Fort Street Partners announced Tuesday that the group has acquired two office buildings 10 minutes from Old Town Park City.
With a total area of more than 120,000 square meters, the buildings are a rare acquisition in the area, where supply is limited and demand in the commercial market is increasing, the group said.
The properties were sold on August 13th by local developer Dakota Pacific Real Estate.
“Given the severe supply constraints and high demand in Park City, these properties are a great addition to our portfolio,” said Jim Balderson, Founder and CEO of Fort Street Partners. “These buildings are prime and 100% leased. We are excited to make this acquisition and have a positive impact on the Park City business community.”
Fort Street Partner’s newly acquired buildings are located in Newpark Town Center.
The Newpark One building is a fully leased, multi-tenant office building with a total area of 5,600 square meters and is 100% occupied. Tenants include Morgan Stanley, Western Steel and Wells Fargo Advisors.
The Newpark Three building is also 100% occupied and is a LEED Silver-certified multi-tenant building with a total area of 5,750 square feet. The property is primarily comprised of smaller, well-established local businesses, including Big-D Signature, Assemble Park City – a co-working space – and investment bank Stifel.
Jenny Taumoepeau, COO and Head of Acquisitions for Fort Street Partners, said, “Fort Street Partners has worked diligently to find and acquire high-quality properties with solid returns on investment. These rare, smaller rental properties in beautiful Park City meet those requirements and are an exciting addition to Fort Street’s offerings.”
Fort Street said its primary focus is on maintaining and increasing value for current tenants. They said they plan to upgrade the building’s entryways and common areas and consider tenant feedback on possible additional amenities.
Balderson said, “We are thrilled to be part of a neighborhood that is not only located on a 1,200-acre conservation area, but is also within walking distance to numerous shopping options and a short drive to world-class skiing and dining. It’s truly the best of all worlds. We look forward to adding even more value to our tenants through building upgrades and additional amenities in the future.”
