Paperwork reveals California firm as investor in Kimball Art Center deal
May 8, 2015
A California real estate firm was heavily involved in the acquisition of the Kimball Art Center property without having a visible role in what was among the most widely publicized real estate transactions in Park City in years.
Columbus Pacific Properties’ involvement in the deal was shown in paperwork filed at the County Courthouse as the sale closed. According to a special warranty deed — a document that outlines the parties in a real estate transaction — three firms under the corporate umbrella of Columbus Pacific Properties were involved. The Columbus Pacific Properties’ interest is split between three corporate entities, with the biggest stake — a little more than 39.7 percent — held by a firm called CPP 570 Main, LLC.
Columbus Pacific Properties is headquartered in Santa Monica, Calif. The firm’s principal is Brian Shirken. He is also a co-founder, according to information available on the firm’s website. A brief biography of Shirken posted on the website indicates he has been the lead figure in property acquisitions totaling more than $300 million. He was involved with another $200 million in acquisitions of loans or equity positions and has restructured more than $120 million in debt, the biography says.
The Columbus Pacific Properties website indicates the firm has been involved in acquisitions and redevelopments of more than 5 million square feet of retail real estate and 3,100 units of multi-family residences. The website lists one property in Park City — 570 Main St. According to the website, Columbus Pacific Properties purchased the building in early 2011 for a little more than $1.9 million.
"We are longtime visitors and homeowners in the Park City area. We love Park City. We love Old Town and are interested in having more activities in the area, which will enable us to spend more time in Park City," Shirken, who owns a vacation home in the Park City area, said.
Columbus Pacific Properties did not have a public role in the Kimball Art Center property acquisition. Another firm from California, the David Luber-led LCC Properties Group, played that role. Luber has served as the spokesperson for the acquisition group and is the figure attempting to shepherd a development proposal for the Kimball Art Center site through the City Hall process.
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Luber on Friday issued a prepared statement about the role of Columbus Pacific Properties in response to a request by The Park Record.
"Building upon our 20-year history of development in the Park City area, we are very pleased to join with CPP as co-developer and partner in acquiring this truly exceptional property," the statement said, using an acronym for Columbus Pacific Properties. The statement described Columbus Pacific Properties as a "developer-investor partner" of LCC Properties Group.
The statement said Luber’s firm and Columbus Pacific Properties "continue to consider the comments and suggestions from both the public and staff made during" an April meeting of the Park City Planning Commission about the project.
Luber in late April withdrew a disputed application filed at City Hall that sought to change the language of a section of the municipal government’s detailed zoning rules. The change was needed for the redevelopment of the Kimball Art Center property to proceed as envisioned by Luber and Columbus Pacific Properties. There was resistance at City Hall to make the change, which would have increased the building height allowed at the site.
The not-for-profit Kimball Art Center plans to relocate as a result of City Hall rejecting its own plans to redevelop the site. Details have not been publicized.