Sagewood Plaza retail property, near Kimball Junction, sold
June 12, 2015
Real estate company Cushman & Wakefield recently announced Sagewood Plaza, a 12,858 square-foot retail building near Kimball Junction, has been sold.
The plaza, located at 6300 N. Sagewood Drive, was built in 1998 and had been owned by Ed Marks, a longtime real estate investor who owns multiple properties in Park City. It was bought by Nick Sterns, a private investor. Cushman & Wakefield brokered the deal.
Steven Hooker, director of office, investment, retail and land for Cushman & Wakefield, said in an interview with The Park Record that Marks sold the building to pursue another property in California.
"What happens with investors is they find another investment they might want to buy," Hooker said. "To do that, they look at their portfolio and decide which one they want to sell off. This is one of those properties (Marks) wanted to sell off."
Hooker declined to disclose financial details of the deal but did say the property drew a fair sum.
"It was a very healthy price," Hooker said. "We basically had three full-price offers. It was a very straightforward deal and it sold in three days."
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The property comprises six retail spaces, five of which are full, Hooker said. He added the deal won’t affect the current tenants, who he said have long-term leases. The tenants include Full House Asian Bistro, Tressa’s Consign and Design, Mountain Velo and The UPS Store.
Hooker said the deal comes as property values are rising in Park City as a result of Vail Resorts’ acquisition of Park City Mountain Resort last year. Interest from out-of-state investors is growing for both commercial and residential properties.
"We’ve seen a price increase in both retail space and building costs," he said. "A perfect example is looking on Main Street. A year and a half ago, we were at $650 a square-foot to purchase a building. Now we’re approaching $900 a foot. Increases like that have happened all over town — not quite to that extent but they are going up all over."