Cushman & Wakefield | Commerce Closes Sale of Historic Main Street Building in Park City, Utah
The seller was Meyer Crest, Ltd. of Berkley, Calif. The transaction was negotiated on behalf of the seller by Steve Hooker, Director at Cushman Wakefield | Commerce. The buyer was PCMAIN LLC of Park City, Utah.
“Due to Main Street’s high occupancy rate, prime vacancies are few and far between, particularly for a core structure such as 591 Main,” Hooker said. “Compared to previous years, the building sold fast—it was on the market for only four months. And at $2,950,000.00 or $628 per square foot, it was a significant transaction for the sellers and a new benchmark for the other commercial real estate offerings on Main Street.”
This historic building has a rich history and was one of only a few buildings to survive the devastating fire of 1898. The structure has had ongoing operations over the past 120 years with many elements that made it appealing for the buyers. For instance, 591 Main Street has one of the few large retail spaces available in the Main Street business area of 2,400 square feet of open floor space as well as four residential units on the upper level. The building is also directly adjacent to Pocket Park, an open area that is maintained by the Park City Municipal Parks and Streets departments.
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 250 offices in 57 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.