A financial firm has acquired the Kimball on Main, a high-profile property along Main Street that is one of Park City’s most notable commercial buildings.
Stanton Road Capital, with offices in El Segundo, California, and the Snyderville Basin, acquired the property from a firm under the corporate umbrella of Columbus Pacific Properties. The deal closed early in the week. A release from another party that marketed the property did not identify a price.
The Kimball on Main occupies one of the corners of the intersection of Main Street and Heber Avenue. It is an especially busy and visible location on the shopping, dining and entertainment strip.
The release said the 25,410-square-foot property is fully leased. There are commercial spaces in the building as well as event space. Some of the tenants include L.L. Bean and We Norwegians. The event space provides a Main Street backdrop for a range of gatherings. The building recently was the location of a temporary United States Olympic & Paralympic Committee-organized Team USA Hospitality House during the Winter Olympics in China.
A representative for Stanton Road Capital, LLC did not immediately return a phone message seeking comment. The firm’s portfolio of properties includes places across the U.S., including California, Texas and Missouri. One of the other properties in the portfolio, called the Strawberry Lodge, is in the Lake Tahoe region of California, a mountain resort competitor of Park City. Two properties are listed in Salt Lake City.
The deal was reached as Park City is amid a strong economic rebound from the collapse of tourism two years ago during the shutdowns of the early months of the novel coronavirus pandemic. Main Street has enjoyed strong numbers through this ski season and the winter prior, and the summer numbers have also been impressive.
Main Street real estate has for decades been a draw, with prices believed to be some of the highest on a per-square-foot basis in the state. The limited number of buildings on the street coupled with the high demand for the Main Street address have consistently driven prices higher.
The release announcing the transaction highlights the location, the fast-growing community, the wealth of the Park City area and Park City’s status as the host of the Sundance Film Festival.
The Kimball on Main property involves a historic building and a large, modern addition. The historic building once housed the Kimball Art Center. The not-for-profit organization opted to sell the building after a lengthy dispute with City Hall about plans for a major expansion.
The transaction involving the Kimball Art Center as the seller was closely watched as Park City-area real estate figures and the general public waited to learn of the future of the building. Columbus Pacific Properties acquired the building and associated land in 2015 in a $7.5 million deal. The Kimball Art Center identified the price in an annual filing required by the IRS. The property had been listed by the Kimball Art Center with an $8 million asking price.