October 25, 2023 9:00 AM
Newmark announces it has arranged the sale of a 280,800-square-foot, Class A distribution center, fully occupied by Young Living Essential Oils, in Spanish Fork, Utah. The property sold for an undisclosed amount.
Newmark Executive Managing Director Bryce Blanchard brokered the transaction and represented the seller, Colmena Group. Having advised Colmena Group for the last decade, the sale marks Blanchard’s sixth transaction completed on their behalf. The buyer, Caspian Investments, LLC, was represented by Newmark Senior Managing Director Skyler Peterson.
“It has been a privilege to represent Caspian Investments for the past 15 years, and I am thrilled to have completed another successful transaction,” said Peterson. “The sale of this distribution center underscores the strong demand for well-located, income-generating properties in Utah County, one of the fastest-growing regions in the state. With a reliable tenant in place and attractive lease terms, this transaction represents a solid investment opportunity.”
Blanchard added, “In a market with shifting fundamentals and more complicated underwriting, it was rewarding to put together a market-leading sale that accomplished the objectives of both parties.”
The facility is located at 3065 N. 200 E. and situated along I-15 in the high-growth market of southern Utah County. Property features include 56’ column spacing, 36’ clear height, cross-dock loading, high level of security, a fenced truck court, 35 dock-high doors, four corner storefronts and skylights throughout.
Utah County, a significant contributor to the state’s population growth in 2022, maintains a low direct vacancy rate of 3%, reflecting its status as a desirable destination for businesses and residents alike, according to Newmark Research.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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