The Southern Utah market over the past several months has seen noticeable improvement in the industrial market. Several bank owned and/or short sale properties have been sold with an ever decreasing amount of distressed inventory on the market. A local investor has decided to capitalize on this opportunity. After having bought several distressed buildings he decided to buy a bank owned, 1 acre, industrial lot in the Gateway Industrial park. The transaction was facilitated with the bank providing great terms. The property will likely go into a hold or development pool for future opportunities. Wes Davis of NAI Utah South represented both the buyer and the seller in the transaction.
In a separate transaction in the Gateway Industrial Park, Wes Davis facilitated the sale of an 8 acre parcel with 16,000 SF of office/warehouse and 36,000 SF of storage units. The property was acquired by a local property investor looking for opportunities to generate cash flow and also buy assets that would appreciate over time. The property was purchased at well under half of what it cost to originally build. The facility was at about 60% occupancy upon transfer of title. The transaction took several months to close, which is not uncommon on bank involved sales, however the sale took place at below advertised pricing. This goes to show that you never know what the bottom line is unless you ask and have both patience and persistence to see it through.