Trust Lands Administration Announces New Stragety For Industrial Park In Washington County
11-Jul-1997
It's new territory for the Utah School and Institutional Trust Lands Administration. The Trust Lands Administration has entered into a development relationship with Perry and Associates, Inc., and Fort Union Management Company, L.C., to manage development activities on the trust's 120-acre industrial property in Hurricane, Utah. The principals of the two companies are Bill Perry and Lear Thorpe, respectively, both of Salt Lake City. Perry and Thorpe are experienced, well-capitalized, private developers, with extensive backgrounds in marketing and managing real estate -- including the development and management of more than one million square feet of commercial and industrial real estate. They join in this project as Gateway Park, L.C. Gateway Industrial Park is located near the intersection of Interstate 15 and State Road 9, adjacent to the Walmart distribution center. Businesses wanting to locate in the industrial park will find several options available -- purchase, ground lease, build-to-suit and, eventually, ready-to-occupy rentals. Perry-Thorpe is making a substantial investment to upgrade the park, including additional infrastructure and subdividing. All transactions will be handled directly by the private developers. They can be contacted at 801-264-8800. This is the first major commercial real estate transaction in which the Trust Lands Administration and a development group have come together to bring key trust land assets to market in a manner consistent with private business practices. It is a long-term relationship which will bring added real estate value and additional cash flow to trust operations. The School and Institutional Trust Lands Administration is an independent state agency which manages 3.7 million acres of Utah trust lands exclusively for the benefit of Utah's schools and other public institutions.