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Utah County experienced a number of large commercial real estate transactions during the first quarter of 2012. NAI WEST’s Utah County office facilitated a number of these, ranging from 15,000 to 225,000 square feet, reflecting the increasing popularity of the area and the continued recovery and growth of the economy.
The transactions represent a variety of industries and property types and uses. Preston Davis, vice president at NAI WEST said, “Utah County appeals to a wide variety of businesses and investors. It’s not surprising that we have recently experienced an increase in transaction volume across multiple product categories.”
The largest transaction was the sale of a 225,000 square foot storage facility completed by Davis and NAI WEST Executive Vice President, Bryce Blanchard. Other significant transactions during the first quarter include a 60,000 square foot lease of industrial space by Davis and NAI Senior Associate, Luke Burbank—this lease also includes provisions for future growth. In January Davis leased a 37,000 square foot industrial building, and in March sold a 29,000 square foot industrial building with NAI Senior Associate, Chris McKay. Toward the end of the quarter, NAI leased a 15,000 square foot office building in Provo with Davis representing the landlord.
The number and size of these transactions is significant to the county’s continued economic recovery and growth. NAI WEST commercial real estate experts anticipate continued growth in Utah County and across the entire state throughout 2012.