This article was originally published on Utah Business
Ephraim — Camino Verde Group, a real estate investment, development, and asset management company, has acquired an industrial building located at 455 W 100 North in Ephraim for an undisclosed amount. The 85,297 square foot building has six bays and is located on 9.3 acres.
Camino Verde Group, which is also developing the mixed-use Ephraim Crossing campus in Ephraim, plans to significantly improve the 40-year-old building and property. “It had been used most recently for hay storage, but we plan on significantly improving it for much-needed industrial uses,” says Kevin Romney, partner at Camino Verde Group.
Romney says properties of this type are in short supply throughout Utah, and he has already seen interest from manufacturers and construction supply users in leasing large portions of the property. “It will be an affordable option among similar products in Utah and Salt Lake counties that are much more expensive,” he says. “Plus, it is ideally located in a central area of Utah that is just 300-600 miles from Las Vegas, Boise, Denver, Los Angeles, and Phoenix.”
Ephraim has seen a boom in building over the last year, with Ephraim Crossing now selling affordable single-family homes and developing centers for retail, restaurant, and office space.
The rural town of 7,300 is home to Snow College and the Ephraim Campus of Utah State University. The Church of Jesus Christ of Latter-Day Saints recently announced the development of a Temple in Ephraim, which is also expected to attract new residents and businesses.
Camino Verde Group LLC is a Las Vegas-based privately held real estate investment, development and asset management company with its sole focus on multifamily and mixed-use real estate. They generate passive income, long-term equity, and appreciation for investors and owners through the purchase/development and wise management of property assets and maximizing income exit strategies.