The $97 Million Utah Warehouse ICE Bought for $145 Million

The empty warehouse on the outskirts of Salt Lake City had a lot of potential but no buyers. Built in 2022, it was one of the largest warehouses in the area, with 833,000 square feet of space—14 football fields under one roof. The surrounding industrial zone had been promoted by the state as “Utah’s Inland Port,” a logistics hub smack-dab in the middle of a desert but only a few minutes to the freeway and the international airport.

Demand for big warehouses had softened, however, and the property remained vacant...