Newmark announces the sale of Next Step Business Park, a three-building industrial park totaling 75,864 square feet in Springville, Utah. The property traded from Regents Park Brixton, LLC to San Diego-based Hearthstone Capital for an undisclosed amount. This marks Hearthstone’s first property investment in Utah. Newmark Executive Managing Director Bryce Blanchard brokered the transaction.
Located at 317 N. 2000 W., Next Step Business Park is comprised of three single-story, newly constructed buildings ranging in size from 18,926 to 28,480 square feet, fully leased to a wide array of tenants. The property is situated on 6.09 acres of land and features prime I-15 Freeway visibility and access.
“Despite strong headwinds associated with rising interest rates, we are pleased to announce the sale of Next Step Business Park to Hearthstone Capital,” said Blanchard. “Both parties successfully navigated the transaction of this newly constructed and fully leased asset with the utmost professionalism.”
Blanchard added, “The project finished construction in early 2022 and spectacularly hit 100% occupancy before the end of the buyer’s due diligence period.”
Next Step Business Park is nestled in the south end of Utah County, the highest growth county along the Wasatch Front and within miles of Provo Towne Center and Brigham Young University. The Provo/Springville submarket is experiencing ongoing expansion and business development driven by its leading growth sectors – construction, health care and social assistance and professional, scientific and technical services.
According to Newmark Research, the Utah industrial market remained resilient through the
second quarter of 2022 despite economic headwinds. For the fifth consecutive quarter, national industrial absorption topped 100 million square feet. The persistent imbalance between demand and new deliveries has pushed vacancy down to 3.7%, likely a cyclical low. Demand remains strong for industrial space with absorption continuing to outpace deliveries.