City Creek Adds to Accolades With IPA Award for Top U.S. Retail Project

By Alex Girda, Associate Editor

As one of the nation’s largest new retail projects to come on line in the country during the past several years, City Creek Center has already earned wide recognition. Now the property has added to its laurels, winning the prize for the year’s best retail development in the United States at the International Property Awards in London this month. Sponsored by the Royal Institute of Chartered Surveyors and Yamaha, the program has been a mainstay of the awards circuit for the past 18 years.

Developed by Taubman and City Creek Reserve, Inc., an entity controlled by the Church of Jesus Christ of Latter-Day Saints, City Creek beat out thousands of entries to land in the top three worldwide. Candidates from the Americas included projects from Canada, Mexico, South America and the Caribbean as well as the U.S.

The retail component of the development opened last March as the centerpiece of one of the largest mixed-use downtown redevelopment projects in the country. Stores include anchors Macy’s and Nordstrom, a new Apple store and more than 100 in-line retailers. The building incorporates a manmade creek, a re-creation of the original stream that gave its name to the area and the center.  

Image courtesy of shopcitycreekcenter.com

Perry & Associates Plans Spring Start for 70 KSF Lehi Office Project

By Alex Girda, Associate Editor

Perry & Associates, Inc. is planning a May construction start for Traverse Ridge Center I, a 70,000-square-foot office complex in Lehi, according to the Salt Lake Tribune. Completion is scheduled by March 2014.

Traverse Ridge Center I will take shape east of the State Road 92 exit of Interstate 15, the Tribune reports. Perry & Associates is banking on the property’s location next to the TRAX rail line and its proximity to the new Adobe campus and the Outlets at Traverse Mountain retail center to attract tenants. Eric Smith, James Mecham and Jessmine Kim of CBRE Inc.’s Salt Lake City office are handling leasing.

In hospitality investment news, Brian Head Resort, located near Cedar City in southern Utah, is under new ownership following its sale to Brian Head Acquisition Partner L.LC., the The Standard-Examiner reports.

The resort was placed on the market following the death in 2008 of Jim Trees, its former owner. Brian Head Resort includes two mountains, nine lifts, 640 skiable acres, 53 runs and a snow tubing area.

Terms were not disclosed, but the property’s 2010 price of $34.7 million price was later cut to $29 million. In March 2012, the resort was placed into receivership with Wells Fargo.

Image courtesy of snow-forecast.com

Stalled Pioneer Park Condo Project Gets $4.5M in City Financing

By Alex Girda, Associate Editor

Broadway Park Lofts, a stalled Pioneer Park condominium project, has received a lifeline from the Salt Lake City Redevelopment Agency. The Salt Lake Tribune reports that the agency is providing $4.5 million in completion financing to BPL South Tower L.L.C., the new developer of the 51-unit project. BPL South Tower is required to repay the loan over the next two years. Company principals Micah Peters and James Chellis had acquired the unfinished project for a reported $3.5 million.

Located at 300 South, Broadway Park Lofts lost its original developer, Ken Milo, after the market turned sour in 2009. Earlier this year, the Redevelopment Agency attempted to loan $4.5 million to Milo, but that effort to restart the project fell through.

Broadway Park Lofts will comprise 17 live/work units, two 580-square-foot units, ten 700-square-foot units, ten 900-square-foot units and 12 units with 1,200 square-foot floor plans. Prices will range from just under $100,000 to about $500,000. Peters and Chelis are counting on the property’s location near Pioneer Park to boost sales. Completion is expected by the end of 2013.

Image courtesy of silverleaf-financial.com

Tech Tenants Eyed for Rebranded 500 KSF Provo Office Park

By Alex Girda, Associate Editor

Utah-based developer Warren King has acquired a 500,000-square-foot office park in Provo and is rebranding the campus as East Bay Technology Park in a bid to reel in high-tech tenants.

Laurie Adair, Tab Cornelison and Scott Wilmarth of CBRE Inc. will handle leasing, and the firm’s asset services division is tasked with property management. The new owner and leasing team have some work ahead; the complex is about 60 percent vacant. That rate is several times higher than it is for the Greater Salt Lake City office market as a whole. Vacancy for the area is hovering around 18 percent, according to Marcus & Millichap Real Estate Investment Services Inc.

But King and the leasing team are betting that the property’s proximity to Interstate 15, and to the new FrontRunner South rail line linking Provo to Salt Lake City, will help expand its roster of technology tenants.

Built from 1986 to 1993, and renovated in 2009-2010, the six buildings are linked by a series of enclosed corridors and sky bridges. The complex had previously served as a campus for Novell, the software company.

Chart courtesy of Marcus & Millichap Real Estate Investment Services  

Sun Products Inks Record 1 MSF Lease at Freeport West Industrial Park

By Alex Girda, Associate Editor

In Salt Lake City’s largest-ever industrial lease, Sun Products Corp. is taking 1 million square feet at Freeport West Landmark Industrial Park.  The consumer products manufacturer will move from six different buildings into two, enabling it to centralize and streamline operations. respond to customers more efficiently and reduce its carbon footprint.

Wilton, Conn.-based Sun Products, which produces familiar brands like Wisk, All, and Snuggle, will begin using one building at the new logistics and distribution center this month. Delivery of the adjacent second building is scheduled for the third quarter of 2013.

Developed by Big-D Construction, Freeport West Landmark Industrial Park is being marketed by NAI West, which arranged the Sun Products lease. NAI West’s Zach Anderson, Bryce Blanchard, Kyle Roberts and Mike Falk worked on the transaction.

Image courtesy of daviscountyutah.gov