OREM, Utah, July 28, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of RISE Services, Inc., a 16,255 square-foot office property located in Orem, Utah. The asset sold for $3,411,615.
Marcus & Millichap held the exclusive listing, and Utah broker of record, Adam Lewis, assisted in closing this transaction, including a corporate-guaranteed lease with 14 years remaining and a two percent annual rental increase.
Built in 2000 and renovated in 2021, the property exists within a rapidly growing trade area with a total of 241,982 residents in a five-mile radius. The households and population within the surrounding area are projected to increase eight to ten percent by 2027. The asset is in a high visibility location with accessibility to 57,000 cars per day along State Street and is within a five-to-ten-minute drive of Central Orem, Downtown Provo, Brigham Young University, and Utah Valley University. The property is situated between University Place Mall and Downtown Orem, with national retailers such as Costco, Best Buy, Walgreens, Target, and more. RISE Services, Inc. is located at 703 South State Street in Orem, Utah.