Newmark Grubb ACRES is pleased to announce that PolarityTE has leased a 178,000 SF facility in at 1960 South 4250 West in Salt Lake City.
NGA Senior Vice President Jim Sheldon negotiated the transaction.
PolarityTE is developing industry-disrupting tissue-regenerative medical procedures and technology. PolarityTE is led by Dr. Denver Lough, MD, PhD. He has served as Chairman, CEO and Chief Scientific Officer since 2016.
Jim Sheldon noted that Utah’s industrial market is having its best performance in 30 years. Utah’s absorption of space (market activity) is staying ahead of newly available and speculatively built space. Vacancy has been running below 4%, which is equivalent to full employment in the economic sector. All of the leading market indicators point to an impressively strong 2018.
The durability of Utah’s market performance is bolstered by West Coast’s market dynamics. Other transactions underscoring market development include distribution centers for Amazon (855,000 sf), UPS (960,000 sf) and Malt-O-Meal (900,000 sf). Even more important for long-term stability is the expansion of manufacturing beyond PolarityTE’s commitment. New plants include Honeyville Grain (200,000 sf), Pharmatec (165,000 sf), Boart Longyear (300,000 sf), Purple (575,000 sf), Orbital ATK (140,000 sf) and Stryker. Overall vacancy has been kept in check by market expansion. The diversified nature of Utah’s industrial base is impressive and reassuring.