Bangerter Crossing Business Park Construction Underway

Utah Business – April 8, 2008

LNR Property Corporation’s Commercial Property Group has erected the first of their planned buildings in the ultimate 160-acre, 3.5 million-square-foot Bangerter Crossing Business Park in Salt Lake City. LNR’s Commercial Property Group is the real estate development and investment division of LNR Property Corporation.

The first building will contain 244,300 square feet with a second 162,866 square foot building expected to be completed and ready for occupancy in May 2008 and August of 2008, respectively. A third building will soon follow, bringing an additional 300,000 square feet. Construction is scheduled to commence on the third building in the summer of 2008.

Throughout the project, LNR’s Commercial Property Group will utilize more than 52,000 cubic yards of concrete on the building pads and roadways. The re-utilized apriport runway concrete will only be used for pad and roadway construction as an additive to the engineered soils, and will not be used for new wall construction. Once completed, the park will have used more than 110,000 cubic yards of conccrete, the same amount needed to build a four-foot sidewalk from Salt Lake City to San Francisco.

“In a team effort involving Camco Construction and Ninigret Construction Companies, we are very pleased we are able to utilize a portion of the airport concrete in our development, as it helps reduce landfill waste and will contribute to the long-term strength of our project,” said David Baird, director of development for LNR Property Corporation’s Commercial Property Group in Salt Lake City. “This project is located directly in the middle of the major distribution nodes along the Wasatch Front. We believe the project’s design and location will prove to be very valuable in the eyes of our tenants and larger business community.”

Bangerter Crossing Business Park offers highway visibility and is adjacent to freighting operations at Salt Lake City International Airport, the new Union Pacific Intermodal facility and Interstate Highways 15 and 80. Its location and amenities make it an ideal site for warehouse distribution building operations.