Park City real estate showtime: Movie theater building listed for $11 million
January 4, 2019
The owner of a high-profile property at the Holiday Village shopping center has put the building on the market with an asking price of $11 million, a dollar figure that climbed sharply from a time it was listed earlier in the decade.
The building, 1776 Park Ave., includes the Holiday Village 4 movie theater and several other commercial spaces. The movie theater is the largest tenant. The building runs north from the former location of a Sports Authority store but does not include the onetime sporting goods space. It also does not include the nearby Fresh Market grocery store space.
County Courthouse records show a firm known as Holiday Village Shopping Center LLC owns the building. It is tied to the Los Angeles-based CCA Acquisition Company, LLC, according to the county records.
A large sign advertising the property was recently posted along Kearns Boulevard. Listing materials outline a 35,741-square-foot building on a little less than 2.8 acres. The materials highlight the property as a "rare Park City trophy shopping center" with what is described as a "theater monopoly anchor." The materials also describe Park City as a year-round tourism destination. The Holiday Village 4 movie theater is the only theater inside the Park City limits. It has long been a screening room during the annual Sundance Film Festival in January.
The listing agents did not immediately return a phone message seeking comment.
It is rare for a Park City commercial property as large as the one at 1776 Park Ave. to be listed on the open market. The same building was listed for just more than $8.2 million in 2013.
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Holiday Village is one of Park City's prominent commercial developments, occupying a high-traffic location just off the intersection of Park Avenue and Kearns Boulevard.
Tim Anker, a commercial real estate broker in Park City, was the listing agent when the building sold to the current owner in 2015 but is not involved in the current sale process. Anker said the building offers a desirable spot for a commercial property along the two major roads.
"It's got a fantastic location, right there at the corner of Kearns and 224," Anker said, referring to Park Avenue by its state-highway designation of S.R. 224. "It's good real estate."
Anker also noted the property is close to the land where City Hall plans to develop an arts and cultural district. The district is envisioned just east of Holiday Village in what is now known as Bonanza Park. City Hall has ambitious plans to advance the community as an arts and cultural destination. The Sundance Institute's Utah headquarters and the Kimball Art Center are seen as the anchor tenants of an arts and cultural district.
Anker projected the eventual investment in the vicinity of the arts and cultural district, public and private, could reach $100 million. The infusion in the arts and cultural district will lift nearby properties like the one at 1776 Park Ave., he predicted.
"Just having that sort of investment in the neighborhood will definitely elevate real estate around it," he said.