Utah Film Studios attaches a $59 million asking price as project remains on market
The owner of the Utah Film Studios has attached a $59 million price tag to the property after initially listing the Quinn’s Junction facility without a dollar figure, further evidence that a sale — at a number that is even close to the asking price — would be one of the Park City area’s blockbuster real estate transactions.
Marketing material posted by Cushman & Wakefield, the firm listing the property, recently was updated to reflect the asking price of $59 million. The property was initially listed in the summer without an asking price. Transaction prices are not public information in Utah, but it is believed few deals have reached that number in Park City.
City Hall’s $64 million acquisition of the Treasure acreage overlooking Old Town along the route of the Town Lift in a conservation deal is one example of a transaction that topped the $59 million asking price for the studios. It seems certain that a Provo firm’s planned acquisition of the Park City Mountain Resort parking lots, with development rights attached, will reach well into the eight digits.
The Gary Crandall-controlled Quinn Capital Partners, LLC is the seller of the studios. The firm acquired the property in 2017 in an agreement that resolved a lawsuit between the Crandall family side, which financed the project, and the initial developer.
Tim Anker, the listing agent, said several offers have been made for the property. People in Park City made some of the offers while others came from outside of Utah. Anker declined to provide details about the people or the offers.
“None of them have come to fruition,” he said, describing that “several viable offers” have been received.
He said identifying a dollar figure could “draw a larger pool of buyers.”
Anker said the seller’s side crafted the figure through a formula that relied on the existing income stream at the studios coupled with the value of the development rights. The listing says the studios are “currently generating substantial income” even with most of the development rights remaining to be built.
The listing includes the existing facilities and the undeveloped land, a total of approximately 30 acres on one corner of Quinn’s Junction. It is along the S.R. 248 entryway to Park City and is highly visible from the state highway.
The undeveloped land is seen as especially noteworthy in a deal. The existing facilities total approximately 90,000 square feet of development. The City Hall approval that guides the development of the project involves 374,000 square feet. Less than 25 percent of the development rights attached to the land are built, leaving vast opportunities for a buyer to pursue the construction of the remainder. The approval envisioned a hotel, an entertainment center, a film school and a digital media center alongside the soundstages and other spaces needed by a working studio.
Anker said he hopes a deal will be reached by the end of the year, the same timeline outlined earlier. He acknowledged, though, a sale could take longer since it involves a large, complicated project.
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Mother Nature has not delivered any early gifts to Park City skiers and snowboarders. As December nears, the area is suffering through an especially dry spell of weather.