Steel Peak, a commercial real estate investment firm focused on industrial outdoor storage (IOS) properties, has acquired an IOS property at 758 W 1500 N in Salt Lake City, UT for $3.1 million. This marks the company's second IOS acquisition in the Salt Lake City market in 2025. Founded in January 2024, Steel Peak has now acquired eight properties across Utah, California, and Washington.
The firm plans to make strategic improvements to both the building and yard, including cosmetic upgrades and office enhancements, as it looks to lease the property to high-quality tenants. The property's M-2 (Heavy Manufacturing) industrial zoning is extremely limited in the market, making well-located IOS sites with functional shop space and large secure yards increasingly scarce.
"Steel Peak is attracted to the strong fundamentals driving demand for contractor yards and Industrial Outdoor Storage (IOS) in Salt Lake City," said Blake Rodgers, Steel Peak Principal. "This property was especially attractive to us because of its M-2 zoning, which is extremely limited in the market."
Steel Peak Co-Founder Pasha Johnson added, "Construction activity across the Mountain West continues to fuel demand from contractors, equipment rental companies, and material suppliers that require large outdoor storage areas. As infrastructure and development projects accelerate, competition for these properties is growing."
Steel Peak represented itself in the acquisition. The seller, Wolff Excavating Inc., was represented by Tanner Riedel of Colliers International. Steel Peak will continue to seek IOS investment opportunities throughout the Western U.S. with capitalized values ranging from $5 million to $50 million. The firm invests directly and in partnership with institutional and high net-worth investors.
758 W 1500 N is ideally located in the Northwest Industrial Submarket of Salt Lake City just minutes from I-15, a crucial transport link that provides connectivity to the main industrial corridor of the market along with major interstate highways (I-215, I-80, and I-70). The property consists of a 15,218-square-foot industrial building on 2.34 acres. The M-2 zoning allows for various industrial uses, including outdoor storage, commercial parking, contractor yards, heavy equipment, tire distribution/retail, truck freight terminals, auto and truck repair, industrial services and sales, and railroad repair/rail freight terminals.
This acquisition underscores the growing importance of IOS properties in supply-constrained markets like Salt Lake City, where limited M-2 zoning and increasing construction activity drive demand. For more information, visit Steel Peak Properties.
