August 11, 2020 – Salt Lake City, Utah. Mountain West Commercial Real Estate (MW) is excited to announce the recent close on the NNN Investment of Vessel Kitchen and Spilled Milk, located in Salt Lake City’s 9th and 9th trade area, at 905 East and 900 South.
The NNN investment included the new construction of 4,950 SF of retail area, 0.21 acres, and long-term leases with Vessel Kitchen and Spilled Milk Ice Cream. The investment traded at a record CAP rate for the area.
MW Brokers, Lance Pendleton and Jeff Harrison, were able to broker the deal in a 45-day process from listing to close with 65 confidentiality agreements signed, spanning over 8 different states.
Lance Pendleton, MW Broker, said, “We had great results on a very competitive marketing campaign on this NNN Investment deal in SLC’s 9th and 9th trade area. Demand for legacy real estate hasn’t missed a beat the past 120 days. We were able to hit pricing expectations we forecasted over a year ago on this project. Special thanks to Northstar and Phil Winston for the opportunity to market this gem from pre-construction to close!”