Steel Peak, a commercial real estate investment firm focused on industrial outdoor storage (IOS) properties, has acquired an industrial outdoor storage property located at 1876 W. Fortune Road in Salt Lake City. The price was $7,575,000.
This marks the company’s first IOS acquisition in the Salt Lake City market. The company, founded in January 2024, has now acquired seven properties in Utah, California and Washington.
Steel Peak plans to improve the functionality of this site and stabilize it by leasing it to a long-term tenant who needs yard and warehouse space.
“We view Salt Lake City as a strategic location for industrial outdoor storage users in the Mountain West region,” said Blake Rodgers, Steel Peak principal, in a company release. “The lack of supply, increasing demand for industrial outdoor storage, and strategic connectivity to major transportation corridors all reinforce our confidence in this market.”
Steel Peak Co-Founder Pasha Johnson continued by saying, “We are seeing demand from construction-related uses and service providers in Salt Lake City looking for this type of IOS product, and we believe this location is well-positioned to serve that need.”
Steel Peak will continue to seek IOS investment opportunities throughout the western U.S. with capitalized values ranging from $5 million to $50 million. The firm invests directly and in partnership with institutional and high-net-worth investors.
The Salt Lake City site at 1876 W. Fortune Road is located in the Northwest Industrial Submarket of Salt Lake City, just minutes from I-215, a crucial transport link that provides connectivity to the main industrial corridor of the market along with major interstate highways (I-15, I-80 and I-70).
The property consists of two warehouse buildings totaling 31,460 square feet on 5.37 acres. The zoning allows for various industrial uses, including outdoor storage, commercial parking, contractor yards, heavy equipment, tire distribution/retail, truck freight terminals, auto and truck repair, industrial services and sales, and railroad repair/rail freight terminals.