Newmark Grubb ACRES (NGA) is pleased to announce that Executive Director of Investments Bryce Blanchard has sold a nine-property Codale single-tenant investment portfolio for $91.3 million.
The properties are located in Salt Lake City, Utah; Orem, Utah; Logan, Utah; St. George, Utah; Price, Utah; Vernal, Utah; Elko, Nevada; Rock Springs, Wyoming; and Casper, Wyoming.
Blanchard represented both the seller, Holt Properties, and the buyer, an out-of-state publicly traded REIT. Additionally, a subset of the properties were simultaneously closed on by a local investment group.
Codale Electric Supply was founded in 1975 by Dale P. Holt. Today it is one of the most innovative electrical supply distributors in the nation. Headquartered in Salt Lake City, Codale has 13 branch locations in the western United States. Codale had previously been acquired by Sonepar, a family-owned company headquartered in Paris, France, that is the true leader in business-to-business distribution of electrical products worldwide.