Joint venture to develop six-building, 450,000-square-foot Class A industrial park in Northwest Quadrant
PGIM and Dakota Pacific Real Estate (DPRE) have announced the closing of a new joint venture and the acquisition of two industrial land parcels located near Bangerter Highway along California Avenue and 4400 West in Salt Lake City’s Northwest Quadrant and Inland Port area.
The venture will immediately commence construction on a six-building, Class A speculative industrial development totaling nearly 450,000 square feet. The project is designed as a modern small- and mid-bay industrial product, targeting a broad range of logistics, manufacturing, service and distribution users in one of the region’s most supply-constrained submarkets. Initial occupancy is anticipated in early 2027, the firms said in a release.
PGIM is the global asset management business of Prudential Financial Inc., ranking among the world’s top 10 investment managers with over $1 trillion in assets under management. The company is headquartered in Newark, New Jersey,
DPRE is a Salt Lake City-based real estate investment, development and management firm founded in 2010 that focuses on multi-family, industrial and commercial projects across the Intermountain West. It reports over $1.25 billion in developed assets.
The land transaction was facilitated by commercial real estate firm Newmark, led by Kyle Roberts and Ben Richardson on behalf of the seller and Lucas Burbank on behalf of the buyer. Newmark will also oversee leasing efforts, the company said. Big-D Construction has been selected as general contractor and will manage construction of the project. The development is financed by JPMorgan Chase Bank.
“This project reflects our strong conviction in Salt Lake City and the long-term fundamentals supporting small- and mid-bay industrial products in this market,” said Brian Dilley, managing director of Dakota Pacific Real Estate. “We’re excited to partner with such a marquee firm as PGIM on a development that meets real tenant demand, offers flexible configurations and delivers modern Class A space in a market where supply has struggled to keep pace.”
“This investment aligns with our strategy of deploying capital into what we view as high-quality industrial developments in infill and logistics-oriented markets with durable demand drivers,” said Soultana Reigle, head of U.S. equity for PGIM’s real estate business. “We value Dakota Pacific’s operating expertise and local market knowledge, and we believe this project is well positioned given its scale, asset type and location within the Inland Port.”