Newport National Corp. has completed the acquisition of the 31.6-acre Hobble Creek Business Park in Springville, according to a September 11 report. The acquisition includes a multi-building industrial park that currently contains approximately 260,000 square feet of industrial space across three buildings.
The existing facility is 98 percent leased, with only two 6,720-square-foot bays remaining available. Newport National Corp. plans to begin construction on two additional buildings totaling approximately 140,000 square feet in late summer. An additional 90,000 square feet is planned within the next 24 months. At full buildout, the park is expected to encompass approximately 500,000 square feet across six buildings.
Sundance Bay, a real estate operator and investment firm based in Salt Lake City, provided the acquisition financing and construction financing for the subsequent buildings. The planned new construction will feature modern, speculative and build-to-suit industrial buildings. Newport National Corp. will oversee all property management, leasing, and development activities at the park.
Scott Brusseau, president of Newport National Corp., stated that the park is a high-quality industrial property in a growth market with value-add potential. Brusseau noted that demand in Utah County for modern small-bay buildings with ample clear heights, grade-level doors, and dock-high doors is exceptionally strong.
