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LNR Property Corp. acquires Phase I of Bangerter Crossing

LNR Property Corp.'s Commercial Property Group has acquired Phase I of Bangerter Crossing Business Park, a 34-acre site in Salt Lake City, from Randy Abood and Gary McEntee of the Ninigret Group.

Terms were not disclosed.

NAI Utah Commercial Real Estate said the site includes two warehouse distribution buildings under construction and a third will soon follow. The first will be ready for occupancy in May. Ground will be broken for the third building in the middle of 2008.

NAI said the Commercial Property Group is acquiring the additional phases of the project through a four-phase acquisition. When developed, the project will have 3.5 million square feet of building space.