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SPRINGVILLE, UT-A fully leased 82,945-square-foot office building here has changed hands for $14 million, according to the seller’s broker, Stan Johnson Company. Located at 2089 W. Neways Dr., the building is 100% leased to Neways International Inc. under a 20-year lease that expires in 2027.

Affiliates of Dallas-based Cardinal Capital sold the building to Springville LLC, which is registered in Utah under a Boynton, FL address. The people behind the LLC are based in Duluth, GA, according to the brokerage firm. The buyer assumed an $11-million loan with a 10-year term, a 30-year amortization and a 5.93% interest rate.

Brad Pepin of Team Hughes with Stan Johnson Co. represented the seller. Tom Mullen & Associates represented the buyer.

“The buyer was able to assume better-than-market non-recourse financing that generated double-digit returns,” Pepin says, “while the seller was able to monetize the asset as part of their portfolio management strategy.”

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