Office Services

Travis Yates Joins CBC Advisors as Vice President

Travis Yates Joins CBC Advisors as Vice President

Salt Lake City (February 15, 2017) —Coldwell Banker Commercial Advisors (CBC Advisors) is pleased to announce that Travis Yates is joining the newly expanded downtown Salt Lake City office at 111 Main as Vice President, and will be working in partnership with Chris Kirk, newly appointed Managing Director of that office.

“Travis is a rising star in the commercial real estate industry and brings incredible momentum to our dynamic new downtown Salt Lake City office,” said Brandon Fugal, chairman of CBC Advisors.

Yates was previously with Cushman Wakefield/Commerce, and represents a number of significant projects in Utah. Previously, he was an investor, property manager,  salesman of real estate coaching services, as well as an analyst at Morgan Stanley.

CBC Advisors has long been considered one of the most recognized and trusted brands in commercial real estate, holding the designation of Top Performing Coldwell Banker Commercial Affiliate globally for 14 consecutive years. Since 2013, CBC Advisors has expanded operations from 4 offices in the Intermountain region to 30 offices in primary and secondary markets across the United States.

CBC Advisors operates as a full-service commercial real estate brokerage, representing world-class industrial, investment, multifamily, office and retail properties nationally. The firm’s Asset Services division manages a portfolio of commercial properties in excess of 24 million square feet.

Chris Kirk Joins CBC Advisors as Managing Director

Chris Kirk Joins CBC Advisors as Managing Director

Salt Lake City (Feb. 13, 2017) — Coldwell Banker Commercial Advisors (CBC Advisors) is pleased to announce that industry veteran Chris Kirk is joining the newly expanded downtown Salt Lake City office at 111 Main as Managing Director and will partner with industry leader, Brandon Fugal.

“CBC Advisors continues to transform the commercial real estate industry with a client and broker-centric approach,” said Brandon Fugal, chairman of CBC Advisors. “Chris Kirk’s leadership will have a lasting impact on the market and punctuates our firm’s commitment to downtown”.

With over 20 years in the commercial real estate business, Kirk is a top producer and was formerly Executive Director of Cushman & Wakefield/Commerce, and is the incoming President of the Utah Chapter of the Society of Industrial and Office Realtors (SIOR). He represents some of the most prestigious projects and clients in Utah.

CBC Advisors has long been considered one of the most recognized and trusted brands in commercial real estate, holding the designation of Top Performing Coldwell Banker Commercial Affiliate globally for 14 consecutive years. Since 2013, CBC Advisors has expanded operations from 4 offices in the Intermountain region to 30 offices in primary and secondary markets across the United States.

CBC Advisors operates as a full-service commercial real estate brokerage, representing world-class industrial, investment, multifamily, office and retail properties nationally. The firm’s Asset Services division manages a portfolio of commercial properties in excess of 24 million square feet.

Global Payments Expands Operations in New Lindon Office

Global Payments Expands Operations in New Lindon Office

Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology services, has expanded operations in Utah with the grand opening of a new office in Lindon. The approximately 50,000-square-foot-office provides a new headquarters for OpenEdge, the integrated payments division of Global Payments.

Headquartered in Atlanta, Georgia with more than 8,500 employees worldwide, Global Payments is a member of the S&P 500 with merchants and partners in 30 countries throughout North America, Europe, the Asia-Pacific region and Brazil.

Brandon Fugal, Chairman of CBC Advisors, and Ben Richardson, Vice President-Industrial and Development at CBC Advisors, advised the commercial real estate process for the transaction.

“Global Payments ranks among the highest caliber companies in the world,” said Fugal. “This transaction positions Global Payments with a strategic advantage to grow and expand operations in Utah. The state will benefit from tremendous economic growth as a result.”

Global Payments showcased OpenEdge’s new office at 2578 West 600 North during a ribbon cutting and open house. Present at the ribbon cutting were Utah Lt. Governor Spencer Cox, State Senator Margaret Dayton, Mayor Jeff Acerson of Lindon, GOED Executive Director Val Hale, Global Payments CEO Jeffery Sloan, Global Payments COO and President David Mangum, OpenEdge President Sid Singh, Chairman of CBC Advisors, Brandon Fugal and CEO of CBC Advisors, Lew Cramer.

Largest Office Transaction in Utah History

Largest Office Transaction in Utah History

Sandy, Utah (November 17, 2016) Coldwell Banker Commercial Advisors (CBC Advisors) today finalized the largest office build-to-suit transaction in Utah history for Mountain America Credit Union. Totaling 327,000 square feet, the landmark 11-story headquarters broke ground today, prominently located on I-15 at 9800 South in Sandy City – located in the heart of the Salt Lake suburban market.

“This building will be the tallest office building in Utah, outside of the Central Business District, and will set a new standard for development in the dynamic Silicon Slopes area of the Intermountain West,” said Brandon Fugal, Chairman of CBC Advisors and agent representing Mountain America negotiating the transaction. The building is scheduled for completion in 17 months.

Designed by WRNS Studio and developed by Gardner Company, the building will be owned by Mountain America Credit Union. With 86 branches in 5 states, Mountain America has more than 700,000 members and $5.9 billion in assets. Brandon Fugal and Jordan Wall of CBC Advisors exclusively represent the developer.

Lora Munson Joins CBC Advisors

Lora Munson Joins CBC Advisors

SALT LAKE CITY (May 5, 2016)– Coldwell Banker Commercial Advisors (CBC Advisors), the largest Coldwell Banker Commercial affiliate globally, announced today that one of the Intermountain West’s top producing agents, Lora Munson, CCIM has joined the firm as an office specialist. Munson will transition to the firm after excelling as Vice President at Cresa.

“CBC Advisors leads the industry with its progressive approach to brokerage,” said Munson. “I look forward to utilizing the market-leading tools and resources offered at CBC Advisors to deliver exceptional service and enhanced value for my clients.”

Munson began her career in 1993 and has experience in all aspects of commercial real estate including acquisitions, dispositions, leases, early termination agreements, interior space programming and design, efficiency analysis, and comprehensive financial analysis. She has represented clients including Marriott, Key Bank, New York Life, Snowbird, Mrs. Fields, CHG, SkullCandy, and HealthEquity. Munson holds accreditation as a Certified Commercial Investment Member (CCIM) and has been a long-time leader in the local Utah CCIM Chapter, holding such positions as President, Vice President, Membership Chair, and Education Co-chair.

“Lora excels at delivering long-term value through a tenant-focused delivery model,” said Lew Cramer, CEO of CBC Advisors. “Our firm is a true full-service commercial brokerage, and an integrated approach to tenant representation will always be a core component of our growth strategy as CBC Advisors builds upon the services available to commercial occupants coast-to-coast.”

As a full-service commercial real estate brokerage, CBC Advisors represents world-class office, retail and industrial projects in addition to offering institutional-grade asset services nationwide. CBC Advisors operates 28 offices across the country with approximately 500 commercial professionals in Alaska, Arizona, California, Colorado, Florida, Idaho, New York, Nevada, Texas, and Utah.

Entrata Selects New Corporate Headquarters

Entrata Selects New Corporate Headquarters

SALT LAKE CITY (April 18, 2016)– Entrata, formerly Property Solutions, today announced leasing of the entire Traverse Heights office building under construction in Lehi, located just north of Adobe. The four-story 106,000 SF building is scheduled for completion in September.

“This major transaction and location puts Entrata in a superior and prominent position for expansion and growth,” said Brandon Fugal, Chairman of CBC Advisors.

Fugal and partner Jordan Wall brokered this notable transaction, while Entrata positions to exceed its goal of creating 191 jobs over the next five years. The total wages in aggregate will exceed 110 percent of the county average wage. New state wages over the life of the agreement are expected to be approximately $38,135,356.

“We are proud to welcome Entrata to North Utah County’s newest Class-A office development,” said Jake Boyer CEO of developer Boyer Company. “Traverse Heights is a perfect fit for the organization’s future plans.”

Founded as Property Solutions International in Lehi in 2003, Entrata now employs 1,400 globally. The company is the nation’s largest provider of website portals and payment processing to the multifamily home industry and a leading developer of property management software tools. Entrata now serves more than 20,000 apartment communities in the United States.

Midtown 360 Announces Three Tenant Leases

Midtown 360 Announces Three Tenant Leases

Orem, Utah (August 19, 2015) – Midtown 360, a luxury mixed-use facility and one of Orem’s most iconic downtown buildings, announces the execution of three long-term commercial leases as economic activity throughout Utah County continues to scorch national averages.

“Midtown 360 provides tangible evidence of the economic momentum rolling through the City of Orem,” said David Runnells, Investment Specialist and Midtown 360 leasing agent, CBC Advisors. “As a focal point for development in the area, Midtown 360 demonstrates the high stability that Orem currently affords businesses looking to expand market share and improve offerings.”

Located directly in the heart of Orem City, many have long considered Midtown 360 the pioneer of mixed-use development in Utah. The facility offers the benefit of high traffic volumes and excellent area demographics. With space for over 1,000 residents and hundreds of employees, a blend of office and retail businesses are opening their doors to the public.

  • Longtime Midtown 360 tenant Pizzeria Seven Twelve has renewed its lease and will expand to 3,500 square feet. The expansion will increase seating capacity from 42 to 96. Pizzeria Seven Twelve has been named Best Restaurant in Utah County for four consecutive years. A grand opening for the expansion will take place on September 1.
  • Skin Science Institute of Laser and Esthetics will occupy 6,500 square feet within Midtown 360. The school has partnered with renowned surgeon Dr. Rodney Schmelzer. Dr. Schmelzer oversees curriculum and laser treatments. The Skin Science Institute students will also shadow Dr. Schmelzer at Selarum Plastic Surgery & Medical Spa.
  • Salon Precis, an upscale, full-service salon, signed a lease for 2,000 square feet at Midtown 360. Heralded eyebrow specialist, Alanna Uasike, manages a team of estheticians providing services that range from eyebrow shaping and waxing to manicures, facials, and brush tanning.

“The success of Midtown 360 evokes a sense of community pride,” said Runnells. “Business serves as the crux of municipal vitality and companies currently occupying retail and office spaces throughout Midtown 360 play crucial roles in creating an architectural legacy for Orem.”

Coldwell Banker Commercial NRT Secures Lease Agreement for RiverPark with International Container Transportation Companies

Coldwell Banker Commercial NRT Secures Lease Agreement for RiverPark with International Container Transportation Companies

The Utah region office of Coldwell Banker Commercial NRT (CBC) today announced it has brokered a lease agreement between RiverPark Corporate Center and Orient Overseas Container Line USA (OOCL), one of the world’s largest international container transportation, logistics and terminal companies. OOCL will lease 50,000 square feet of the RiverPark 7 building, currently under construction, and plans to expand and hire over the next several years.

According to the Governor’s Office of Economic Development (GOED), OOCL is expected to relocate and/or hire 300 professionals for this new office space.

“We are pleased to welcome another world class company to Utah, and are thrilled that they selected RiverPark to stage their expansion,” said Brandon Fugal of Coldwell Banker Commercial, who helped negotiate the transaction.

“We’re excited to see OOCL come to RiverPark, and welcome them to our growing network of regional, national, and global headquarters,” said Kent England, senior vice president at RiverPark.”

RiverPark 7 is the newest 75,000 square foot 3-story building under construction in RiverPark Corporate Center, located at 10913 South River Front Parkway in South Jordan. The RiverPark Corporate Center is Utah’s largest office development with over 1.5 million square feet.

TOD’s Expanding Foorprint Offers Tests for New Markets

TOD's Expanding Foorprint Offers Tests for New Markets

In early June, The Moinian Group detailed plans for a 1.8 million-square-foot trophy tower between 34th and 35th streets near the Hudson River on Manhattan’s far West Side. Dubbed 3 Hudson Blvd., the project faces formidable competition. Just a block away, The Related Cos. is planning to build more than 6.8 million square feet of office space as part of Hudson Yards, a 26-acre redevelopment of space above the rail yards near the Hudson River.

But Moinian Group CEO Joseph Moinian has reason to be confident that there will be enough tenants to fi ll his building as well as Related’s planned towers. Next June, New York City’s biggest subway station is scheduled to open nearby. By providing a link to the mass transit system, the station will make large-scale commercial development feasible in the neighborhood for the first time. Accordingly, billions of dollars of investment are on the way.

New York City developers are famous for leveraging transportation hubs, but innovative transit-oriented projects are springing up around the country. Elected officials, urban planners and environmental officials all like the potential to blend economic development, community building and sustainability.

“One of the things that people are now beginning to realize is that while historically there’s generally been resistance to development, the reality is that dense development close to transit is good for the community,” observed Paul Paradis, a senior managing director in Hines’ San Francisco office.

Hines and Boston Properties Inc. are teaming up to develop Transbay Transit Tower, a 1.4 million-square-foot office building adjacent to the $4 billion Transbay Transit Center in San Francisco’s Financial District. When completed in 2016, the 1,070-foot-tall building will be the tallest on the West Coast.

Among the most striking trends in transit centered development is its emergence in places where mass transit has often taken a back seat. “The market wants to go to TOD in most parts of the country,” contends Rachel MacCleery, vice president for infrastructure at the Urban Land Institute. Los Angeles, Orlando, Phoenix, Salt Lake City, Dallas and Denver are among the places with big transit-oriented projects in the pipeline:

1. Florida’s 61-mile-long SunRail commuter line is fostering proposals like Rida Development Corp.’s Central Station, a proposed $200 million project in Downtown Orlando.

2. Ryan Companies US Inc. and Sunbelt Holdings unveiled plans in June for Marina Heights, a $600 million mixed-use project in Tempe, Ariz. Called the biggest office project ever proposed for Arizona, it would include a 1.9 million-square-foot office campus anchored by State Farm. A light-rail station at Sun Devil Stadium is a few blocks from the site.

3. In Rockville, Md., the White Flint station on the Washington Metro is the linchpin of Pike & Rose, a 3.4 million-square-foot office, retail, multi-family and hotel project planned by Federal Realty Investment Trust. Thanks to its formal designation as transit-oriented by the state and by Montgomery County, Pike & Rose is eligible for fast-track approvals, tax credits, planning funds and other incentives.

In some locations, commercial development is running behind the growth of the rail network. “Salt Lake City has done a superb job of building their transit system,” said Scott Bernstein, president of the Center for Neighborhood Technology, a Chicago-based research organization. “They’ve done a so-so job of paying attention to the areas around the station.”

Nevertheless, the newcomers are working hard to catch up. In metropolitan Salt Lake City, a showcase example is Vista Station, a 1.8 million-square-foot office, retail and multifamily project taking shape next to a stop on the region’s new rail line, the FrontRunner. “Our municipal and state governments are getting very proactive in doing what we need to do as a strategy along the Wasatch Front to create jobs,” contends Greg Pavich, a vice president for Coldwell Banker Commercial, the property’s leasing agent.

Vista Station’s first phase features eBay’s nearly complete $110 million, 200,000-square foot regional headquarters. “EBay chose Vista Station because of its transit-oriented nature and because it’s able to be a live-work-play environment for their employees,” explained Brandon Fugal, a Coldwell Banker executive vice president.

Though no two successful transit-oriented developments are exactly alike, there is much agreement about many of the basic ingredients. Density, walkability, support from elected officials, expedited permitting and a variety of uses that create a destination top the list. While rail is usually part of that mix, some experts urge a broader view. “Bus rapid transit has the potential to catalyze development, too—or at least support it,” said MacCleery. In Pittsburgh’s East End, for instance, Mosites Development Co. plans to build a new bus terminal, 360 residential rental units and 54,000 square feet of retail space. Dubbed Eastside Liberty Transit Center, the $75 million project is viewed by city officials as a catalyst for investment.

Considering the variety of projects labeled “transit-oriented,” a look at the term is illuminating. A rule of thumb holds that such assets should be within a half-mile of a rail station or major bus line.

Aaron Miripol, president & CEO of the Denver-based Urban Land Conservancy, says projects should be closer—on the same block as a bus stop, or a block or two from a rail station. His reasoning: “Realistically, are folks going to walk half a mile to a rail station in the winter from a property that we have purchased for redevelopment?”

On that principle, in 2011 the non-profit organization bought a parcel adjacent to the Evans Light Rail Station in south Denver and held it in trust for a future project that could benefit the community. ULC used capital from the Transit-Oriented Development Fund, a public-private initiative said to be the first dedicated to transit-oriented affordable housing.

In 2012, Medici Communities L.L.C. bought the parcel to develop 50 units of affordable housing. ULC has also invested $14 million in parcels along the 12-mile-long West Rail Line, which opened in April and links Downtown Denver to Golden, Colo.

Denver, Salt Lake City, Pittsburgh and their counterparts around the country promise to serve as vibrant workshops for the next generation of projects linked to rail and bus hubs. But they will by no means corner the market on innovation.

Declared MacCleery: “Even in communities that have longstanding transit systems, there is still opportunity for transit-oriented development.”

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Coldwell Banker Commercial’s Brandon Fugal & Jordan Wall Close A 100,000 SF North Pointe Business Park Deal

Coldwell Banker Commercial's Brandon Fugal & Jordan Wall Close A 100,000 SF North Pointe Business Park Deal

Henry Schein Inc., which manufacturers and distributes medical supplies for dentists, doctors and veterinarians, is bursting at the seams at its American Fork location and will be moving into a bigger building.

Not only will it be the new home for its 400 Utah employees —whose numbers are expected to grow — but the company also hopes it can build a clinic there to provide free dental care for the needy.

The American Fork office is home to the Henry Schein division that manufactures and markets business and clinical software for dentists. The operation began as Dentrix until it was purchased in 1997 by Henry Schein, which has 15,500 employees worldwide and services more than 775,000 customers. Henry Schein, which is based in Melville, N.Y., marked the ground-breaking Friday for its new facility in the North Pointe Business Park, a block west of the company’s current digs.

The new four-story building will cover 100,000 square feet and be the tallest in American Fork, said Brandon Fugal, executive vice president of Coldwell Banker Commercial.

Construction is expected to be completed by April 2014, and the building will be able to accommodate up to 550 employees. Spokesman Mike Allsop said Henry Schein will be hiring over time to fill that space, and operations could expand to another new building in the business center that will be built some time next year.

“We’re acquiring companies and developing products at a pretty impressive rate, and it requires we hire more talent and prepare for that growth,” Allsop said.

The company also is working with contractors to turn some of the new office space into the dental clinic that would work with nonprofit charity groups such as Share a Smile and the Utah Food and Care Coalition, both which provide health care for the needy. Henry Schein would provide products and supplies.

“We’re looking to partner to identify patients and dentists who would provide this service on a voluntary basis,” Allsop said. “We are in the planning stages and have a lot more work to do to roll out a successful dental clinic in our office.”

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