Building after building has changed ownership along Main Street since the depths of the recession.
But after the wheeling and dealing on Park City's most famous shopping, dining and entertainment strip, there it little left on the market on Main Street. By midweek, after the recent sale of a historic building, only one Main Street building -- 556 Main St. -- was listed for sale, according to the agent with the listing.
Eric Nelson, who has sold commercial real estate in Park City for 20 years and closely watches the market on Main Street, said a deal for the building at 556 Main St. could be near. The building houses the Fatali Gallery. He said a few other buildings on Main Street are for sale but are not listed.
Nelson, an agent with Gaddis Investments, said he anticipates the 556 Main St. building will be sold "very quickly." He predicted a deal will close for the building within 30 to 60 days. It will be a cash transaction, Nelson projected. There are four or five potential buyers, Nelson said. He added that he expects the first bids to be made early next week depending on the resolution of encroachment issues at the site. The asking price is $1,975,000. Nelson said a deal will likely be close to the asking price.
"We've had a ton of interest on it," Nelson said.
Main Street has long been a draw for commercial real estate investors, attracted by its position as the entertainment heart of Park City.
There has been a string of ownership changes along Main Street since the start of the recession. Ken Abdalla, then a newcomer to Main Street, acquired some of the buildings in what was an aggressive move onto the street. The Silver Queen Hotel, now under renovation, was one of the most notable deals involving Abdalla. The building once known as the Main Street Mall was another critical Main Street transaction. It did not involve Abdalla.
A Provo firm called Westlake Land, LLC since the middle of 2013 has acquired three properties on Main Street, including the Star Hotel and a vacant piece of land at 205 Main St. Todd Cusick, the manager of Westlake Land LLC, last winter spoke about the scarcity of property along Main Street as he described the firm's interest.
"There just aren't a lot of buildings on Main Street for sale, typically. They're hard to come by," said Marcie Davis, the president of the Park City Board of Realtors.
Davis owns two buildings on Main Street with her husband. She said "it stands to reason" other building owners would consider putting their properties on the market as prices increase.
There has been buzz along Main Street after the recent deal for a building at 591 Main St. for nearly $3 million. The listing agent, Cushman & Wakefield | Commerce's Steve Hooker, said in a prepared statement afterward the sale "was a significant transaction for the sellers and a new benchmark for the other commercial real estate offerings on Main Street." The deal valued the building at approximately $628 per square foot, according to Cushman & Wakefield | Commerce.
"It's exciting. Main Street suffered during the recession. It's coming back," Nelson said.
Paul Benson, an agent at Summit Sotheby's International Realty, was the agent on some of the high-profile deals along Main Street, including the Silver Queen Hotel. He is currently listing the Imperial Hotel building and has plans to bring the condominiums at the renovated Silver Queen Hotel to market shortly.
Benson said Main Street remains attractive to developers and investors. He noted the renovation of the former Main Street Mall building, which will house residential units upstairs and commercial square footage on the street level, is an important project for the Main Street market.
"I think the buyers are there, absolutely," Benson said, adding, "It's not a buyer issue right now, it's a product issue."