Newport National Corp. has completed the acquisition of Hobble Creek Business Park, a 31.6-acre, multi-building industrial park located in Springville.
Sundance Bay, a Salt Lake City-based real estate operator and investment firm, provided the acquisition financing and construction financing for the subsequent buildings.
Hobble Creek Business Park currently comprises approximately 260,000 square feet of industrial space across three buildings and is 98 percent leased, with only two 6,720-square-foot bays remaining available. Newport plans to begin construction on two additional buildings totaling approximately 140,000 square feet in late summer, with an additional 90,000 square feet planned within the next 24 months. At full buildout, the park will encompass approximately 500,000 square feet across six buildings.
"Hobble Creek Business Park is exactly the type of asset Newport looks for: a well-located, high-quality industrial property in a dynamic growth market with significant value-add potential through new construction," said Scott Brusseau, president of Newport National Corp., in a release. "Demand in Utah County for modern small-bay buildings with dock-high doors, ample clear heights, and grade-level doors is exceptionally strong, and with the park already 98 percent leased, we are excited to move forward with our expansion plans and deliver best-in-class facilities for tenants in this market."
The planned new construction will feature modern, build-to-suit and speculative industrial buildings designed to meet the growing demand from a range of industrial users in the region. Newport will oversee all development, leasing and property management activities at the park.
