Last Updated: June 25, 2013 10:07am ET
Utah JV Acquires 305,000SF Industrial Asset
By David Phillips | West
The property is currently 100% occupied and is leased to Neways Inc.
SPRINGVILLE, UT-A joint-venture led by Black Cliff Capital has recently completed the acquisition of a 305,000 sf industrial/warehouse in Springville, UT. The seller is Dallas-basedNew Spring Warehouse, LLC. The terms of the deal were not disclosed.
The building was constructed in 2008 and is situated on 24 acres. The site is located directly off of the major Utah freeway I-15. The property is currently 100% occupied and is leased to Neways Inc., a global company that manufactures and sales personal care products, nutritional supplements, and household products.
"We are very pleased with the opportunity to acquire such a high-quality industrial asset. We believe in the market, and see positive growth in the area," said Bryan Stevenson, managing director at Black Cliff Capital. “This acquisition allows us to continue to expand our footprint in the market and buy assets at prices we feel are a great value. It's a great building in a great location.”
This marks the second large-scale acquisition for Black Cliff Capital this year. The partnership primarily focuses on investing in opportunities that provide for deep value discovery and future growth potential in retail, office, industrial, and operating companies.
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