A finance company 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, Calif., and the Snyderville Basin, acquired ownership of a company under the umbrella of Columbus Pacific Properties. The deal was closed earlier this week. A statement from another party that marketed the property did not identify a price.
The Kimball on Main occupies one corner of the intersection of Main Street and Heber Avenue. It is a particularly busy and visible location on the shopping, dining and entertainment strip.
The release says the 25,410 square foot property is fully leased. There are commercial spaces in the building as well as event spaces. Some of the tenants include LL Bean and We Norwegians. The event space provides a Main Street backdrop for a range of gatherings. The building recently hosted a temporary home for the United States team organized by the United States Olympic and Paralympic Committee during the Winter Olympics in China.
A representative for Stanton Road Capital, LLC did not immediately return a phone message seeking comment. The company’s property portfolio includes locations across the United States, including California, Texas and Missouri. One of the other properties in the portfolio, called Strawberry Lodge, is in California’s Lake Tahoe region, a competing mountain resort of Park City. Two properties are listed in Salt Lake City.
The deal came as Park City is in the midst of a strong economic rebound after tourism collapsed two years ago during lockdowns in the early months of the novel coronavirus pandemic. Main Street had good numbers throughout this ski season and the previous winter, and the summer numbers were also impressive.
Main Street real estate has been a draw for decades, with prices considered some of the highest in the state per square foot. The limited number of buildings on the street, coupled with the high demand for the main street address, has consistently driven prices up.
The news release announcing the transaction highlights Park City’s location, fast-growing community, area wealth and Park City’s status as host of the Sundance Film Festival.
The Kimball on Main property includes a historic building and a large modern addition. The historic building once housed the Kimball Art Center. The non-profit organization chose to sell the building after a long dispute with the town hall over major expansion plans.
The deal involving the Kimball Art Center as the seller was closely watched as Park City-area real estate figures and the general public waited to hear about the building’s future. Columbus Pacific Properties acquired the building and associated land in 2015 in a $7.5 million transaction. The Kimball Art Center identified the award in an annual filing required by the IRS. The property had been listed by the Kimball Art Center with an asking price of $8 million.