Salt Lake City, UT (September 18, 2019) — Newmark Grubb ACRES (NGA) announces over 50,000 square feet of combined industrial/office leases and sales in the Utah County submarket within the last month. The transactions include nearly 33,000 square feet of leasing at Mountain Tech South I in Lindon, Utah — 10,608 square feet to Elevate Athletics; 11,189 square feet to Sunroc Building Materials, Inc; and 11,189 square feet to Tranont, one of Utah’s fastest growing companies. Additionally, Zulu Marketing acquired a 22,513 square foot flex office building at 439 South Pleasant Grove Boulevard in Pleasant Grove, Utah. Zulu Marketing will occupy 15,000 square feet at the asset and lease-back 7,447 square feet to tenant, Aroma Tools.
NGA Senior Vice President Ben Richardson and Executive Managing Director Kyle Roberts represented the landlord/owner, Weldon Industrial Commercial Properties (WICP) in property leasing. Richardson, as well as Vice President of Sales Nick Teseros and Associate Kolby Long, also represented Zulu Marketing in the purchase and lease.
“We have been able to bring very high-quality tenants to these industrial assets, and the Utah County submarket,” said Richardson of the collective transactions. “Bolstering the tenant roster at these industrial and office assets with companies experiencing exceptional growth is a benefit to both building ownership as well as the surrounding community.”
More specifically, both Tranont and Zulu Marketing are among the fastest growing companies in Utah, having ranked on the 2018 Inc. 5000 List, which highlights the fastest growing U.S. companies ranked according to percentage revenue growth from 2014 to 2017. Tranont, which ranked 321st on the list experienced 1,529 percent growth, while Zulu Marketing, which ranked 861st experienced 583 percent growth within the three-year period.
The SONO (South Salk Lake County to North Utah County) industrial real estate corridor is one of the most dynamic and attractive areas for real estate investment and development in the nation. Totaling 29.3 million square feet of industrial space, 16.3 million square feet are categorized as flex/general purpose, medium distribution and incubator space and boasts one of the lowest direct vacancy rates (1.53%) in the Mountain States. Fueled by exceptional tenant demand, diminishing deliveries due to site scarcity and construction costs, and the growing Utah economy; landlords are enjoying an unprecedented opportunity for rent upside.
About Newmark Grubb Acres
Newmark Grubb ACRES was founded in Salt Lake City, Utah in 1998 as a full-service commercial real estate brokerage. It has since grown to include property management, property maintenance and global corporate services. For nearly two decades Newmark Grubb ACRES has been an industry leader and has consistently been recognized as one of Utah’s top commercial real estate brokerages.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), 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, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’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 Group
Statements in this document regarding Newmark Group 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 Group 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 Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.
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