According to a press release from Newmark Grubb ACRES Commercial Real Estate, Park City's Summit Center Investment has been sold to Kai'Ohu Summit, an investor based out of Honolulu, Hawaii. This is their first commercial acquisition in Utah. The asset consisted of six retail/office building totaling approximately 83,000 square feet and is the home to businesses such as iSchool Campus and CrossFit Park City. This transaction was brokered by Bryce Blanchard, Executive Vice President of Newmark Grubb ACRES.
"This investment transaction was preceded by very strong management and leasing efforts by Newmark, Sperry Equities and Mountain West Retail, which allowed us to then find the right buyer for the transaction," said Blanchard.
Newmark Grubb ACRES (formerly NAI WEST) was founded in Salt Lake City in 1998 as a full-service commercial real estate brokerage. It has since grown to include property management, property maintenance and global corporate services. In 2010, 2011, and 2012, Newmark was recognized as the number one commercial real estate brokerage by Utah Business Magazine and the number one property management firm by the Enterprise newspaper.