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background-Mountain View Industrial Center | Properties

  • Acquired

    2025

    March

  • Location

    Salt Lake City, UT

  • Sector

    Industrial

  • Size

    264,832

    sq. ft.

Mountain View Industrial Center

Bullfrog factory

Property overview:

Mountain View Industrial Center is an off-market acquisition of a Class A, light industrial property located in the Riverton submarket of Salt Lake City, Utah. Salt Lake City is expected to be one of the fastest growing Western markets in the U.S. over the next five years.

The property was 100% leased at acquisition and is used for manufacturing and distribution. Built in 2020, the property has been well maintained and requires little capital improvements, providing a core investment profile.

The property is well located in the South Valley submarket of Riverton, with direct access to major thoroughfares providing easy access to the broader Salt Lake City market. Riverton has averaged just 2% vacancy over the 10 years proceeding acquisition.1

GCREIT is pleased to add Mountain View Industrial Center to its growing footprint in Salt Lake City. Salt Lake City has been a beneficiary of rapid population and income growth in recent years, reinforcing the market’s investment strength. We believe the lack of light industrial (<300k SF) supply over the past 15 years positions well located, light industrial assets like Mountain View Industrial Center to outperform bulk spaces in coming years.

— Richard Kimble, Portfolio Manager

Global city

Due to its relatively low taxes and educated workforce, Salt Lake City has become an attractive destination for high-tech businesses looking to relocate from high-cost coastal cities.2 Wage and household income growth have topped national averages over the past five years due to relocations and the high concentration of employment in other knowledge-based industries like finance.

The city also has a disproportionate number of Millennials and Gen Z’ers, which has driven natural population increases and offset the net migration that has occurred from the city in recent years. This rapid population and income growth has driven local economic conditions and the need for more industrial space.

Salt Lake City absorbed nearly 5M SF of industrial space over the last year, representing 2.5% of its total inventory and far outpacing demand growth in the sector overall.3

1. CoStar as of 12/16/24
2. Source: Nuveen Real Estate, 2025. Nuveen Research
3. CoStar as of Q4 2024

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Nuveen Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). Nuveen Securities, LLC, member FINRA and SIPC, is the dealer manager for the Nuveen Global Cities REIT, Inc. offering.

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Summary of Risk Factors

Nuveen Global Cities REIT, Inc. is a non-listed REIT, which offers limited liquidity as compared to other products, such as publicly listed REITs. Investors in Nuveen Global Cities REIT, Inc. are not receiving publicly listed shares. An investment in Nuveen Global Cities REIT, Inc. involves a high degree of risk, including the same risks associated with an investment in real estate investments, including fluctuations in property values, higher expenses or lower expected income, currency movement risks and potential environmental liabilities. Please consider all risks carefully prior to investing in any particular strategy, including the following risks for Nuveen Global Cities REIT, Inc.:

  • There is no assurance that we will achieve our investment objectives.
  • You will not have the opportunity to evaluate our future investments before we make them, and we may not have the opportunity to evaluate or approve investments made by entities in which we invest, such as the International Affiliated Funds, which makes your investment more speculative.
  • Since there is no public trading market for shares of our common stock, repurchase of shares by us will likely be the only way to dispose of your shares. Our share repurchase plan provides stockholders with the opportunity to request that we repurchase their shares on a monthly basis, but we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in our discretion. In addition, repurchases are subject to available liquidity and other significant restrictions. Further, our board of directors may modify or suspend our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders. As a result, our shares should be considered as having only limited liquidity and at times may be illiquid.
  • The purchase and repurchase price for shares of our common stock is generally based on our prior month’s NAV (subject to material changes as described above) and is not based on any public trading market. While we obtain independent periodic appraisals of our properties, the appraisal of properties is inherently subjective, and our NAV may not accurately reflect the actual price at which our assets could be liquidated on any given day.
  • Our board of directors may also determine to terminate our share repurchase plan if required by applicable law or in connection with a transaction in which our stockholders receive liquidity for their shares of our common stock, such as a sale or merger of our company or listing of our shares on a national securities exchange.
  • We have no employees and are dependent on our Advisor and its affiliates to conduct our operations. Our Advisor will face conflicts of interest as a result of, among other things, the allocation of investment opportunities among us and Other Nuveen Real Estate Accounts, the allocation of time of investment professionals and the fees that we pay to our Advisor.
  • We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.
  • This is a “best efforts” offering. If we are not able to raise a substantial amount of capital in the near term, our ability to achieve our investment objectives could be adversely affected.
  • There are limits on the ownership and transferability of our shares.
  • If we fail to qualify as a REIT and no relief provisions apply, our NAV and cash available for distribution to our stockholders could materially decrease.
  • Our investments in International Affiliated Funds may be subject to currency, inflation or other governmental and regulatory risks specific to the countries in which the International Affiliated Funds operate and own assets.
  • The defined terms have the meanings assigned to them in the prospectus.

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