Newmark Grubb ACRES recently revealed that executive director of investments, Bryce Blanchard, has sold a nine-property Codale single-tenant investment portfolio. The deal was 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. While the identity of the buyer wasn’t revealed as of press time, we did learn that 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, according to a prepared statement.
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.
Newmark Grubb ACRES was founded in Salt Lake City, in 1998 as a full service commercial real estate brokerage. It has since grown to include property management, property maintenance and global corporate services.
We will update this story if we learn more.