Steel Peak Expands Industrial Outdoor Storage Portfolio in Salt Lake City with $3.1 Million Acquisition
Steel Peak's acquisition of a second industrial outdoor storage property in Salt Lake City underscores the growing demand for IOS spaces in the region, driven by construction and infrastructure development.
Steel Peak, a commercial real estate investment firm specializing in industrial outdoor storage (IOS) properties, has further solidified its presence in the Salt Lake City market with the acquisition of a property at 758 W 1500 N for $3.1 million. This transaction represents the company's second IOS property in the area in 2025, adding to its portfolio of eight properties across Utah, California, and Washington since its inception in January 2024.
The property, featuring a 15,218-square-foot industrial building on 2.34 acres, is strategically located in the Northwest Industrial Submarket of Salt Lake City. Its proximity to I-15 and other major interstate highways enhances its appeal for industrial uses, including outdoor storage and contractor yards. The M-2 (Heavy Manufacturing) zoning of the property allows for a wide range of industrial activities, making it a valuable asset in a market where such zoning is increasingly scarce.
Blake Rodgers, Steel Peak Principal, highlighted the strong fundamentals driving demand for IOS properties in Salt Lake City, emphasizing the property's attractive zoning and location. Pasha Johnson, Steel Peak Co-Founder, pointed to the accelerating construction activity across the Mountain West as a key factor fueling demand for large outdoor storage areas. The acquisition reflects Steel Peak's strategy to capitalize on the growing need for IOS spaces amid rising competition for these properties.
Steel Peak plans to implement strategic improvements to the property, including cosmetic upgrades and office enhancements, to attract high-quality tenants. The firm represented itself in the acquisition, with the seller, Wolff Excavating Inc., represented by Tanner Riedel of Colliers International.
Looking ahead, Steel Peak aims to continue seeking IOS investment opportunities throughout the Western U.S., targeting properties with capitalized values ranging from $5 million to $50 million. The firm's focus on industrial outdoor storage assets in high-demand markets like Salt Lake City underscores the strategic importance of these properties in supporting the region's construction and infrastructure projects.