Riverbend Management has obtained a $112 million credit tenant lease and equipment financing for a 309,389-square-foot warehouse within Copper Crossing @ I-80 in Salt Lake City. JLLS, part of JLL Capital Markets, structured and placed the loan.
Proceeds will refinance an existing construction loan and provide more than $80 million in equipment upgrades that will transform Building 5 into a manufacturing facility. Completion is anticipated in early 2025.
The 2022-built, cross-dock warehouse currently features 36-foot clear heights, 74 dock-high loading doors, eight drive-in doors and 60-foot bay spacing, as well as 145-foot truck courts. The property also has 95 trailer stalls and 424 vehicle parking spaces.
Building 5 is at 6320 W. 300 S., within 6 miles from Salt Lake City International Airport and 9 miles from downtown Salt Lake City. The location is also some 5 miles from Raceway Commerce Center, a 397,894-square-foot industrial campus that changed hands last year.
Copper Crossing @ I-80, up close
Developed in phases alongside Interstate 80, the nearly 500-acre industrial campus is expected to comprise 13 buildings at full buildout, ranging from 30,000 to 1 million square feet. Home to UPS’ prototypical regional sorting facility, it’s also the only development in the metro to offer rail-served services.
Partners on the project include BIG-D, which served as general contractor for multiple facilities within the campus. Tenants at the industrial park include Sephora, Costco Wholesale and Amazon, among others.
The JLLS team representing the borrower included Senior Managing Directors Bill Cavagnaro and Austin Johnson. Last year, the duo helped Parkway Corp. obtain $409 million in credit tenant lease financing for the development of a 438,000-square-foot office building.
A JLL’s Work Dynamics team assisted Riverbend in the manufacturing site selection, while JLL’s Product and Development Services serves as construction monitor.