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Newmark Grubb ACRES is pleased to announce the portfolio sale of six high-image retail buildings located on Park City’s Historic Main Street. Acquired by a Hawaiian investment group for an undisclosed sum, the portfolio comprises approximately 44,000 square feet of retail, restaurant and office space at the street level of Marriott’s Summit Watch, a Marriott Vacation Club resort. The properties are home to 16 various tenants, including Vinto Pizzeria, Prudential, Prime Steakhouse, Park City Sports, The Mustang, Collie’s Sports Bar & Grill, and Coda Gallery.
Bryce Blanchard and Mark Jensen of Newmark Grubb ACRES represented Lower Main Street Venture, the seller. The buyer was 900 Lower Main Street Associates.
Regarding the transaction, Mr. Blanchard said, “It was exciting to broker this trophy property in Park City, an area that is generating a lot of energy. The sellers capitalized on their leasing efforts over the last couple of years, while the buyer is positioned well to take the asset to new heights.”
Historic Main Street is the hub for all tourist and ski activities both in the fall/winter and the spring/summer. Historic Main Street boasts more than 250 unique businesses, including shops, art galleries, restaurants, lodges, resort and cultural establishments. Park City helped host the 2002 Olympic Winter Games, deemed the most successful winter games ever. Park City continues to host year-round events and is home to the Sundance Film Festival, Park City Art Festival, Sunday Silly Market, Park City Food and Wine Classic, Savor the Summit, Tour of Utah (one of only four internationally sanctioned, multi-stage, American pro cycling events), and The Utah Olympic Par (a U.S. Olympic training site now serving as a year-round competition and training ground for recreational and high-performance athletes).
About Newmark Grubb ACRES
Newmark Grubb ACRES (formerly NAI WEST) was founded in Salt Lake City, Utah in 1998 as a full-service commercial real estate brokerage. It has since grown to include property management, property maintenance and global corporate services. For the last five years, Newmark Grubb ACRES has been recognized as the No. 1 commercial
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.