SALT LAKE, UT—Newmark Grubb ACRES has completed the sale of Pacific Landing III, a 345,686-square-foot industrial distribution building built on speculation in 2012 with Eckman & Mitchell Construction as general contractors. The $15 million transaction marks Salt Lake City's largest industrial property sale to date in 2014.

The facility at 4475 West 700 South sold as a warm shell, according to Newmark Grubb ACRES industrial specialists Andy Wheeler, and Jim Sheldon, who represented Pacific Landing III, LLC, the seller. "Still requiring lights and tenant improvements, there were numerous tenants currently in the negotiation process at the time of sale," said Wheeler.

For the buyer, Exeter Property Group, the acquisition notes its entry into the Salt Lake City industrial market. The real estate investment management firm specializes in the acquisition, development, leasing, and management of industrial and related business park properties across the U.S. through an array of value add and core return private equity investment vehicles. Jones Lang LaSalle represented Exeter.