SALT LAKE CITY–(BUSINESS WIRE)–The joint partnership of NorthPoint Development, a Kansas City based developer, and The Romney Group have begun construction on what will be a brand new more than 19-million-square-foot (msf) state-of-the-art warehouse, manufacturing, office and commercial project in Grantsville, Utah. The partnership has selected Cushman & Wakefield (NYSE: CWK) to perform brokerage services.
Named the Lakeview Business Park, the new monumental Class A project is situated on more than 1,300 acres. The partnership will invest over $1 billion in developing the park. Construction commenced in November 2020 on the first speculative building totaling 506,930 square feet (sf) in size, and expandable to 1 msf. The remainder of the project is being developed in phases at future dates yet to be determined.
“We are thrilled to be officially commencing construction on this large-scale, rail-served, Class A business park along with the special partnership we have established with The Romney Group,” said Chad Meyer, President, NorthPoint Development. “Lakeview Business Park offers a great location for tremendous success with the ability to serve any industrial client in terms of size and labor for many years to come.”
Josh Romney, President, The Romney Group, said, “Our goal is to create a long-term, jobs rich business park that will be environmentally friendly and generate tax revenue to enhance the lives of the local community, improve public services and provide much needed tax dollars for education. We selected NorthPoint as a partner because of our shared core values and long-term commitment to the communities in which we do business.”
The new Lakeview Business Park is close to The Great Salt Lake and is within 30 minutes of both the renovated Salt Lake City International Airport and the Union Pacific Intermodal Hub. As part of the vision for the development, a +/- 400-acre portion of the property will be rail-served.
Cushman & Wakefield’s Tom Freeman, SIOR, Executive Director, who is leading brokerage efforts for the project, said, “This project has all of the best ingredients to be a special opportunity for companies seeking a strategic and advantageous location in the greater Intermountain West, while also providing a successful economic driver.”
As the leading national industrial developer, NorthPoint has constructed more industrial square footage than any other developer nationwide in the last five years, based on a recent study done by Real Capital Analytics. NorthPoint’s business portfolio includes 250+ industrial clients who are located in 76.5 msf of developed space across the U.S. Nearly 59,000 jobs and counting have been created in the development and leasing of this portfolio to date.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.