December 13, 2021 9:00 AM
Newmark announces it has completed the $6.4 million sale of Tremonton Land, a 77.259-acre parcel of land located in an opportunity zone at 1000 North and I-15 in Tremonton, Utah.
Newmark Executive Managing Director Kyle Roberts represented both the seller, Jay Harwood, LLC, and the buyer, Golden Spike Business Park, LLC, an entity wholly controlled by one of Utah’s largest developers, Price Real Estate.
“The site represents the best location in Northern Utah for an industrial development serving occupiers that have a distribution thesis which also includes the Pacific Northwest and Southern Canada via the I-15/I-84 Corridor, together with the super-regional distribution attributes for which Utah has become so well known,” said Roberts. “Additionally, Boxelder County has a labor catchment area which provides one of the most abundant skilled labor bases in North America, advantaged by Utah’s existing, robust manufacturing base. The opportunity zone status has the potential to create even more value, with significant tax savings potential for any future improvements made on the site.”
The parcel measures approximately 1,321 feet by 2,636 feet and has frontage on both 1000 North, which sees 4,500 cars per day and I-15, which sees 14,000 cars per day. It is accessible from Exit 381 off I-15 and is immediately adjacent to Skyway Golf & Country Club and Intermountain Bear River Valley Hospital.
The land features Manufacturing Distribution / Business District (MD-B) zoning and will be developed as light manufacturing, industrial processing and/or warehousing. The parcel also includes 76 water shares with the Bear River Canal Company.
According to Newmark Research, opportunity zones are a federal program created as part of the Tax Cuts and Jobs Act of 2017. They are designed to spur economic development and job creation in distressed communities. opportunity zones are low-income census tracts in which tax incentives are offered to those who invest and hold their capital gains in zone assets or property. The U.S. Treasury has approved 8,700 qualified opportunity zones that were designated by the governor of every U.S. territory and state.
About Newmark
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. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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