Newmark Grubb ACRES is pleased to announce the investment sale of a 56,500 square foot industrial building located at 350 W Center Street in Pleasant Grove, Utah.
Senior Vice President Steve Condie represented the seller, MKKM Properties, LLC, in this transaction. The buyer was Stay CC, LLC.
The transaction was a sale-leaseback on the main building. The tenant, Costume Craze, is a company whose majority owner is a Chinese publicly traded company. Costume Craze started in 2001 as a home- based business and in just a few short years has grown to be one of the world’s largest costume retailers.
“I believe this is a great value add property for these investors,” commented Condie. The significant deal took place in an area that is going through major redevelopment with some recently completed senior housing adjacent to the site and other multi-family residential nearby. The deal also brings with it 3.75 acres of excess land, which is located directly south of where Pleasant Grove plans to develop their new office complex.