Steel Peak Expands Industrial Outdoor Storage Portfolio in Salt Lake City with $3.1 Million Acquisition

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 firm's second IOS property in the area in 2025, adding to its growing portfolio across Utah, California, and Washington. 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, offering easy access to major interstate highways.

The acquisition highlights the increasing demand for IOS spaces in regions experiencing rapid construction and infrastructure development. Blake Rodgers, Steel Peak Principal, emphasized the property's appeal, noting its M-2 (Heavy Manufacturing) industrial zoning as a rare find in the market. This zoning allows for a wide range of industrial uses, making the property highly sought after by contractors, equipment rental companies, and material suppliers in need of large outdoor storage areas.

Steel Peak plans to enhance the property with cosmetic upgrades and office improvements to attract high-quality tenants. The firm's strategy reflects a broader trend of investment in IOS properties, driven by the scarcity of well-located sites with functional shop space and large secure yards. Pasha Johnson, Steel Peak Co-Founder, pointed to the accelerating pace of infrastructure and development projects in the Mountain West as a key factor fueling this demand.

The seller, Wolff Excavating Inc., was represented by Tanner Riedel of Colliers International, while Steel Peak represented itself in the acquisition. Looking ahead, Steel Peak aims to continue its search for IOS investment opportunities in the Western U.S., targeting properties with capitalized values between $5 million and $50 million. The firm's focus on strategic acquisitions and improvements underscores the growing importance of IOS properties in supporting industrial and construction activities across the region.