2014 Year End Market Report

Year End 2014
Market Report
A Quarterly Newsletter & Report on
Commercial Real Estate in Southern Utah
Willow Glen B & B
Premier Mountain Resort
SOLD Q3
14,000 SF
Town Square
22,000 SF
33,280 SF
Central Utah Ranch
SOLD Q4
Fairground Land
SOLD Q4
27 Acres
313 Acres
SOLD Q3
Norandex Reynolds Building
SOLD Q3
10,000 SF
LEASED Q4
Inside...
Online...
2
3
4
5
6
7
8
SPECIAL REPORT - Industrial Sector
9
10
Area Market Activity
Southern Utah Heating Up
NAI in the News
Additional Residential Market Reports
INDUSTRIAL - Washington County
for Mesquite NV, Hurricane UT, and
OFFICE - Washington County
Washington, Iron, Sevier, Salt Lake,
RETAIL - Washington County
Utah, and Davis Counties
MULTI FAMILY - Washington County
INDUSTRIAL, OFFICE & RETAIL - Iron County
Go to:
PROPERTY MANAGEMENT - Case Study
www.naiutahsouth.com/research
2014 TRANSACTION Report
for links to these additional Reports
2014 Market Report contributing writers: Curren Christensen, Jason Griffith, Jon Walter, and Neil Walter
NO WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED, IS MADE AS TO THE ACCURACY
OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS,
OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR
FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS
IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE
CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED.
243 E St. George Blvd, Suite 200
St. George, Utah 84770
t 435 628 1609
naiutahsouth.com
Area Market Activity
City Land Sale
DSU
SwitchPoint Shelter
DXATC
The St. George City Council approved the
$2.2 million sale of a four-acre property adjacent to the Dixie Center to help fund renovations on the historic Electric Theater. The
parcel was sold to a group of local investors
to build two hotels.
City officials celebrated the opening of the
new “SwitchPoint” homeless shelter and
poverty resource center. The 16,000 SF former residential treatment center has housed
an average 68 people per night.
DSU President Richard Williams announced
plans for a $29 million physical education/
student wellness center to serve as a recruitment tool for students and support health
related academic programs.
Dixie Applied Technology College inaugurated its 11,000 SF Emergency Response Training Center. Police, fire, and other emergency
response personnel can receive training on
lifesaving techniques. DXATC plans to move
its campus to the old St George Airport site.
DRMC
BioLife
Shakespeare
Brian Head
Dixie Regional Medical Center officials announced plans for a $182 million expansion
project that will facilitate consolidation of
services, including women and children services, to the River Road campus.
The Utah Shakespeare Festival secured
$4.9 million tax credit financing to help build
a new 64,000 SF, 900-seat playhouse with
retractable roof. The new Engelstad Theatre
will enable the center to put on performances year round.
BioLife Plasma Services opened a second
St. George location on Dixie Drive, behind
the Albertsons Shopping Center. The new
center boasts more room than the older
center as well as four more beds.
New York City-based real estate investor Zohar A. Cohen acquired 2,600 acres in Iron
County, as well as the Grand Lodge at Brian
Head for approximately $100 million.
Tax Incentives Lure Business to Ft Pierce Industrial Park
Industrial Brush Corporation, a designer and manufacturer of brushes used for food processing applications, opened its doors in
the Fort Pierce Industrial Park in August.
Expansion of the Fort Pierce Industrial Park has been approved by the city council. The 93-acre expansion of the park will make
room for a “Business Park” that could accommodate light industrial and office spaces.
Viracon, an industrial glass manufacturer has moved back into the area, in part, because of tax incentives from the city. The company agrees to hire at least 220 full-time workers and pay out wages and benefits equal to 120% of local average.
2
2014 Year End Market Report | © 2014
NEWS UPDATES ON:
Year End 2014
Southern Utah
Heating Up
Market Report
The weather may have turned cold, but the Southern Utah economy has warmed
up. Industrial has seen the strongest recovery and now retail is on the verge of an
expansion of grocery anchored projects. Residential has seen between 100 and
150 permits per month for more than two years now.
In some ways, 2014 underperformed expectations. Single family home and land
prices were very similar to the fall of 2013. Commercial lease rates didn’t rise substantially. Overall, the real estate recovery of 2012 and 2013 took a breather in the
second half of 2014. The cooler real estate conditions created opportunity and
restored confidence for buyers who were concerned about the previously rapidly
rising real estate prices.
Nationally, GDP growth has finally broken through the lackluster 2-2.5% growth that
has held back the economy, the job market is much healthier, and Utah is leading
the country in population growth. Southern Utah is outperforming the national and
state economic metrics. Further, we are seeing a more diverse, broader economic
base than we have seen historically.
Where do we go from here? Retail will be very active in 2015. Multi-family and
industrial may be surprise contenders. Residential construction activity and home
price increases may have found sustainable levels. In addition to Little Valley and
Washington Fields, development activity will slowly improve around the airport, in
the Hurricane Valley, and west of St. George in Ivins and Santa Clara.
The irrational exuberance of the last boom is absent today. Call it cautious optimism. Real estate investment today is all about fundamentals.
Mark Walter
Managing Broker
Neil Walter
Managing Director
All Rights Reserved - 2014 | NAI Utah South
3
in the News
A Few C
li
NAI Assisents
ted
eir Trans
actions
With Th
KOA Richfield
The popular Richfield KOA Campground and Mobile Home Park was recently purchased. The KOA has campsites, cabins, RV Hookups,
and mobile home sites. It is located at 590 W 600 S, Richfield, UT and maintains a 5-Star rating on www.koa.com. Matt Harmon with
ERABrokers in Richfield and Neil Walter with NAI Utah South facilitated the transaction.
Utah Shakespearean Festival
The Utah Shakespeare Festival has leased a 16,000 SF building in Cedar City to serve as a temporary home while Southern Utah University
completes construction of the Beverley Taylor Sorenson Center for the Arts. Abraham Thiombiano of NAI Utah South represented both
parties in this transaction.
Red Rock Collision & Auto Repair
With the help of Abraham Thiombiano of NAI Utah South, Mike Keetch acquired 12,000 SF of industrial buildings on a 2 Acre piece located
at 765 N Red Rock Rd. The company has torn down a few of the structures and is in the process of building a new state of the art facility
that will be completed in November. Red Rock is still operating out of their old location at 1275 E Red Hills Pkwy, St. George, Utah 84770.
Willow Glen
Don and Linda Kelley are the new owners of the Willow Glen property in Enoch, Utah. The Kelley’s, from Houston, Texas, have been looking
for the right bed and breakfast property to purchase over the last several years. They have looked all over the country and fell in love with
the Willow Glen Inn. Don and Linda, along with their family, will be working to update all aspects of the Inn. Roger Stratford of NAI Utah
Southern Region represented both the sellers and the buyers on the transaction.
Hog Mountain Investment Sale
Jason Griffith, CCIM, with NAI Utah South, assisted a client-investor purchase a 9,000 SF retail strip center is Atlanta (Dacula), GA. The
purchase helps the buyer complete part of a 1031 exchange requirement. The 100% leased retail center sold for $890,000 and will yield
a true 8% CAP rate (capitalization rate) based on the current net operating income.
Pine Ridge
Jason Griffith, CCIM, with NAI Utah South, assisted a client-investor with the purchase a 26,902 SF Industrial-flex building in Lenexa, Kansas. The purchase helps the buyer complete part of a 1031 exchange requirement. The 100% leased industrial center sold for $2,130,000
and will yield just under a 8% CAP rate (capitalization rate). Jason Griffith represents investors with acquisitions in Utah and throughout
the United States.
Investment Sale in Spanish Fork
Jason Griffith, CCIM, with NAI Utah South, assisted a client with the investment purchase a 39,690 SF industrial development in Spanish
Fork, Utah. The three-building, 100% leased industrial center sold for $2,525,000 and will yield 8% CAP rate (capitalization rate) based on
the net operating income. The acquisition involved a complicated loan assumption.
Additional Notable Transactions
RISE ABOVE TATTOO - Rise Above tattoo shop specializes in American traditional, black and grey, fine line and bold line tattoo styles.
Dennis and his artists are all certified through the Utah Health Department, blood-borne and air-borne, as well as OSHA.
SUMMIT ATHLETIC CLUB - Summit Athletic Club is bringing its fitness and training facilities closer to more of its members. Located
across from Maverik in the Dino Crossing Retail Center, the new gym marks Summit’s 3rd location in Washington County and is open 24/7.
LAND SALES - Brandon Vandermyde sold a 1.22 acre parcel in La Verkin for a future American style restaurant site. Meeja McAllister and
Jason Griffith sold a 2.51 acre parcel on Turf Sod Road in Hurricane.
4
2014 Year End Market Report | © 2014
NEWS UPDATES ON:
Industrial
Year End 2014
2014 Year End | Washington County
Market Report
By Curren Christensen
Review
The industrial market continues to show increased strength and demand in all areas throughout Washington County. Vacancy rates and
lease rates continue to improve. Demand has increased in all of the industrial parks, and even outer lying projects have benefited from
improved market conditions. We have seen exceptional absorption in the Ft. Pierce and Millcreek industrial parks over the past couple
of years. All of the speculative, smaller multi-tenant industrial space that was built in those areas is absorbed. These locations appeal to
the residential construction service industries that have benefited from the new construction expansion of the past three years. The overall
vacancy in industrial is hovering around 4.9% with average asking lease rates of approximately $.46/SF/month, NNN. Of the multi-tenant
space, the average lease is approximately 5,000 SF in size.
Asking Lease Rates (NNN)
Low
High
Average
Vacancy
< 20K SF
Total Vacancy
2013 Year End Inventory
Built Year To Date
2014 YTD Inventory
Land Value per SF
CAP Rates
Under Construction
> 20K SF
$0.35
$0.60
$0.47
5.5%
$0.40
$0.50
$0.45
4.7%
4.9%
9,166,000
73,000
9,239,000
$2-­‐4
7-­‐8%
244,000
Industrial Vacancy Rates By Quarter
15.0% 10.0% Q4'09 Q4'10 Q4'11 Q4'12 Q4'13 Q2'14 Q4'14 Asking Industrial Lease Rates By Quarter
< 20,000 SF
> 20,000 SF
$0.60 $0.50 $0.40 $0.30 $0.20 $0.10 '0
Q4 7 '0
Q4 8 '0
Q4 9 '1
0
Q4 '1
Q4 1 '1
Q1 2 '1
Q2 3 '1
Q3 3 '1
Q4 3 '1
Q2 3 '1
Q3 4 '1
Q4 4 '1
4 $0.00 Q4
For example, in the Ft. Pierce Industrial Park, FedEx is building a
25,000 SF facility with additional acreage for expansion, Industrial
Brush completed their 52,000 SF facility, and Kristi Diesel completed
its 8,000 SF facility. In addition, Life Flight built a 10,000 SF hangar
this past year. Other industrial manufacturing and distribution companies are looking to expand in the area, but it has proven difficult
with few available buildings larger than 20,000 SF to choose from.
Outlook
5.0% 0.0% New speculative construction has been slow to develop as industrial investors and developers wait for lease rates, especially in outer
lying areas, to justify the full development cost of land, infrastructure, and vertical construction. However, we continue to see major
momentum in owner-occupied industrial construction. The robust
owner-occupied industrial market is affected by the overall economy, the residential construction market, Utah’s workforce, and local
and state economic incentives. Nationwide, industrial production
was at all-time record levels in the third quarter of 2014, and Washington County reflects this national trend.
As the market continues to strengthen in the industrial sector, lease
rates will continue to increase, land prices will rise, and vacancy will
remain tight—especially in industrial areas that are closer to population
centers. The best industrial locations have been able to secure lease
rates that are nearly 30% higher than average locations and have seen
50% faster absorption. We expect to see new speculative industrial
investment in these higher traffic areas in 2015, where possible. Outer
lying areas will continue to see a more gradual increase in lease rates
and absorption. With the population of Washington County steadily increasing, and a relatively small percentage of available land zoned for
industrial use, industrial properties will remain in high demand in 2015.
423
Industrial Buildings
Surveyed
Market Trend
Vacancy Rate
Lease Rate
Absorption
Construction
All Rights Reserved - 2014 | NAI Utah South
5
Office
2014 Year End | Washington County
By Jason Griffith, CCIM
Review
The office market continued to lag other commercial real estate sectors in 2014. After showing lower vacancies at mid-year, office demand
slowed in the third and fourth quarters resulting in vacancies rising from 9 to 11% by year end. Asking office lease rates remain essentially
flat going back to 2011. Medical office space continued a modest vacancy climb in the 3rd and 4th quarters.
Typically, we only report asking lease rates. In an effort to provide additional insight into the office market, we analyzed executed office leases
in 2014 to check the differences between asking and actual rates. We saw approximately four office leases per month last year. The average
size of an office lease executed was 1,618 SF and the lease rate averaged $.77/SF/month modified gross. Most of the executed leases fell
between $.60 and $.80 per SF. It was common for the landlord to pay property taxes and building insurance consistent with the modified
gross terms. In terms of size, 83% of the transactions were less
than 2,500 SF and a few of the transactions were less than 1,000
Asking Lease Rates (NNN)
Class A
Class B
Class C
SF. These numbers are consistent with the predominance of class
Low
$0.80
$0.62
$0.50
B spaces leased during the period. Our analysis excluded lease
High
$1.25
$1.10
$0.75
renewals and executive suites.
Average
$1.03
$0.80
$0.65
Vacancy
10.7%
Total Vacancy
2013 Year End Inventory
Built Year To Date
2014 YTD Inventory
Land Value per SF
CAP Rates
Under Construction
11.8%
9.9%
11.0%
3,342,000
24,000
3,366,000
$7-­‐12
7-­‐8%
44,000
Office Vacancy Rates By Quarter
20.0% Office sales pretty much mirrored the lease market. In St. George
proper, there were nine office sales in the first half of 2014 and only
two office sales in the last half. All of the closings were second
generation space. Market fundamentals do not support spec or
significant new office construction.
The medical office submarket saw completion of the new Biolife
facility on Dixie Drive and an optical center next to Zions Bank on
River Road. At 600 N 100 E, the new Southern Utah Kidney and
Hypertension Center is under construction. In addition, there is a
medical office project planned on Riverside Drive, by the post office,
which has not broken ground.
15.0% 10.0% 5.0% 0.0% Looking at the currently available lease inventory in St. George (100
spaces, including multiple office suites at the same building), those
offerings outside of these parameters will take longer to lease on
average.
Q4'09 Q4'10 Q4'11 Q4'12 Q4'13 Q2'14 Q4'14 Office Lease Rates By Quarter
Asking
Average
Class A
Class B
Class C
$1.50 $1.00 $0.50 Q4
'0
Q4 7 '0
Q4 8 '0
Q4 9 '1
0
Q4 '1
Q4 1 '1
Q1 2 '1
Q2 3 '1
Q3 3 '1
Q4 3 '1
Q2 3 '1
Q3 4 '1
Q4 4 '1
4 $0.00 Outlook
For owner-users and tenants, the office market has a lot of opportunity
with rates and prices just above historic lows. Office is still such a great
deal, tenants and buyers should be lined up outside the door! While
vacancy is not out of check, it is absorption that is currently the main
problem. With the rest of the commercial market and residential real
estate doing very well, we forecast that office absorption should pick
back up in 2015 and office sale and lease rates will continue to rise.
292
Office Buildings
Surveyed
Market Trend
Vacancy Rate
6
2014 Year End Market Report | © 2014
Lease Rate
Absorption
NEWS UPDATES ON:
Construction
Retail
Year End 2014
2014 Year End | Washington County
Market Report
By Jon Walter, MBA, CCIM
Review
In 2014, the strength in the retail market was shown by the increased demand for unanchored retail space which, in previous years, has been slower
to recover. The unanchored vacancy rate declined from 10.8% at the year’s end in 2013 to 5.2% for year end 2014. Many unanchored centers that
experienced rolling vacancies for several years are now 100% occupied. Occupancy for anchored retail centers continues to remain strong. Important to note is the consumer trend to purchase retail goods online which is causing many national retailers to consider smaller stores sizes. When
they expand, these retailers are also more cautious about obtaining the right location and lease terms. While some locations and specific centers are
still experiencing difficulty in securing tenants, overall demand for retail space is very good.
Asking Lease Rates (NNN)
Low
High
Average
Vacancy
Total Vacancy
2013 Year End Inventory
Built Year To date
2014 YTD Inventory
Land Value per SF
CAP Rates
Under Construction
Anchor
No Anchor
$1.00
$2.50
$1.65
4.9%
$0.65
$1.25
$1.00
5.2%
4.9%
6,265,000
78,000
6,343,000
$10-­‐18
6.5-­‐8%
80,000
Retail Vacancy Rates By Quarter
10.0% Stephen Wade remodeled for Dodge and Toyota and then built a new
Nissan Dealership, while Ford completed a remodel and addition on
their building. St George Shuttle took the former Honda & Polaris ATV
location on Redhills Parkway. The new Polaris location is nearing completion just down the road, and Rocky Mountain ATV has a new location
on Buena Vista Boulevard. Athletic clubs have been in heavy expansion this year with Performance Fitness 24/7 opening in the former Dixie
Ambulance building, Summit Athletic Club opened its third location, and
Kubex took the former Staples building on Bluff street.
With regard to grocery, multiple stores appear to be taking steps toward
new locations. Smith’s and Lin’s are anticipated at the new Mall Drive
Bridge, and Harmon’s is rumored to be moving forward in Santa Clara.
8.0% 6.0% Outlook
4.0% 2.0% 0.0% There has been a significant amount of new retail activity. Some of the
recent announcements include: Men’s Warehouse and Pizza Pie Café
at Red Cliffs Mall, and Café Rio, Charming Charlie and Sports Clips at
Red Rock Commons. Golden West Credit Union is nearing completion
near the Mall Dr. Bridge. Fiesta Fun is expanding, and Paparazzi Jewelry,
Tractor Supply and NAPA are new to Hurricane. Habitat took the former
Albertsons next to the new Traders Discount Market and Harbor Freight
opened in Washington.
Q4'09 Q4'10 Q4'11 Q4'12 Q4'13 Q2'14 Q4'14 Lease Rates By Quarter
Asking Retail
All
Anchored
Unanchored
$2.00 $1.50 $1.00 $0.50 Q4
'0
Q4 7 '0
Q4 8 '0
Q4 9 '1
0
Q4 '1
Q4 1 '1
Q1 2 '1
Q2 3 '1
Q3 3 '1
Q4 3 '1
Q2 3 '1
Q3 4 '1
Q4 4 '1
4 $0.00 Year end retail store sales will be a good indicator of future demand for
retail space. Increased consumer spending in stores will encourage nationwide expansion while sales, less than projections, or a heavy trend
toward online purchase, may dampen retailer’s appetite for growth.
Southern Utah will capture its share of retail growth as sunshine and
red rocks continue to attract people to the area. Regardless of the nationwide retail sales projections, demand for neighborhood centers and
grocery anchored projects will continue to service the growing population, as long as the residential construction continues at its current rate.
446
Retail Buildings
Surveyed
Market Trend
Vacancy Rate
Lease Rate
Absorption
Construction
All Rights Reserved - 2014 | NAI Utah South
7
Multi-Family
Cedar City
2014 Year End | Washington County
2014 Year End | Iron County
Apartment Vacancy Rates By Quarter
12.0% 10.0% 8.0% 6.0% Iron County
While the initial excitement about the new South Interchange in Cedar City was lackluster, in the long run the traffic patterns will become
more familiar and the project will be an improvement for traffic flow.
Also on the South Interchange, the new La Quinta adds 88 rooms to
Festival City. Lastly, new construction has gained some momentum
with permits for roughly 200 dwelling units pulled in 2014.
4.0% 2.0% 0.0% Q4'10 Q4'11 Q4'12 Q4'13 Q2'14 Q3'14 Q4'14 Asking Lease Rates (NNN)
Low
High
Average
Vacancy
Industrial
Office
Retail
$0.35
$0.60
$0.41
5.9%
$0.50
$1.15
$0.90
9.8%
$0.63
$1.45
$0.86
6.1%
Industrial
Vacancy rates fell slightly while lease rates held steady. The market
for office/warehouse and other smaller configurations remains soft
while most of the larger facilities are full. There is a new 28,000
SF industrial building being built on Avaition Way and another approximately 6,000 SF being built on Bulldog Road. The construction activity is encouraging and reflects expansion in employement
and business activity that can’t be met by existing facilities.
Office
Review
Apartment vacancy rates continue to fall with Q4 average vacancy nearly breaking below 2%. Larger 2 bedroom, 2 bath and 3
bedroom 2 bath units both are showing vacancy rates below 2%.
Multi-family remains very tight and it will be difficult for vacancies
to move lower given normal turnover.
Rents have responded accordingly with 3-4% annual increases
over the past couple of years. Asking rents are $18 per month
higher than this time last year. Three bedroom units have seen
rents climb by $48 per unit over the same period. Watch for rents
to continue to increase as property owners get more comfortable
asking for more rent and offering fewer leasing incentives.
The office market is slowly improving with vacancies falling under 10%.
Lease rates remain relatively unchanged over the past year. There is no
new construction activity, although there is still first generation space
available for lease where tenants can have their suite designed and built
to accommodate their needs
Retail
Retail vacancy rates have remained mostly flat in 2014, while lease
rates have remained soft. The lower lease rates reflect second generation, unanchored space coming to market. Construction activity
is up with permits pulled or construction started on three retail projects under 10,000 SF—two in Cedar and one in Enoch. Boulevard
Home Furnishings is now open and Christensen’s will be relocating
to a 30,000 SF building in the new retail center. The new retail is a
strong economic sign for Iron County.
Outlook
Multifamily housing is underbuilt in Washington County. In
the fall, we saw both student housing and multi-family housing proposals advanced through their respective cities. These
projects are not ready to break ground, but they are cautiously
doing due diligence. Average rents reported in this survey are
still too low to justify new construction, but developers are expecting new product, in the right location to lease at higher
per square foot rates. Besides receiving approval from the
municipalities, finding appropriately priced land is the biggest
challenge to new multifamily development.
8
2014 Year End Market Report | © 2014
Iron County • FOR SALE
Automaotive building & Business
Fort Cedar Industrial Park
NEWS UPDATES ON:
Property Management
Year End 2014
Market Report
Cedar Towne Center CASE STUDY
FREE Property Management?
Property management services should add value. NAI recently took over the
property management and leasing of the Cedar City Towne Center. The first priority was to review the financials and identify areas that would increase cash flow
for the property owner.
Over $800 per month was identified within the first two weeks, which resulted
in increased cash flow to the landlord or lower effective CAM charges for the
tenants. The $800/month in savings offsets the management fee, making the
property management services free to the owner.
Some might point to this success as an outlier, but we have replicated the results
with multiple properties we manage. In addition, our services convert active management into passive investment opportunities for property owners both locally
and out of the area.
Give us a call at (435) 627-5727 to discuss how we can add value for your property.
NAI Property Management Maximizes Value:
•
•
•
•
Operations and Maintenance
Tenant Relations
Fiancial Management
Construction Management
Additional Properties Managed by
River Park
Rio Plaza
Dino Crossing
Jon Vandermyde
PM Director
435-627-5727
HED
Surgical Center
IPM
“We put our
clients first,
delivering the
highest quality
of service.”
All Rights Reserved - 2014 | NAI Utah South
9
2014 Transaction Map
NAI Utah South
CLOSED
Available
Southern Utah
Statewide
10
2014 Year End Market Report | © 2014
NEWS UPDATES ON:
2014 Transactions
NAI Utah South
INDUSTRIAL LEASE
Office/Wrhs in Gateway Ind. Park
River Park
Dixie Sunset Plaza Warehouse
Dixie Sunset Plaza Warehouse
Dixie Sunset Plaza Warehouse
A-­‐T Asphalt
Ft. Pierce Office/Warehouse
Retail w/ Warehouse on State Street
Sunchase Business Park
Sunchase Business Park
Wilson Plaza II
Warehouse Space
Fairgrounds Industrial Park, Lot 38
Fairgrounds Industrial Park, Lot 38
Fairgrounds Industrial Park, Lot 38
Fairgrounds Industrial Park, Lot 38
Fairgrounds Industrial Park, Lot 38
Fairgrounds Industrial Park, Lot 38
Fairgrounds Industrial Park, Lot 38
HED
HED
HED
HED
HED
HED
HED Building
Industrial with Retail Visibility
Norandex Reynolds Building
Norandex Reynolds Building
R&R Industrial Center
R&R Industrial Center
R&R Industrial Center
R&R Industrial Center, PH 2
R&R Industrial Center, PH 2
R&R Industrial Center, PH 2
River Park
River Park
River Park
River Park
River Park
Riverside Drive Retail/Warehouse
River Park
River Park
River Park
River Park
River Park
River Park
Office/Wrhs in Gateway Ind. Park
Port 15 Building
R&R Industrial Center
R&R Industrial Center
River Park
Sunbrook Ranch
Warehouse Building in Washington Westridge Warehouse
In-­‐Town Office/Warehouse
Office/Warehouse
Office/Warehouse
Office/Warehouse
Office/Warehouse/Spacious Yard
Office/Warehouse/Yard
Office/Warehouse/Yard
Office/Warehouse/Yard
Office/Warehouse/Yard
OFFICE LEASE
Canyon View Professional Plaza
Canyon View Professional Plaza
Office Space
Park Plaza Office Space
Red Cliffs Office
Red Cliffs Professional Park
Beautiful Office Space on Riverside Dr
Executive Office on St. George Blvd
New Medical/Professional Office
Office in Sunland Commercial Center
Office in Sunland Commercial Center
Office in Sunland Commercial Center
Southgate Professional Center
Bluff Towers I & II
Dixie Commons
Dixie Commons
Dixie Commons
Fully Furnished Office Space
Red Cliffs Professional Park
Red Cliffs Professional Park
Red Cliffs Professional Park
Red Cliffs Professional Park
Red Cliffs Professional Park
Red Cliffs Professional Park
Red Cliffs Professional Park
Red Cliffs Professional Park
SIZE AGENT(S)
3,000
2,347
1,375
1,375
1,375
6,951
5,265
2,250
5,000
20,000
3,000
25,000
1,755
1,755
1,755
1,787
1,755
1,787
3,574
1,800
4,000
4,000
4,607
4,000
4,000
4,000
5,000
15,000
10,000
2,500
2,000
7,500
3,000
2,100
1,500
10,945
1,822
1,840
7,317
1,822
2,750
1,800
3,717
1,800
5,472
1,828
9,607
3,000
9,800
2,900
3,500
3,556
1,306
12,835
2,600
2,000
3,871
2,500
1,000
3,000
2,000
3,000
3,400
5,000
Brandon
Brandon
Chappell
Chappell
Chappell. Roger
Curren
Curren
Curren
Curren
Curren
Curren
Jason
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja, Jon
Jason & Meeja, Jon
Jason & Meeja, Jon V
Jason & Meeja,Brandon
Jason & Meeja,Brandon
Jason & Meeja,Brandon
Jon V
Jon V
Jon V
Jon V
Jon V
Roger
Roger
Roger
Wes
Wes
Wes
Wes
Wes
Wes
Wes
Wes
Wes
SIZE AGENT(S)
1,000
1,800
5,000
900
2,062
1,000
1,382
535
1,900
800
800
771
1,420
2,439
7,000
3,000
1,000
776
1,000
639
350
400
1,453
976
1,000
1,000
Abraham
Abraham
Abraham
Abraham
Chappell
Chappell
Curren
Curren
Curren
Curren
Curren
Curren
Curren
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
OFFICE LEASE
Red Cliffs Professional Park
Red Cliffs Professional Park
Red Cliffs Professional Park
Red Cliffs Professional Park
Rio Plaza
Second North Plaza
St. George Blvd Office
St. George Blvd Office
Sunland Professional Park
Sunland Professional Park, Phase 1
Troon Park Professional Office
Ventana Office Park
Ventana Office Park
Ventana Office Park
Ventana Office Park
Ventana Office Park
Ventana Office Park
Ventana Office Park
Medical Office
Downtown Office Space for Lease!
Tabernacle Office Building
Tabernacle Office Building
Troon Park Office Bldg
Troon Park Professional Office
Goldenwest Credit Union-­‐Class A
Sunset Blvd Office Space
Sunland Commercial Center
Prime Office Space
Prime Office Space
Prime Office Space
Blackridge Terrace Office Space
Downtown Office Space
Downtown Office Suite
Downtown Office Suite
Downtown Office Suite
Furnished Professional Office
Professional Office
Professional Offices
RETAIL LEASE
Green Valley Market
Green Valley Market
Green Valley Market
Restaurant Space at Red Cliffs Square
Restaurant/Retail Space in Festival Plaza
Blvd Commons Retail
Highly Visible Retail on Sunset
Dixie Sunset Plaza
Dixie Sunset Plaza
Downtown St. George Auto Dealership
Former JoAnn's Space
Grand Circle Plaza
I-­‐15 Visible 'Class A' Retail
I-­‐15 Visible 'Class A' Retail
Mack Jewelers Building
North Bluff Street Retail Space
Retail Space
St. George Blvd Frontage
Albertson's Center
Big Lots Retail Location
Dixie Commons
Grand Circle Plaza
In-­‐line Shopping by Albertson's
In-­‐line Shopping by Albertson's
In-­‐line Shopping by Albertson's
Retail Building on State Street
Retail Building on State Street
Rio Plaza
Rio Plaza
Rio Plaza
Rio Plaza
Rio Plaza
Rio Plaza
Rio Plaza
The Shoppes at Telegraph Square
The Shoppes at Telegraph Square
The Shoppes at Telegraph Square I
Cedar City Town Center
Dimsdale Property
Blvd Office/Retail Location (Zion Plaza)
Blvd Office/Retail Location (Zion Plaza)
Blvd Office/Retail Location (Zion Plaza)
Dinosaur Crossing
Dinosaur Crossing
Dinosaur Crossing
North Valleys Shopping Center
St. George Blvd Retail Location
Tonaquint Retail Center, Phase 2
Built Out Dance Club/Event Center
East Ridge Mall Space
Former Movie Theater Bldg
Southland Retail Building
SIZE AGENT(S)
1,000
787
2,000
2,100
1,343
2,016
2,722
2,722
1,525
1,013
1,000
1,155
1,155
2,310
2,310
1,155
1,155
1,155
1,672
900
721
457
3,000
1,000
3,800
876
1,600
1,311
2,406
992
3,000
1,842
488
2,800
2,200
1,850
1,704
781
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jon V
Jon W
Jon W
Jon W
Jon W
Jon W, Mark
Jon W & Roger
Mark
Meeja
Roger
Roger
Roger
Wes
Wes
Wes
Wes
Wes
Wes
Wes
Wes
SIZE AGENT(S)
900
2,650
900
1,360
1,505
780
5,923
1,375
1,080
7,381
17,500
1,200
1,380
1,580
482
3,800
1,200
500
1,600
15,550
2,369
1,200
1,400
1,200
2,500
2,000
2,000
1,190
1,270
1,270
1,343
2,562
3,816
1,916
1,200
1,200
1,400
1,200
1,750
700
1,340
1,200
3,275
1,280
4,920
1,800
800
4,960
10,330
1,000
3,670
780
Abraham
Abraham
Abraham
Abraham
Abraham
Brandon
Brandon
Chappell
Chappell
Curren
Curren
Curren
Curren
Curren
Curren
Curren
Curren
Curren
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jon V
Jon V
Jon W
Jon W
Jon W
Jon W
Jon W
Jon W
Jon W
Jon W
Jon W
Jon W, Mark
Jon W, Mark
Jon W, Mark
Jon W, Mark
RETAIL LEASE
SIZE AGENT(S)
Southland Retail Building
Ronnie's Pastrami
Grand Circle Plaza
The Shoppes at Santa Clara
The Shoppes at Santa Clara
Texaco Convenience Store
1,750
1,800
1,848
1,114
1,110
3,036
INDUSTRIAL SALE
Jon W, Mark
Meeja
Neil
Neil
Neil, Abraham
Neil, Jon W, Abraham
SIZE AGENT(S)
Industrial Investment Property
Net Leased Investment Property
Nice Office Warehouse
Office Warehouse for Sale in Rio Virgin
North Springs Business Park
Pine Ridge Business Park
Pine Ridge Business Park
Hurricane Storage
Fort Pierce
Telegraph Retail/Warehouse
37 Unit Storage Facility
Sunchase Business Park
11,293
20,945
3,200
10,000
39,690
26,902
31,766
11,000
2,500
12,500
7,300
100,000
INVESTMENT SALE
Curren
Curren
Curren
Curren
Jason
Jason
Jason
Mark
Meeja
Roger
Wes
Wes, Curren
SIZE AGENT(S)
Lake Valley Car Wash & Detail
National Franchise Hotel
Shell Station & Quiznos
Premier Mountain Resort (So. Utah)
12-­‐Plex Apartment Building + Home
KOA Campground & Mobile Home Park
Great B&B Near Cedar City
Prime Gas Station / C-­‐Store
Prime Gas Station / C-­‐Store / Car Wash
10,616
32,534
5,420
33,280
13,678
LAND SALE
ACRES AGENT(S)
La Verkin Commercial Land
6.24 Acres on Boulder Mountain
Farm/Ranch/Range Land & Home
Lot in Tenaya Sands Subdivision
.61 Acre Parcel in Coal Creek Ind. Park
14 Acres in Piute County
9.26 Acres with Water
Lot in Rio Virgin Industrial Park
Recreational Lot
Seven Farms in White Pine Cnty, NV
2 Lots at Chamberlain Ranch
25.1 Acres Undeveloped Land
13.65 Acres in Washington Fields
1.75 Acres in St. George Industrial Park
5.2 Acres Highway Commercial
Freeway Frontage Land
1 Acre on Riverside Drive
30 +/-­‐ Residential Acres
Pineview Commercial Center Land
Sunrise Meadows Phase 1
Anderson Junction Property w/ Water
Land Near Fairgrounds
1.22
6.24
313.80
0.34
0.61
14
9.26
0.55
5.00
2,610
OFFICE SALE
Net Leased Investment
Former Residential Treatment Center
Ventana Office Park
Ventana Office Park
Ventana Office Park
Ventana Office Park
Commercial Zoned Home
BAE Data Center
Leased Property-­‐Seller Financing
RETAIL SALE
NNN Investment Property
Town Square
Bloomington Courtyard
Bluff Street Staples Building
Former Dixie Nutrition Building
Freestanding Retail/Office/Wrhs
Great Retail Property on WA Blvd
Curren
Jon W
Jon W
Mark
Neil
Neil
14,000 Roger
4,000
Roger
3,000
Roger
25.01
13.65
1.75
5.20
2
1.05
30
0.52
Lots
27.44
26.67
Brandon
Chappell
Chappell
Cliff
Curren
Curren
Curren
Curren
Curren
Curren
Jason & Meeja
Jason & Meeja
Jon W
Jon W, Mark
Jon W, Mark
Jon W, Mark
Neil
Neil
Neil
Neil, Jon W
Roger
Wes
SIZE AGENT(S)
4,201
15,960
2,310
4,620
2,310
2,310
1,764
15,000
8,300
Abraham
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Jason & Meeja
Meeja
Wes
Wes
SIZE AGENT(S)
1,527
22,000
2,625
23,763
6,684
5,923
5,893
Chappell
Curren
Jason & Meeja
Jon W
Jon W
Mark
Roger
SUMMARY
Land
3,090 Acres
Investment
102,500 SF Sold
Industrial
282,000 SF Leased
277,000 SF Sold
Office
102,000 SF Leased
57,000 SF Sold
Retail
146,000 SF Leased
68,000 SF Sold
Total Value
$87,000,000
All Rights Reserved - 2014 | NAI Utah South
11
Industrial Areas
NAI Utah South
WASHINGTON COUNTY
Industrial Parks
12
2014 Year End Market Report | © 2014
NEWS UPDATES ON:
Go to www.naiutahsouth.com/research for the latest version of this report as well as reports for
Mesquite NV, Hurricane UT, and Washington,Iron Sevier, Salt Lake, Utah,
Davis
Counties
All Rightsand
Reserved
- 2014
| NAI Utah South
13
New Businesses
New, Under Construction & Rumored
14
2014 Year End Market Report | © 2014
NEWS UPDATES ON:
Under Construction
In Negotiations or Permitting Process
All Rights Reserved - 2014 | NAI Utah South
15
Cherokee Springs Resort
Sevier River Ranch
Asking Price:
$1,950,000
Asking Price:
$3,950,000
Riata Ranch
Asking Price:
Pole Canyon Ranch
$2,995,000
Asking Price:
$14,953,147
Acreage:
284
Acreage:
500
Acreage:
29.58
Acreage:
12,000+
Location:
Hatch, UT
Location:
Hatch, UT
Location:
New Harmony, UT
Location:
Wells, NV
Description:
This beautiful 284+ acre ranch
has a home, two log cabanas,
shops and more. Also has one
of Southern Utah’s best water
rights – 200 AF.
Agent: Mark Walter
Description:
Includes a 9 hole (3,015 yard)
golf course with clubhouse and
manager’s apartment, 32 home
sites (proposed), 3 residences
and equestrian facilities.
Agent: Mark Walter
Description:
Spectacular views. Includes:
round pen, arena, 5,356 SF
custom home, casita and other
themed buildings. Ideally set up
for horses.
Agent: Curren Christensen
Description:
Hosts many canyons and
streams. Ideally situated for a
private reserve and supports
over 2,000 head of cattle and
abundant wildlife.
Agent: Neil Walter
CURRENT LISTING
CURRENT LISTING
CURRENT LISTING
CURRENT LISTING
Double T Farm
Asking Price:
Acreage:
Location:
• All of the Resources of a Fully Staffed Commercial Brokerage
Seven Farms
D
L
O
S
$5,500,000
Asking Price:
810
Acreage:
Jensen, UT
Location:
D
L
O
S
$5,100,000
1,500+
White Pine, NV
Description:
810 acre irrigated farm located
along the banks of the Green
River. Features a 1,500 head
capacity feed lot and one of the
best water rights in the State.
Agent: Matt Harmon
Description:
Seven Farms property is a
producing farm in White Pine
County with over 1,500 irrigated acres.
SOLD
SOLD
A Joint Venture Between
Agent: Curren Christensen
• Experienced in Farm, Ranch, and
Recreational Properties
• In-House Graphic Design and Digital
Mapping Technologies
• Licensed in Utah, Idaho, and Nevada
intermountainranches.com
435 627 5738
intermountainranches.com