The Ninigret Group

The Ninigret Group successfully completed a 1031 Exchange, selling its office properties and acquiring industrial assets, including The Causeway Center in Tampa, Florida. The industrial real estate market in Tampa remains strong, with low vacancy rates and rising rental prices. Proceeds from the sale of office properties in Utah and Florida funded the acquisitions. Additional investments were made in the Savannah, Georgia area, benefiting from the region’s booming economy and strategic location near the fast-growing Savannah Port.

The Ninigret Group has acquired the Shops at Lakeside Village, a 16,750 square-foot retail center in Pooler, GA, an active market in the Savannah MSA with significant economic growth. Located at Galloway Drive and Pooler Parkway near US I-16, the property features glass storefronts, high ceilings, and easy access. Tenants include Dunkin’, Jersey Mike's, Fleet Feet, AT&T, Coldwell Banker, Lotus Day Spa, and Mad Maggie’s brewery. This follows Ninigret’s purchase of a 51,000 square-foot industrial portfolio near the Savannah Port. Both deals reflect confidence in the region’s economic future. Adam Bryant of SVN brokered both transactions.

The Ninigret Group has closed on a sale-leaseback deal for a flex-industrial portfolio at 9417 Circle Drive in Austin, Texas. The property includes 27,900 square feet across three newly constructed buildings and will be leased back for an initial term of five years. Located southwest of downtown Austin, just off US Route 290, the site benefits from excellent access and upcoming municipal investment in local highway infrastructure. The area has seen significant residential construction, increasing land values and entry barriers. Tyler Jaynes of NAI brokered the transaction, marking Ninigret’s entry into the Austin market.

The Ninigret Group has acquired 8900 Colonial Center Drive in Fort Myers, Florida, a property leased to Tesla since February 2021. The 4.5-acre site includes a 13,985 square foot building used as a Tesla showroom and service center, with 280 parking spaces. Located on a busy avenue near I-75, the property offers great visibility and high traffic counts. Andrew Kern of The Ninigret Group highlighted the property's strategic location and sizable lot as key factors in the investment, enhancing Tesla's ability to serve the growing Southwest Florida market. The transaction was facilitated by Clint Sherwood of Investment Properties Corporation of Naples.

The Ninigret Group has acquired a mission-critical building in Milliken, Colorado, from Ranger Energy Services in a sale-leaseback deal. The property, which houses oil and gas operations for Ranger, was acquired for $13 million in a 1031 Exchange. The property will continue to be leased by Ranger for 15 years, allowing the company to retain its mission-critical facility while reducing its real estate holdings.

Stan Johnson Company completed the sales of two industrial facilities leased to Coleman Worldwide Moving. The first, a 180,000-square-foot property at 10020 North Palafox Street in Pensacola, Florida, sold in June 2020. The second, a 106,000-square-foot facility at 1200 Ellis Road North in Jacksonville, Florida, sold in February 2021. Jimmy Ullrich of Stan Johnson Company represented the South Florida-based seller, while The Ninigret Group from Salt Lake City, Utah, purchased both properties. Despite COVID-19 challenges, both properties, with long-term double net leases, were seen as solid, long-term investments in growing markets.

The Economic Development Corporation of Utah (EDCUtah) and the Utah Governor’s Office of Economic Development (GOED) announced that Carvana will open an Inspection and Reconditioning Center in Tooele City, creating 173 high-paying jobs over the next seven years. Carvana plans to invest $42.5 million in the expansion, with additional job growth expected. The GOED Board approved a tax credit up to $757,736 for Carvana. The project was managed by site selectors from Biggins Lacy & Shapiro Company. This expansion enhances Carvana’s service capabilities in Utah and the Southwest, marking a significant investment in the local workforce.

Rhett Kenagy and a high-school friend plan to rent large metal tanks to store 270,000 barrels of oil, taking advantage of low prices due to reduced demand and storage shortages. The tanks will be placed outside Houston and in West Texas. With oil prices recently dropping to negative $37.63 a barrel, Kenagy purchased oil for $1.18 a barrel, aiming to sell it later at higher prices. The oil storage demand has led to innovative solutions like using large cylinders and fuel bladders. Despite some logistical and regulatory challenges, the storage market has attracted significant interest, with some opting for unconventional storage methods like salt caverns and even contemplating abandoned mines.

The Ninigret Group, a Utah-based real estate firm, recently acquired a 180,000 square foot industrial building leased to Coleman Worldwide Moving in Pensacola. Coleman, a family-owned moving company with over 100 years of experience, operates from more than 60 locations across 21 states. Despite being built in 1971, the building remains efficient with numerous dock-high and roll-up doors and recent capital improvements. The Ninigret Group values the Pensacola region for its business-friendly environment, high quality of life, and cost efficiency. James Ullrich and Michael Macchia of the Stan Johnson Company represented Ninigret in the transaction.

The Dana Building, a 363,996 square foot industrial property in West Jordan, Utah, was sold for $30.1 million by an affiliate of The Ninigret Group. Acquired in 2010 for $13.7 million and refinanced in 2014, the property is part of Utah’s South Salt Lake County industrial corridor. Newmark Knight Frank managed the sale, with Executive Managing Directors Bryce Blanchard, Kyle Roberts, and Lucas Burbank representing both The Ninigret Group and the buyer, ARKA Properties Group, Inc. The property, occupied by Visible SCM Logistics, attracted national interest, reflecting strong investor demand in Utah’s industrial market.

The Port Manatee Commerce Center, a six-building, 310,000-square-foot property at the entrance to Florida's fifth-largest seaport, has been sold to The Ninigret Group LC, a Salt Lake City-based real estate investor. The 18-acre center, which is 98% leased, includes medical supply distribution, light manufacturing, agri-bulk storage, and military contractors. Ninigret's George Abood cited the acquisition as an opportunity to buy a high-quality facility at a discount, expecting growth in the region. The property, built between 2005 and 2010, features versatile industrial buildings with high clear heights and specialized doors.

Salt Lake City-based Ninigret Group L.C. has acquired a 171,000-square-foot industrial building in Bradenton, Florida, located at 1900 47th Terrace East. This purchase marks Ninigret's fourth deal in Southwest Florida, following acquisitions in Naples, North Port, and Fort Myers. The Bradenton building, fully occupied by TaylorMade Co. and Grid Co., was bought from an affiliate of Capital Resources of Chicago Inc. Ninigret was represented in the transaction by Coldwell Banker Commercial agent Mike Carr Sr., from the firm's Naples office.

Utah's industrial growth is exemplified by Pacific Steel & Recycling's expansion into the state. Founded in 1885 and based in Great Falls, Montana, the company specializes in ferrous and non-ferrous scrap metal services and steel distribution. Pacific Steel will build a 100,000-square-foot coil line processing facility at the Ninigret North Business Park in Syracuse, Utah, drawn by the site's rail access and proximity to its other Western facilities. The facility, scheduled for completion in fall, will start with about 10 employees, growing to 30. Utah’s business-friendly environment and lower land prices compared to Salt Lake City contributed to the site selection. This expansion includes the extension of U.S. Cold Storage's rail line, facilitating efficient steel transportation.

Cabela’s Incorporated has opened a new 600,000-square-foot distribution center at Ninigret Depot in Tooele, designed to enhance service to customers and retail locations throughout the Western United States. Construction of the state-of-the-art facility began in summer 2014, and it has already hired over 180 employees, with plans to recruit additional staff from the local area. Doug Means, Cabela’s Chief Supply Chain Officer, highlighted the strategic importance of the location and praised the support from local partners. As a leading outdoor gear retailer, Cabela’s now operates over 70 stores in North America, including a significant location in Lehi, Utah.

Pacific Steel & Recycling Inc., based in Great Falls, Montana, plans to open a second Utah location focused on finished steel products. The company has purchased a 12-acre site in Syracuse, Utah, where it will build a 100,000-square-foot steel processing facility with rail access. Scheduled for completion in 2016, the facility will feature a Red Bud coil lever with stretcher technology, a unique steel processing machine. Vice President of Steel Operations Ed Joyce cited Utah’s rail system and manufacturing base as key factors in selecting the site. Pacific Steel & Recycling, which already has a finished steel plant in Salt Lake City, operates 46 facilities across nine western states and Canada.

Airgas, Inc., a Pennsylvania-based supplier of industrial, medical, and specialty gases, opened a 20,000-square-foot facility in Ninigret Depot, Tooele City, celebrating with a ribbon-cutting ceremony. This new facility, which employs 14 people with plans to grow to 25, will enhance Airgas' supply chain by blending, filling, and analyzing gases. The location offers easy access to I-80 and I-15, crucial for reaching markets in western states. Incentives include a $106,652 tax credit from the Governor’s Office of Economic Development and up to $200,000 in property tax refunds from Tooele City’s Redevelopment Agency, conditional on a $6.5 million investment and hiring at least 20 employees.

As industrial space in Salt Lake County becomes scarce, Tooele County is emerging as a prime location for development. Companies are attracted by the availability of land, lower costs, shovel-ready infrastructure, and strong transportation links. Recent developments include Airgas Inc.'s specialty gas production facility and Cabela’s 600,000-square-foot regional distribution hub at Ninigret Depot. Tooele offers more affordable land, with prices less than half those in Salt Lake, and significant space for growth. Key sites include Ninigret Depot and Miller Business Park, with ongoing projects aimed at expanding industrial capacity. The existing infrastructure, especially in Ninigret Depot, enhances Tooele's appeal for industrial developers.

By summer 2015, Cabela’s will open a 600,000-square-foot regional distribution hub in Tooele, Utah, at 280 N. Industrial Loop Road, facilitating freight and product shipping to its 54 U.S. stores. The $50 million facility will create up to 300 jobs by its completion in July next year. Cabela’s, founded in 1961, specializes in outdoor products and has experienced significant revenue growth. The new distribution center is part of its expansion strategy, supported by $700,000 in state tax incentives over ten years. The facility promises to boost Utah’s outdoor industry and provide well-paying jobs in Tooele County.

Ninigret Depot is pleased to announce that Cabela’s will join the park with a new 600,000-square-foot distribution center set to open in late 2015. This facility will support Cabela’s expanding operations and enhance its distribution capabilities.

The Ninigret Group has acquired Utah Industrial Depot (“Ninigret Depot”) and 184 acres in Syracuse, Utah, now called Ninigret Park North. Ninigret Depot comprises 801 acres of industrial land with 44 buildings totaling 2.23 million square feet, a rail service business, and 288,000 square feet of storage space. Ninigret Park North includes 185 acres for potential mixed use. These acquisitions align with Ninigret's strategy to grow in high-potential areas. United States Cold Storage is building a large facility on part of Ninigret Park North. Former Salt Lake County Mayor Peter Corroon has joined Ninigret to assist with management. The acquisitions were brokered by NAI Commercial and Commerce Real Estate Solutions, with legal representation from Kirton McConkie.

When developer Randy Abood decided to build Ninigret Park in Salt Lake City, he aimed to avoid the typical bland gray warehouses, opting instead for more aesthetically pleasing designs. The earth-toned buildings feature towering pillars, large glass windows, high ceilings, and landscaped surroundings. This approach is highlighted in NAIOP's book, "Exceptional Industrial Projects: Beyond the Box." Abood's strategy, which emphasizes both functionality and aesthetics, aims to keep buildings more fully occupied and appeal to companies needing space for both office and warehouse functions. Despite economic challenges, Abood plans to expand Ninigret Park by over 400 acres with additional office buildings and warehouses, continuing to blend aesthetic appeal with practical design.

Warehouse developers are moving away from plain designs, incorporating high-end architectural elements like glass curtain walls, precast concrete, skylights, and earth tones. High-profile architects and award-winning designs are becoming common. This trend is driven by tenant demand for aesthetically pleasing buildings that reflect their brand and the need to attract and retain tenants in a sluggish economy. Examples include GPS Logistics' move to the World Houston International Business Center and Ninigret Park in Salt Lake City, which features landscaping and unique designs inspired by personal passions. These changes enhance functionality while offering visual appeal.

Ninigret Park, developed by Ninigret Park Development, L.C., is an expansion of Centennial Park, solidifying Salt Lake City as a key regional distribution hub. Located near major highways and the Salt Lake City International Airport, the park includes nearly 2.3 million square feet of industrial and office space. Features include high-tech infrastructure, flexible office layouts, and state-of-the-art warehouses. In 2000, the park expanded by 405 acres to become Utah's fourth-largest commercial development. The expansion involved remediating land previously used as tailing ponds, transforming it into productive industrial space, demonstrating successful cooperation between state agencies and private industry.

Developers of Centennial Park in Utah are set to expand with a 178-acre addition, named Ninigret Park, acquired by The Ninigret Group. Located next to the 1,596-acre Centennial Park, this new phase will host large distribution and light manufacturing facilities. The Ninigret Group, led by Randolph G. Abood and Michael J. Rich, aims to establish a Class-A industrial park, leveraging Salt Lake City's strategic location as a distribution hub. The expansion, marketed by Commerce Properties, addresses the high demand for large industrial spaces. Groundbreaking for infrastructure is planned post the sale's closure in September.