SALT LAKE CITY, UTAH – The Ninigret Group, L.C. (“Ninigret”) announced today that it has acquired the real estate property known as Utah Industrial Depot (“Ninigret Depot”) and 184 acres in Syracuse, Utah now known as Ninigret Park North. Ninigret Depot consists of approximately 801 acres of developed, partially developed and undeveloped industrial land and buildings located in Tooele, Utah. It includes approximately 44 separate buildings containing approximately 2.23 million square feet of industrial/warehouse space, a rail service business that provides rail services and access to tenants at Ninigret Depot and an approximate 288,000 square feet of separate storage unit space. Ninigret Park North consists of 185 acres of potential mixed use land.
“Both Ninigret Depot and Ninigret Park North offer Ninigret a great opportunity to increase its asset base in areas where we see great growth potential” said Ninigret Chairman, Randolph G. Abood. “The diminution of available commercial, industrial and residential properties in the greater Salt Lake area, especially in the burgeoning rail served businesses, is becoming more and more self-evident, and integral to these two acquisitions, we look to find and own properties that are in the path of growth and progress”.
Ninigret’s completion of the 185 acre site in Syracuse City occurred this past Fall. Located in the northeast corner of Syracuse City proper, Ninigret Park North borders Clearfield City’s Freeport Center Industrial Park to the east and will share a border with the expansion of State Highway 193, which will be the only east-west highway connecting to the proposed West Davis corridor, Highway 89 and Interstate 15. United States Cold Storage recently purchased 35 acres from Ninigret and is in the process of building a 140,000 square foot, state of the art refrigerated distribution and storage facility, with expansion ability to over 400,000 square feet.
Ninigret is also pleased to announce that Peter Corroon, former Mayor of Salt Lake County, has joined the Ninigret team to assist in the management of Ninigret Depot and Ninigret Park North. “Peter is a great addition to our Ninigret team, as he offers us a whole breadth of knowledge in the real estate markets and related governmental processes. He will work with Gary McEntee and Eric Rice in the various project matters we have at Ninigret”, said Mr. Abood.
NAI Commercial of Utah represented Ninigret in the acquisition of Ninigret Depot, led primarily by Zach Anderson and Bryce Blanchard. Tom Freeman of Commerce Real Estate Solutions represented Ninigret in the acquisition of Ninigret Park North. NAI will perform much of the financial accounting work for Ninigret at Ninigret Depot, Zach Anderson at NAI and Tom Freeman at Commerce are collaborating on the brokerage of both properties for Ninigret.
Rob Hyde, Esq. and Eric Robinson, Esq. of Kirton McConkie represented Ninigret in both the Ninigret Depot and the Ninigret Park North transactions. Henry Schwendiman of Bonneville Mortgage assisted Ninigret in various financing aspects of the transactions.