Phase I of 260,000 square feet across three buildings is 98% leased, with plans for an additional 230,000 square feet of new construction

SPRINGVILLE, Utah: Newport National Corporation (“Newport”) announced today that it has completed the acquisition of Hobble Creek Business Park, a 31.6-acre, multi-building industrial park located in Springville, Utah. Sundance Bay, a Salt Lake City-based real estate operator and investment firm, provided the acquisition financing and construction financing for the subsequent buildings.

Hobble Creek Business Park currently comprises approximately 260,000 square feet of industrial space across three buildings and is 98% leased, with only two 6,720-square-foot bays remaining available. Newport plans to begin construction on two additional buildings totaling approximately 140,000 square feet in late summer 2026, with an additional 90,000 square feet planned within the next 24 months. At full buildout, the park will encompass approximately 500,000 square feet across six buildings, further solidifying its position as a premier small-bay industrial destination in Utah County.

Springville is located in Utah County, one of the fastest-growing counties in the United States. Utah County benefits from strong population growth, a highly educated workforce, a pro-business regulatory environment, and proximity to major transportation corridors along I-15, providing direct access to Salt Lake City to the north and key southern Utah and regional markets. Industrial direct vacancy in Utah County stands at 3.9% as of Q1 2026, among the lowest in the Intermountain West, with nearly 2.9 million square feet of active construction concentrated almost entirely in large-format warehouse, manufacturing, and flex product. Hobble Creek Business Park is uniquely positioned to serve the small-bay segment of the market, which has seen virtually no new supply, driven by sustained demand from logistics, manufacturing, and e-commerce tenants.

“Hobble Creek Business Park is exactly the type of asset Newport looks for – a well-located, high-quality industrial property in a dynamic growth market with significant value-add potential through new construction,” said Scott Brusseau, President of Newport National Corporation. “Demand in Utah County for modern small-bay buildings with dock-high doors, ample clear heights, and grade-level doors is exceptionally strong, and with the park already 98% leased, we are excited to move forward with our expansion plans and deliver best-in-class facilities for tenants in this market.”

“Sundance Bay is pleased to support Newport’s acquisition of Hobble Creek Business Park. Newport has a proven track record of executing on value-add industrial, flex, and office opportunities, and the strength of this asset and market made this a compelling transaction for our firm,” said Stan Ricks, Partner at Sundance Bay. “We look forward to our continued partnership with Newport as they execute their development plans at the property.”

The planned new construction will feature modern, build-to-suit and speculative industrial buildings designed to meet the growing demand from a wide range of industrial users in the region. Newport will oversee all development, leasing, and property management activities at the park.

Hobble Creek Business Park offers a unique product to the Utah County market: small bay industrial units demisable down to 6,000 to 8,000 square feet, each featuring both dock-high and grade-level doors. This flexible configuration accommodates a broad range of tenants, from small businesses and contractors to regional distribution and light manufacturing operations, filling a significant gap in the local industrial inventory.

About Newport National Corporation

Newport National Corporation is a full-service, vertically integrated real estate development and management company with offices in Carlsbad, California and Salt Lake City, Utah. Newport was founded in 1973 and incorporated in 1975 by F.M. “Bruce” Brusseau. The firm has developed and managed a diverse portfolio including low and mid-rise office, power centers, shopping centers, free-standing industrial, multi-tenant industrial, research & development, and business parks, totaling over 5.5 million square feet, as well as residential master plan properties totaling over 1,500 acres.

About Sundance Bay

Sundance Bay is a vertically integrated real estate operator and investor headquartered in Salt Lake City, Utah, with over $2.5 billion of assets under management and $4.0 billion of acquisition and development expertise. The firm has over 65 full-time team members and over 150 years of collective experience among its Partners and Principals, who invest alongside investors using their own capital to ensure alignment. Sundance Bay partners with real estate investors and operators who value experience, integrity, and consistent, long-term growth, offering both debt and equity capital solutions across a range of commercial real estate asset types nationwide. For more information, visit sundancebay.com.

Fonte: Business Wire