One year after acquiring the Utah Industrial Depot, the Ninigret Group has sold half of it interests to another developer that owns a business in the depot.
Roger Peterson and his wife, Maureen, owners of Utah Fabrication, have purchased all property in the industrial depot east of Lodestone Way from Ninigret for an undisclosed amount. The couple also owns Peterson Holdings, a real estate and development company.
A Grantsville native, as a youth Peterson worked at Tooele Army Depot as an employee for Grantsville Development, his father’s company.
“I have a spot in my heart for this community and I want the depot to be a major player in the economy and employment for the community,” Peterson said.
Utah Fabrication is a heavy steel industrial manufacturer and has called the industrial depot home since 2000. The Ninigret Group is a Salt Lake City-based real estate and construction company that purchased UID from Depot Associates in February 2013.
Peterson bought the property east of Lodestone way, which has 2.5 million square-feet of buildings and 11.5 miles of rail.
Peterson’s part of the depot will be known as Peterson Industrial Depot. It holds most of the old World War II era buildings, leaving Ninigret with the less developed western half of the old Army depot property.
“We sell land and remodel or build to suit,” Peterson said.
The business plan for Peterson Industrial Depot calls for an investment of $6.5 million in the depot’s infrastructure over the next three to five years, according to Peterson.
“We want this place to be a first-class place for companies to locate,” he said. “The infrastructure needs some work, and aesthetically, we want the place to look good.”
Peterson, who has owned the property since Jan. 31, says he is preparing to close on over $2 million of property sales to three new companies. He declined to name the companies.
Along with attracting new businesses to the depot, Peterson’s purchase is integral to his own expansion plans.
The purchase gives him control over the rail yard on the east end of the depot, along with tracks in the interior of the depot property.
Rocky Mountain Rail Car Repair, a Peterson Holdings company, currently repairs around 3,500 rail cars per year. With access to the rail lines secured, Peterson expects to grow the rail car repair business up to 10,000 cars per year over the next decade.
Currently, Peterson has 155 employees at the depot, with a monthly payroll of nearly $500,000, he said. Peterson expects to add an additional 150 employees as the rail car repair business grows.
Among Peterson’s new hires will be engineers, plumbers, certified welders, and general laborers.
“The depot will become a major employer in the county,” he said. “It’s time for this place to grow.”