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May 31, 2023
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Three-Building Utah Biz Campus Purchased by Hearthstone Capital


San Diego-based Hearthstone Capital Next Step has acquired Next Step Business Park, a three-building, 75.9k sf industrial park in Springville, UT. The property was sold by Regents Park Brixton LLC.

Located at 317 N. 2000 W, Next Step Business Park is comprised of three single-story, newly constructed buildings ranging in size from 18.9k sf to 28.5k sf, fully leased to a wide array of tenants. The property is situated on 6.09 acres of land and features prime I-15 Fwy visibility and access.

Next Step Business Park is nestled in the south end of Utah County, the highest growth county along the Wasatch Front and within miles of Provo Towne Center and Brigham Young University. The Provo/Springville submarket is experiencing ongoing expansion and business development driven by its leading growth sectors – construction, health care and social assistance and professional, scientific and technical services.

The price was not given out. This deal marks Hearthstone’s first property investment in Utah. Bryce Blanchard with Newmark was involved in brokering the transaction. According to Blanchard, the project finished construction in early 2022 and hit 100% occupancy before the end of the buyer’s due diligence period.

According to Newmark Research, the Utah industrial market remained resilient through the second quarter of 2022 despite economic headwinds. For the fifth consecutive quarter, national industrial absorption topped 100 msf. The persistent imbalance between demand and new deliveries has pushed vacancy down to 3.7%, likely a cyclical low. Demand remains strong for industrial space with absorption continuing to outpace deliveries.

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