Utah investor scoops up Milliken industrial property

MILLIKEN — An affiliate of a Utah real estate developer and management company has purchased a Milliken industrial property that’s home to Ranger Energy Services Inc. (NYSE: RNGR) operations for $13 million. 

Through Nin CO LLC, Salt Lake City-based Ninigret Group bought the nearly 128,000-square-foot property at 3333 Center Drive from the Houston-based oil rig and equipment servicer through a 1031 exchange, which allows investors to swap two similar investment properties and defer certain tax liabilities. 

The facility, which sits on more than 22 acres, features 11 loading docks, three ground level doors, six cranes and a secured fenced lot, according to a marketing brochure. 

As part of the deal, Ninigret will lease back the property to Ranger for an initial 15-year term, the company said.

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