Newmark announces six investment sales in the past six weeks totaling over 260,000 square feet, 30 units and 390 acres with product types ranging from multifamily, industrial, office, retail, education uses and land. The transactions include the sale of the following assets:
- A 65,688-square-foot single-tenant industrial building at 502 North 400 West in North Salt Lake, Utah;
- 35,496-square-foot Provo College at 820 North 1450 West in Provo, Utah;
- a 110,578-square-foot office asset at 310 East 4500 South in Murray, Utah;
- a 30-unit multifamily property Jude Apartments in Salt Lake City, Utah;
- a 50,973-square-foot SPG industrial asset in Salt Lake City, Utah and
- a 390.07-acre multifamily/mixed-use land sale in an opportunity zone in West Wendover, Nevada
Newmark Executive Managing Director Bryce Blanchard represented the sellers and buyers in four of the six transactions, except, where represented the buyer in the sale of 310 Tower, and represented the seller for Jude Apartments.
In addition to these six transactions, Bryce has three additional investment transactions that are set to close in August; bringing the combined value of these transactions to nearly $125 million.
“The respective buyers of each of these properties demonstrated continuing confidence in the resiliency of the Utah market, across asset types,” said Blanchard. “It is a testament to the strength of Utah’s market fundamentals that there was little to no re-pricing in all of the transactions.”
According to Newmark Research, Utah has experienced a lesser slowdown of investor demand due to COVID-19 than many markets, with transaction dollar volume decreasing by 48% from second-quarter 2019 to second-quarter 2020 in Utah, compared to a national decrease of 70% for the same time period.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.