Airport Industrial Center 401 Jimmy Doolittle Rd

Colliers presents the opportunity to acquire a fee-simple interest in Airport Industrial Center, a 134,801-square-foot industrial/flex building that sits on 10.83 acres in Salt Lake City, UT. Located steps from Salt Lake City International Airport, the 28% leased property is in one of the top transportation and logistics hubs in the Western United States. With various upgrades to its common areas, a new backup generator, and the ability to convert 60,000 square feet to small bay flex space, Airport Industrial Center offers an investor the opportunity to acquire a highly functional building tailored for tenants in manufacturing and distribution. The property presents additional upside through a potential 50,100-square-foot industrial ground-up development and a corner retail pad, creating a rare value-add opportunity.
The property’s strategic location allows potential tenants to optimize their supply chains, thereby reducing costs and improving efficiency. With convenient access to multiple highways and national railways, Airport Industrial Center is at the focal point of this major manufacturing center. The property is ideally positioned to target these industrial tenants that represent a sizeable share of the market, as vacancy remains below 3% within the Airport industrial submarket.
Investors have the optionality, due to the M-1 zoning and low occupancy of the property, to continue leasing the existing office spaces or convert a portion of the existing building to industrial/flex space. Airport Industrial Center has further development opportunities with a potential 50,100-square-foot industrial pad site and additional retail development, which should have substantial demand from the expanding manufacturing tenant base in the area. As industrial vacancy rates remain low and food options remain scarce for surrounding employees, the two proposed developments represent near-term actionable options to create additional value.

Airport Industrial Center, situated in the epicenter of one of the most desirable manufacturing and distribution pockets in the state of Utah, presents a unique value-add investment opportunity with redevelopment optionality and additional upside from ground-up development to deliver highly sought-after supply in an exceedingly tight leasing market.