32 Premier Commercial Acres Sold
Lindon, Utah (August 2, 2017) — Coldwell Banker Commercial Advisors (CBC Advisors) today announced the sale of 32 premier commercial acres in Utah County on I-15 with access to 1,500 feet of rare freeway exposure and entry to the Pleasant Grove Boulevard interchange. Mike Howard, senior associate at CBC Advisors, and Peter Hanlon, director of Cushman & Wakefield Commerce, represented the seller, with Jarrod Hunt, vice president of CBC Advisors, and Brandon Fugal, chairman of CBC Advisors, representing the buyer.
The buyer was an affiliated entity of Pleasant Grove-based doTERRA — the world leader in sourcing, testing, manufacturing and distribution of CPTG® essential oils through a global network of more than 3 million independent distributors. The seller was VESAM, Inc.
Located in American Fork, CBC Advisors opened a state-of-the-art 15,000 square-foot Utah County office in 2014 as a result of rapid growth along the southern region of the Wasatch Front. The firm currently leads the entire Utah County commercial real estate market, and has played a key advisory role in growing economic development throughout the market.
“This major land transaction provides further evidence that Utah County has more room to grow as the region continues to outperform expectations among the hottest markets nationally,” said Howard. “Patience and persistence by the seller and brokers was the key factor in closing this deal. Multiple offers were generated for both parties, making the property a competitive transaction.”
VESAM acquired the site — positioned within both the cities of Lindon and Pleasant Grove — in 2005 with the intentions of building a production facility. Acquisition of a similar facility combined with a downward trending economy halted that project. Howard and Hanlon were retained in 2008 to dispose of the property. An offering price was set that would require the market to mature. In 2017, the Utah County market grew and a deal was struck. Preliminary plans suggest that doTERRA will utilize the Lindon site for additional operation facilities and future expansion.