity organizations. We have invited our clients to join in on the giving. With that help, we hope to reach our goal of donating $10,000 to charitable causes by Thanksgiving.
For any deal we complete in 2015, we will match up to an additional $500 to be given to one of the charities below, or to a charity of our clients choice.
If you would like any additional information on our charitable giving, please contact erica@ipgcre.com
The U.S. General Services Administration will be giving the old SLC Motor Pool Building to a private developer in exchange for updating the Ogden's Federal Building on 324 25th Street.
The Motor Pool Building is on a 1.54 acre lot at 330 E 200 S and has been previously used as storage space for the FBI. The city hopes to have the prospected developer build housing units with a mixture of retail and open space.
The request by the GSA calls for a developer who is committed to not only revamping the lot in Salt lake but also modernizing and updating the Ogden building as well. It's a chance to invest and reinvent the area no only in Salt Lake but in Ogden as well.
October 9th is the date potential interested developers will meet at the motor-pool site. They will be meeting at 9:30 a.m.
Click the link below to read more about the article and more info on the Motor Pool bids.
1. http://www.sltrib.com/blogs/therealtyshow/2962544-155/attention-developers-feds-have-prime-property
2. http://www.gsa.gov/portal/category/105567
I attended my neighborhood council meeting last night. This is something I have not done for quite a while, and it was actually very interesting.
The largest portion of time was spent discussing the current strategy on impact fees. The mayor is proposing a 1 year moratorium on impact fees. This would be huge for new development activity, but I can’t imagine those developers that got charged the fees just prior to the moratorium will take the news sitting down. By not paying the $2.64/building square foot fees, a new development in Salt Lake City would have an effective rental rate advantage of about $.02/SF per month, over those that had to pay the fee. That might not sound like much, but in the uber competitive industrial real estate market $.02/SF per month on a big box warehouse could mean 100’s of thousands of dollars in savings over the course of a lease for the tenant. The Mayor and City Council will be holding a series of meetings in the coming month to discuss the issues and determine a plan moving forward.
See this link for more details on recent impact fee discussions at the city: http://www.sltrib.com/home/2983254-155/salt-lake-city-exploring-moratorium-on
