The Ninigret Group

What The Ninigret Group does

The Ninigret Group is a privately held, vertically integrated real estate company headquartered in Salt Lake City, Utah, that develops, acquires, leases, manages, and trades industrial and commercial properties across multiple U.S. states. Founded in the mid-1990s by Randolph G. Abood and Michael J. Rich (with former Salt Lake County Mayor Peter Corroon later joining in an advisory capacity), the company operates from a single, lean corporate team of 11–50 employees and bears the Utah legal name Ninigret Group, L.C. The platform addresses the full real estate transaction lifecycle — sourcing, due diligence, financing, construction, sales, leasing, and property management — through both direct execution and a recurring network of third-party brokers (Stan Johnson Company, SVN, NAI Commercial, Coldwell Banker Commercial, Newmark Knight Frank, Biggins Lacy & Shapiro, Investment Properties Corporation of Naples) and legal counsel (Kirton McConkie).

The company's core assets are three named Utah developments — Ninigret Park and Ninigret Tech Park in Salt Lake City and the Ninigret Depot and Ninigret North complex in Syracuse — together exceeding four million square feet of industrial, flex-industrial, office, and mixed-use product on more than a thousand acres, including rail-served sites and an embedded rail-services/storage business. Beyond Utah, the portfolio has been deliberately diversified since 2018 into Florida (Port Manatee Commerce Center, Bradenton, Pensacola, Jacksonville, Fort Myers Tesla site, Tampa Causeway Center), Colorado (Milliken/Ranger Energy Services sale-leaseback), Texas (Austin flex-industrial), and Georgia (Savannah industrial portfolio, Pooler retail). Tenants are predominantly large enterprise occupiers — Cabela's, US Cold Storage, Pacific Steel & Recycling, Coleman Worldwide Moving, Tesla, Carvana, Airgas, TaylorMade, Visible SCM Logistics, Ranger Energy Services — typically on long-term double-net leases. Revenue mechanics blend recurring rental income (subscription-style) from owned assets, one-time gains on property sales (including the $30.1 million Dana Building disposition), and professional property management fees, supplemented by the rail-services and storage operations. Strategic expansion is funded organically and via tax-advantaged 1031 exchanges rather than external equity, consistent with its founder-owned, no-institutional-capital structure.

Name

The Ninigret Group

Legal name

Ninigret Group, L.C.

Website

https://ninigret.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

The Ninigret Group is a privately held, vertically integrated Salt Lake City real estate company that develops, acquires, leases, and manages industrial and commercial properties across Utah, Florida, Colorado, Texas, and Georgia for enterprise logistics, manufacturing, energy, and retail tenants.

Ownership category

akta.pro rank

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Property Sales: Acquisition and disposition of industrial and commercial real estate properties, including 1031 tax-deferred exchanges
2. Property Leasing: Long-term and short-term leasing of industrial, flex-industrial, retail, and commercial properties to tenants
3. Property Management: Ongoing property management services for owned and third-party real estate assets

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Core offering

The Ninigret Group is a diversified real estate company that develops, manages, and structures quality industrial and commercial real estate projects through a vertically integrated platform. The company acquires land (including environmentally impaired sites), transforms it into productive industrial developments, and either sells or leases the resulting properties to enterprise tenants. Core offerings include flagship developments Ninigret Park, Ninigret Tech Park, and Ninigret North, along with property leasing, sales, and management services across Utah, Florida, Texas, Colorado, and Georgia.

Product overview

The Ninigret Group is a diversified real estate company offering a vertically integrated platform for developing, managing, and structuring quality real estate projects. The company provides end-to-end real estate services including sourcing, due diligence, financing, construction, sales, leasing, and property management. Their portfolio consists of three primary named developments: Ninigret Park (flagship commercial center in Salt Lake City), Ninigret Tech Park (405-acre industrial expansion, Utah's fourth-largest commercial development), and Ninigret North (156-acre mixed-use development in Syracuse, Utah). These properties are distinguished by aesthetic design, high-tech infrastructure, and strategic locations near major highways and airports.

Differentiator

Problem solved

Functional benefit

Products and services

• Ninigret Park A major commercial and industrial center in Salt Lake City, Utah serving as a leading regional distribution hub. Features advanced technological facilities, high ceilings, large glass windows, and landscaped surroundings, located within a 3-mile radius of Salt Lake City International Airport and major interstates I-80, I-15, and I-215.
• Ninigret Tech Park Utah's fourth-largest commercial development and the largest of its kind in 30 years, spanning 405 acres. Transformed from environmentally impaired land (former tailing ponds for Harshaw Chemical and Engelhard Corporation) into productive industrial space.
• Ninigret North A 156-acre mixed-use development in Syracuse, Utah adjacent to State Route 193. Phase I features industrially-zoned, rail-served property hosting state-of-the-art distribution facilities for major national companies like US Cold Storage and Pacific Steel & Recycling. Phase II includes mixed-use development, single-family homes, a charter school, and commercial retail lots.
• Property Leasing Services Long-term and short-term leasing of industrial, flex-industrial, retail, and commercial properties to enterprise tenants across the company's portfolio, including distribution centers, warehouses, logistics facilities, and retail storefronts. Tenants include Cabela's, Tesla, Airgas, Coleman Worldwide Moving, US Cold Storage, and Pacific Steel & Recycling.
• Property Management Services Ongoing property management services for owned and third-party real estate assets, covering tenant relations, maintenance, and operational oversight of industrial, commercial, and mixed-use properties.
• Real Estate Acquisition and Disposition Services Vertically integrated real estate transaction services covering sourcing, due diligence, financing, construction, sales, and 1031 tax-deferred exchanges for industrial and commercial properties targeting institutional buyers, investors, and corporate tenants.

Quantifiable outcome

• Utah's 4th largest commercial development
• +2 more outcomes

Named customers11 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core, minor and strategic.

• Stan Johnson CompanycoreChannel Partner/ Reseller/ DistributorCommercial real estate brokerage firm that brokered multiple sales of industrial facilities leased to Coleman Worldwide Moving. Represented The Ninigret Group in multiple transactions including Pensacola and Jacksonville industrial facility acquisitions.
• SVN (Adam Bryant)coreChannel Partner/ Reseller/ DistributorCommercial real estate broker Adam Bryant of SVN brokered transactions for The Ninigret Group including acquisitions in Tampa and Savannah MSA.
• NAI CommercialcoreChannel Partner/ Reseller/ DistributorNAI Commercial brokered the acquisition of Utah Industrial Depot and 184 acres in Syracuse, Utah. Tyler Jaynes of NAI brokered the Austin, Texas sale-leaseback transaction.
• Coldwell Banker CommercialcoreChannel Partner/ Reseller/ DistributorColdwell Banker Commercial agent Mike Carr Sr. represented Ninigret in the Bradenton, Florida acquisition. Also represented Ninigret in other Florida transactions.
• Investment Properties Corporation of NaplescoreChannel Partner/ Reseller/ DistributorClint Sherwood of Investment Properties Corporation of Naples facilitated the Tesla dealership acquisition in Fort Myers.
• Newmark Knight FrankcoreChannel Partner/ Reseller/ DistributorManaged the sale of the Dana Building, a 363,996 square foot industrial property in West Jordan, Utah for $30.1 million.
• Biggins Lacy & Shapiro CompanycoreChannel Partner/ Reseller/ DistributorSite selectors from Biggins Lacy & Shapiro Company managed the Carvana project expansion in Tooele, Utah.
• Commerce Real Estate SolutionscoreChannel Partner/ Reseller/ DistributorBrokered the acquisition of Utah Industrial Depot and 184 acres in Syracuse, Utah.
• Kirton McConkieminorImplementation/ SI/ Consulting PartnerLegal representation for the acquisition of Utah Industrial Depot and 184 acres in Syracuse, Utah.
• Economic Development Corporation of Utah (EDCUtah)strategicStrategic or Co-development PartnerAnnounced Carvana's expansion into Tooele City, creating 173 jobs. Collaborative partnership with Utah Governor's Office of Economic Development for business attraction and development.
• Utah Governor's Office of Economic Development (GOED)strategicStrategic or Co-development PartnerApproved tax credit up to $757,736 for Carvana expansion. Provided support for industrial development in Utah through tax incentives and economic development programs.

Scale indicators5 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Hillwood Development Company: Privately held industrial and logistics real estate developer founded by Ross Perot Jr., operating a vertically integrated platform similar to Ninigret's, focusing on large-scale Class-A industrial parks near transportation hubs. Direct peer on owner/operator industrials with broker-led acquisition strategy.
• Panattoni Development Company: One of the largest privately-held industrial real estate developers in the US, building speculative and build-to-suit distribution and manufacturing facilities across multiple states. Highly comparable to Ninigret's industrial development focus and decentralized multi-region strategy.
• Dermody Properties: Family-owned logistics real estate developer and investor focused on industrial distribution facilities in strategic gateway markets. Comparable to Ninigret's build-to-suit tenant relationships and aesthetic-design industrial approach.
• Conor Commercial Real Estate: Mid-sized industrial developer specializing in Class-A distribution, manufacturing, and logistics facilities across the Midwest and Sunbelt. Similar operating scale and multitenant industrial product to Ninigret's portfolio.
• Crow Holdings Industrial: National industrial real estate platform with vertically integrated acquisition, development, and asset management capabilities. Comparable to Ninigret's vertically integrated model and focus on master-planned industrial parks.
• IDI Logistics: Vertically integrated industrial logistics real estate company focused on Class-A distribution and manufacturing facilities in key US markets. Directly comparable on tenant-relationship industrial leasing and infill/last-mile positioning.

Broad incumbents

• Prologis: Global industrial REIT and the dominant institutional owner of distribution facilities worldwide. While vastly larger, Prologis provides the public-market comparable on industrial rents, cap rates, and tenant demand trends relevant to Ninigret's portfolio.
• Eastgroup Properties: Sunbelt-focused industrial REIT owning infill distribution and light industrial facilities. Comparable to Ninigret's Florida and Texas growth markets and similar multitenant industrial asset profile.
• Terreno Realty Corporation: Industrial REIT focused on outdoor storage, industrial, and flex properties in coastal US markets. Comparable to Ninigret's flex-industrial product type and multi-state tenant relationships.

Others

• McCarthy Building Companies: Large national general contractor with industrial and commercial construction expertise. Relevant adjacent peer given Ninigret's vertically integrated construction capabilities and ability to perform environmental remediation and design-build work.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ninigret-realty-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Ninigret Group