Part of Holiday Village shopping center put on market for $8.2 million
One of the properties in the Holiday Village shopping center has been put on the market, a building that could be attractive to buyers as planning continues for a major redevelopment nearby.
The asking price is just more than $8.2 million. The property — a 35,741-square-foot building built in 1979 — went on the market in the middle of April. The building is situated toward the Kearns Boulevard side of Holiday Village.
Tenants include the Cinemark movie theater, Park City Television and a bank. Marketing materials indicate the building is 90 percent occupied. It has 11 tenants, according to the marketing materials. The nearby Sports Authority and Fresh Market grocery store are not in the building that is on the market.
Tim Anker, the listing agent, said there are "multiple interested parties" in the property. He said more than 50 people have signed confidentiality agreements allowing them to learn details about the property. He said at least one offer has been received. He did not provide information about the offer.
"We’re entertaining offers right now. We’ve had good activity," Anker said.
He said there has been interest from potential Park City buyers as well as investors from outside of Utah.
Anker said he anticipates a deal could negotiated within a few weeks. Timeline for a completed sale was not known, though.
The tenants have long-term leases with varied expiration dates.
The building is owned by a Newport Beach, Calif., firm called BKM Holiday Village LLC, according to Summit County property records. The Summit County Assessor’s Office values the building and the land where it sits at just more than $8.5 million. Property taxes were $81,427.38 in 2012 and they are estimated to be the same in 2013, according to the Assessor’s Office.
The building, housing the only movie theater inside the Park City limits, attracts people throughout the year. A mix of Parkites and visitors are frequently seen at the location. The movie theater is a venue during the Sundance Film Festival, and it is especially busy then.
The location is strategic commercially as it enjoys easy access from both Park Avenue and Kearns Boulevard, two of the busiest streets in Park City.
It could also someday be an important address as long-term plans for the Bonanza Park district are crafted. The building and the wider Holiday Village shopping center have not been key properties in the discussions about Bonanza Park, but they sit on the edge of the district.
It seems conceivable that Holiday Village building could eventually have ties to Bonanza Park given their proximity, perhaps as a neighborhood shopping and entertainment destination, even if they remain under separate ownership. The leader of the Bonanza Park efforts, Mark J. Fischer, was not available for comment this week.
Anker said the building could fit into the overall ideas for the redevelopment of Bonanza Park.
If it is sold, the building would be the latest high-profile property to come under new ownership since the onset of the recession, including a series of transactions along Main Street.
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