Nov 11 2010
Kern Schumacher, Utah's largest industrial property owner/developer, has begun construction this week on over two million sq. feet of industrial space, of which the first phase shall be 507,000 sq. feet, resulting in an increase to his portfolio to nearly 10 million sq. feet in Utah, California and Nevada. Freeport West Industrial Properties is the managing entity.
"Because we see continued growth in industrial property development with companies that need to expand, we will continue to provide high-quality industrial buildings in our western footprint," said Bradley J. Ross, Freeport West's executive managing director. "Simply put, we believe in the economic strength of Utah, which Forbes named as the number one state in the country for business and growth."
With that confidence, Schumacher is moving forward on the project without commitments from potential tenants and has begun site work on the second phase, breaking ground on an additional 507,000 sq. feet in spring 2011. Upon completion, two buildings will follow shortly, adding an additional two million sq. feet to Utah's industrial market.
"Because of our product's quality, we have a solid record of filling our buildings with highly rated tenants, and we expect this development will quickly see the same result," said Ross.
"We have Arizona tenants looking to expand into the Utah market place because of its location and distribution advantages," said Troy Schumacher of Arizona's Camroad Properties, Freeport West strategic partner. "It's a great position to offer solutions to their business property needs and provide them with high quality product."
Targeting a completion date of July 2011, Salt Lake City-based Big-D Construction has started construction at 1525 South 5070 West, Salt Lake City.
"To continue our commitment to the environment, we will equip the property with environmentally sound components, including T5 lighting, skylights, and various other solutions to help preserve our planet," said Mark M. DeWald, director of business development. "We are also exploring electronic car stations, which will conveniently recharge vehicles onsite."
Freeport West has consistently expanded each year, completing construction on more than three million sq. feet of industrial property in the last five years.
Source: http://www.freeportwest.com