US real estate investment firm Longpoint has acquired over 1m sqft of industrial properties in Utah.
Longpoint has invested an undisclosed sum to buy the Mountain West Portfolio and the Salt Lake City Infill Portfolio in Utah, in a deal that represents the firm’s first investments in the Salt Lake City area.
The Mountain West Portfolio consists of nine shallow-bay properties totaling over 490,000sqft with an 85% occupancy rate, and the Salt Lake City Infill Portfolio, a collection of seven industrial properties totaling over 531,000sqft, is fully occupied.
Dwight Angelini, co-founder and managing partner of Longpoint, said: “The acquisition of these portfolios offered a unique opportunity to establish and expand our footprint with scalable, quality assets ideally situated in one of the fastest growing industrial submarkets.
“Our value-add approach will allow us to realise long-term value creation and compelling risk-adjusted returns.”
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