SALT LAKE CITY, Sept. 26, 2016 – Cushman & Wakefield Commerce announced the sale of the Village on Main, a deluxe mixed-use property with 192 high-end multi-family housing units and 49,441 square feet of Class A retail and office space. The property was purchased by Village Glen Plaza LLC represented by Parkstone Companies. The Seller was Village on Main Street LLC.
“Vacancy rates have remained below 5 percent and over the past 12 months rental rates have increased by more than 3.4 percent, signaling a very healthy market” said Robert Lindsey, branch manager at the Cushman & Wakefield Commerce Northern Utah office. “These conditions signal a need for more apartment units and with the transaction of the 271,993 square foot Village on Main, we are confident the market is growing stronger.”
Lindsey said the multi-family housing market has been in high demand in Utah, while supply has been significantly low. He believes that the market will need at least 3,000 new units annually to avoid persistently low vacancy rates and diminished rental housing opportunities for Utah’s growing renter population.
Village on Main is located on the intersection of Main Street and Parrish Lane in Bountiful, Utah. The property consists of 53 one bedroom and one bath, 9 two bedroom and one bath, and 130 two bedroom two bath units and a 21,564 square foot fitness center, a beauty and nail salon, convenience store, chiropractor’s office, child day care center, professional office space and storage units. The Multi-Family housing units are a mixture of family dwellings on the north end of the complex, and age-restricted senior dwellings on the south end of the complex. To find out more about Village on Main, visit: http://www.villageonmainstreet.com/.
Social Media Links:
About Cushman & Wakefield Commerce
Cushman & Wakefield Commerce operates the Cushman & Wakefield business in Idaho, Nevada, Utah and Washington. As part of the Cushman & Wakefield global platform, the firm offers innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory. With nearly 300 employees, 9 million sq. ft. of property management and transaction value of more than $2.8 billion, the firm is a leading commercial real estate resource in the Intermountain West region and Pacific Northwest. Learn more at www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
+1 801 208 1100