Sold: 5,400 Square Feet of Office Space
Newmark Grubb ACRES is pleased to announce the sale of 5,400 square feet of office space located at 1220 North 500 West, Lehi, Utah.
Preston Davis and Kevin Ford of Newmark Grubb ACRES represented both the seller, Wells Fargo Bank, and the buyer, Hales Engineering, in this transaction.
Hales Engineering is a civil engineering company specializing in transportation planning and traffic engineering. At the time of the transaction they had decided to pursue property ownership as their previous lease was expiring. The new location will be used for their company headquarters and main offices.
Speaking on the transaction Mr. Davis remarked, “This particular transaction presented a unique challenge. The free standing office building’s entire interior was in need of gutting and renovation due to destruction by its previous inhabitants. Through many marketing channels, and particularly through an open-house, we were able to secure one of the few buyers able to put this deal together to have it pencil out.”
Upon completion of the sale the buyer commented, “We are thankful to Preston and Kevin for their hard work getting through this sale. It was a tough process between ourselves and the bank, but we were able to close by the end of 2014 and hit the target deadlines we had set for this deal. We are grateful for all the help Preston and Kevin provided in reaching our goals for this deal.”