Foreclosed Industry SLC rebrands as Foundry43 under lender Acore

by Taylor Anderson | Sep 24, 2026

The Granary District office campus formerly known as Industry SLC has a new owner, a new name and a new plan.

Lincoln Property Company and ACORE Capital announced last month that the property has relaunched as Foundry43, with JLL retained to lead leasing.

Acore, the lender that moved to foreclose on the property last year, brought in Lincoln to stabilize and reposition the sprawling development, which became tangled in the collapse of the development company Makers Line and which has been battered by years of disputes with past tenants.

In a special warranty deed signed March 9 and recorded June 1, ACORE conveyed the Industry parcels, listed at 513 and 517 W. 600 South, to Marwood Investment Trust, a Delaware statutory trust whose address is the Industry building’s, 650 S. 500 West.

The partners have finished the parking structure and retail space. They are now building out over 64,000 square feet of additional creative office space and a 34,000-square-foot fitness center.

The building formerly known as Industry SLC.

The release describes the existing campus as 230,000 square feet and says the project will add 12,000 square feet of new retail at the 1,000-stall garage.

“Foundry43 is truly a unique asset in the Salt Lake City market,” Zach Clegg, vice president at Lincoln, said in a statement. “The relaunch of this project is an exciting step forward for the Granary.”

“Companies are increasingly seeking authentic environments that support culture, collaboration, and employee experience,” said Kyle Jeffers, Acore’s chief investment officer.

Industry SLC, a conversion of a 1943 foundry that once cast columns for the CW Silver Company, opened in 2020 and leased up quickly.

It was widely credited as a catalyst for the Granary. Utah private equity firm Catalyst Opportunity Funds took over the office building and the unfinished garage next door after the 2023 collapse of Makers Line, the company that originally built and operated Industry.

In fall 2025, ACORE Capital Mortgage sued in Utah Business and Chancery Court, alleging Catalyst defaulted on a $97.3 million loan that September. The property went into receivership, and Acore’s attorney said in December that a foreclosure sale was scheduled for early March. Construction on the nearly 1,000-stall garage, meant to serve as shared parking for surrounding Granary projects, had stalled.