December 7, 2020 – Hobart Hare of Horvath & Tremblay has successfully completed the sale of Superior Drilling Products in Vernal, Utah. Horvath & Tremblay represented the buyer, to complete the transaction at a sale price of $4,448,500.
Superior Drilling Products is located at 1540-1586 S 1700 E in Vernal, Utah. The stand-alone building consists of 44,485 square feet on a large 6.5-acre lot. This was a sale-leaseback and Superior Drilling Products signed a new 15-year absolute triple net (NNN) lease that has four, 5-year renewal options. The lease calls for 1.5% annual rent increases throughout the base term and option periods. Constructed in 2007, the property was designed specifically for the Tenant with 40% of the building utilized as office space and the balance as industrial/manufacturing space. The Industrial space has a clear height of 21 feet and 13 cranes inside the facility. The property is well located within Vernal’s industrial zone and is surrounded by other industrial and manufacturing facilities.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.