CBC Advisors Brokers 10th Jersey Mikes Subs Location in Utah

CBC Advisors Brokers 10th Jersey Mikes Subs Location in Utah

Salt Lake City (September 27, 2017) The Bowler Retail Team (BRT) at Coldwell Banker Commercial Advisors (CBC Advisors) announced that Jersey Mikes opened its tenth Utah location. The sub sandwich chain opened its newest store in Riverdale at the newly developed Riverdale Town Square. Heather Bogden, Vice President–retail division at CBC Advisors, represented Jersey Mike’s in locating real estate for all 10 Utah stores.

Jersey Mike’s has taken the quintessential New Jersey sub shop experience and made it a nationwide hoagie habit. The fast-casual sub sandwich franchise has become the fastest-growing restaurant chain in the nation for the past three years. The company has doubled in size with 1,500 stores operating and under development nationwide. The chain added 197 new stores in 2016 alone.

“Jersey Mike’s Subs CEO Peter Cancro creates a family-like culture. Whether building subs or owning a store he treats everyone with equal respect.  It is surprising how many franchisees start working for the company and then become owners/franchisees themselves,” said Ms. Bogden.

CBC Advisors operates as a full-service commercial real estate brokerage, representing world-class industrial, investment, multifamily, office and retail properties nationally. The Bowler Retail Team at CBC Advisors advises tenants and landlords throughout the Intermountain West and Alaska with a focus on tenant representation, as well as lease and sale of shopping centers

Mark Jensen Receives ‘50 Under 40’

Mark Jensen Receives ‘50 Under 40’

Salt Lake City (October 25, 2017) – Coldwell Banker Commercial Advisors (CBC Advisors) today announced that Mark Jensen, executive vice president at CBC Advisors, was honored among Real Estate Forum’s 2017 “50 Under 40.”

The “50 Under 40 feature showcases high-achieving and innovative young professionals who have made their marks on the commercial real estate industry in various ways, from closing billions of dollars’ worth of transactions to creating products that alter future business practices. Award recipients were selected from hundreds of standout nominations from markets across the U.S.

“Mark has become a standout in the industry,” said Brandon Fugal, chairman at CBC Advisors. “His work ethic, unparalleled drive for success, and client-first mentality allow him to consistently rank among the top investment experts in the West.”

Over the course of a decade-long career, Jensen has become one of the highest-producing commercial real estate investment brokers in the Intermountain West region. He has handled more than $1 billion in total transaction volume, having closed over $120 million in transactions within the last 12 months alone. Within the past three months, he has been personally responsible for organizing 64% of the state of Utah’s brokered apartment transactions.

“Receiving recognition from Real Estate Forum is an honor,” said Jensen. “I am fortunate to work with the best clients and most talented team available. We look forward to delivering the most dominant investment brokerage platform in the West.”

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.

What’s The Point?

What’s The Point?

Shock and Awe—two words that best describe emotions exhibited by executives visiting Utah while driving the 20 mile stretch on I-15 from Sandy to Pleasant Grove. Why the strong emotions? The numerous construction cranes reaching skyward coupled with structural steel climbing as high as 11 stories powerfully demonstrates the stunning economic development and growth of this unique area.

Written By Brandon Fugal

The “Point of the Mountain” is colloquially used to refer to the area where the Salt Lake County and Utah County metropolitan areas converge, referencing the mountain pass used by the highways and rail arteries that connect the two most populous areas in the state.

In the commercial real estate business, we have had a unique front-row seat—orchestrating and witnessing the bold moves of the companies and developers that have created this area which has become the heart of “Silicon Slopes”.

Most companies that have gravitated toward this area have been driven by factors including the ability to effectively recruit and retain talent from both counties and locations providing new, innovative office product and build-to-suit potential. Decision making has transcended merely being in Lehi or Draper—it is about being at the center of the Wasatch Front.

I vividly remember conducting site tours with executives from Xactware and Ancestry.com, with both of those companies having outgrown their campus locations in Orem and Provo, respectively. While driving various sites, Jim Loveland (then CEO of Xactware), saw the potential to strengthen recruitment and take advantage of unobstructed panoramic views offering both mountain and lake backdrops. Ancestry.com observed the same advantages, with the opportunity to create a world-class campus setting that would enable them to stage their dynamic growth and provide onsite amenities for their employees.

This hasn’t happened overnight. It required years of planning between the initial site tours to final occupancy/completion of these world-class buildings. The process of commercial real estate development is not for the impatient or the faint of heart. The vision of those companies, coupled with the resources and efforts of a dynamic development team, launched one of the most impressive and expansive office campus locations in the Intermountain West. It is rewarding to reflect on the fact that just a few short years ago, Traverse Mountain was just a large vacant expanse of undeveloped property. Today, it is teeming with activity with new buildings breaking ground and restaurants and services opening regularly.

The same phenomenon has been witnessed in Draper on the other side of the Point of the Mountain at Vista Station. Vista Station is home to the FrontRunner commuter rail station, which serves as the mass transit hub for the south end of Salt Lake Valley nearest to the Point of the Mountain. I remember the primary rationale underpinning eBay establishing its $287 million campus and Tier IV data center was the Transit Oriented Development (“TOD”) location coupled with proximity to the neighboring Utah County workforce. Many companies have followed at a rapid pace, with the most recent entrant being Dell EMC’s new campus on 12 acres located next door within the project, also due to the TOD aspect.

The Pillars of the Point of the Mountain:
IM Flash – (over 3 million square feet on over 300 acres)
Adobe – (38-acre campus, currently hiring 1,200 additional employees)
eBay – (nearly $300 million campus and Tier IV data center)
NSA Data Center – (1 million square foot facility on 240 acres)

New Headquarters Under Construction:
Podium – new 5-story building under construction
Young Living Essential Oils – 263,000 square foot global headquarters on 27 acres
Nature’s Sunshine/Synergy WorldWide – new 5 story building under construction
Sorenson Media – part of new 150,000 square foot building under construction

Recently Completed:
Dell EMC – new 12-acre campus in Draper at Vista Station
Entrata – new headquarters above Adobe on Traverse Mountain
SolutionReach – new headquarters at Thanksgiving Point
NUVI – new headquarters at Thanksgiving Point

Fun Facts at The Point:

  • In 20 years Lehi’s population has grown from 12,583 to 64,000 – and is the 11th fastest growing city in the U.S.
  • The tallest building in the Point of the Mountain submarket is currently under construction – the new 11-story, 327,000 square foot Mountain America Credit Union Tower in Sandy next to Hale Center Theatre.
  • The Point of the Mountain is home to world famous hang gliding.
  • Over 700 acres will soon be available for development with the Utah State Prison relocating


Brandon Fugal is Chairman of Coldwell Banker Commercial Advisors. This column appeared in the October 2017 edition of Utah Business.

Coldwell Banker Commercial Advisors Named to Utah 100

Coldwell Banker Commercial Advisors Named to Utah 100

Salt Lake City (October 10, 2017) Mountain West Capital Network (MWCN) named Coldwell Banker Commercial Advisors (CBC Advisors) to the 2017 Utah 100. The list recognizes Utah’s fastest-growing companies. Recipients were selected by the percentage of revenue increase each company experienced between 2013 and 2017. MWCN revealed the Utah 100 list at its 23rd annual awards ceremony, held at the Grand America Hotel in Salt Lake City. CBC Advisors ranked No. 74 out of 100 companies.

“It is an honor to be recognized among such an elite group of companies,” said Brandon Fugal, chairman of CBC Advisors. “We look forward to continued success as we grow our operations and expand our disruptive approach to the commercial real estate brokerage in key markets nationally.”

Since 2012, CBC Advisors has grown 362%. It has expanded from four offices located in the Intermountain West to 30 full-service commercial real estate offices in dynamic primary markets coast to coast. As of 2017, the firm completed $4.53 billion in commercial real estate transactions and managed a portfolio comprising over 24 million square feet of commercial properties nationally.

“We congratulate all of this year’s Utah 100 companies for building outstanding businesses and making strong contributions to Utah’s economy,” said Reed Chase, chairman of the MWCN Utah 100 committee. “These companies further advance Utah’s standing as an excellent place to do business.”

CBC Advisors has long been considered one of the most recognized and trusted brands in commercial real estate, holding the designation of the top performing Coldwell Banker Commercial company globally for the past 14 consecutive years. Coldwell Banker Commercial operates in 46 countries with professionals closing over 14,000 commercial real estate transactions worldwide.

Head in the Cloud

Head in the Cloud

It’s been said that the only thing constant is change. Nowhere is that truer than in the world of technology. And when technology changes, it has a way of affecting pretty much everything else—including commercial real estate.

One of the biggest tech trends of the past few years has been the move to “the cloud.” The cloud is a complicated concept, but at its most basic it means organizations are outsourcing a lot of their computing and data storage needs to technology companies, which operate massive data centers serving dozens, hundreds or even thousands of clients.

Using the cloud has a lot of advantages, including the potential for big financial savings, says Jarrod Hunt, senior vice president of industrial services for CBC Advisors.

For new and quickly growing companies, being able to house data in the cloud means they don’t need to guess at what their computing needs will be in the future and then build out expensive server infrastructure based on those predictions. Instead, they can outsource their data needs to external servers run by tech companies and quickly adjust their data subscriptions as their needs grow or shrink, Hunt says.

Using the cloud can also free you from trying to keep up with the increasingly complex needs of running a data center, as web and subscription-based applications become more pervasive in the business world. The cloud also offers the promise of zero downtime—something few small companies can guarantee for themselves.

“Many advantages have prompted organizations to convert IT infrastructure to cloud-based models,” says Vince Martinez, Chief Technology Officer of CBC Advisors. “These conversions range from financial controls to asset management systems and much more.”

CBC Advisors is one of the many businesses that have made that change in recent years, and the move has paid big dividends. The company grew quickly over the course of a few years, and the technology they had been using was no longer sufficient. “We turned to a solution that offered extreme scalability, no downtime and a complete transition away from the traditional server room,” Martinez says.

So what does this mass exodus toward the cloud mean for commercial real estate?

Disappearing Server Rooms

If you’ve ever held a laptop on your lap for a long time, you know that computers generate heat. And when you fill a room with racks and racks of servers, all running at once, the heat builds up quickly. Without proper cooling, you get malfunctioning computers and even the threat of fire. Keeping a server room air-conditioned takes a lot of power and can require specific building infrastructure accommodations, such as additional vents.

Simply put: server rooms have specific requirements to function properly—and those requirements can get expensive.

The good news for businesses is that as they move to the cloud, their expensive, space-eating server rooms are becoming obsolete. Hunt says many companies have simply converted their formerly state-of-the-art server rooms into more office space. Other companies decided to get rid of the unneeded space to save money.

 

Shrinking Retail Warehouses

Advancements in computing have had a particularly large impact on the real estate needs of retail companies, Hunt says. Big data allows retailers to better track inventories and predict which products they’ll need to have in stock and at which stores. This means they waste less space stocking the wrong products and are able to get the right products to the places they need to go.

Electronics retailer Best Buy has introduced a smaller format storefront, Hunt says. They found that, for many of their customers, the store acts as kind of a showroom for their products—they check products out in person, get their questions answered by in-store personnel, then go home and order them from the company’s website. This means there’s less need to fill their store with extra inventory.

Meanwhile, Walmart has also introduced a smaller store concept, about half or a third as large as their usual locations. They’ve realized that they don’t need to keep as much inventory onsite because a significant portion of their business is now done online.

Both of these companies are now benefitting from the cost advantages of having more of their inventory in inexpensive warehouses and fulfillment centers than expensive storefront locations.

“We’ll continue to evolve over time as people’s shopping patterns change and their habits change along with technology,” Hunt says.

Data Centers as Real Estate

Of course, data centers themselves have real estate requirements. On the West Coast, the San Francisco region is the most active data center market due to its proximity to Silicon Valley. The Pacific Northwest is another hot spot because energy is relatively inexpensive there. But as demand grows for new infrastructure, developers are taking a more strategic approach to site selection.

Big data centers have big power needs to run their servers and the air conditioning it takes to keep them cool. That means data centers are usually located in places where power is cheap and abundant. Another factor? The likelihood of a natural disaster.

One of the reasons companies entrust their data to the cloud is for peace of mind: If your data is housed off-site, you don’t have to worry about outages or even catastrophic info loss due to fires, floods, tornadoes, break-ins or other incidents in your own data center. That means those off-site data centers have to be incredibly secure.

Those two prerequisites—inexpensive power and inherent safety—have made the Intermountain region a new hot spot for data center location. “In the Intermountain region we don’t have tornados and we don’t have hurricanes. We don’t have a lot of ice storms,” Hunt says. “That has created a natural market here in the Rocky Mountain states for data centers.”

One of the most striking examples is a $1.5 billion, one-million-square-foot data center the National Security Administration completed near Bluffdale, Utah, in 2014. If the federal government agency that is dedicated to security chooses to build its data center in the desert of Utah, you can take it as a sign that it’s a good place for a data center, Hunt says. Several other companies have followed suit.

For example, Facebook recently evaluated Utah as a site for its newest data center but ultimately selected New Mexico, another Intermountain state. The data center will represent a massive, $1.8 billion construction project just south of Albuquerque. Facebook cited access to renewable energy sources as a major reason it was evaluating both Utah and New Mexico for the center.

Tech companies, like Facebook, are clearly big users of data center server space. But a wide range of industries have large data needs—banking and finance, for example, handles increasingly colossal amounts of data, particularly as more people do their banking online. The fact is that cloud computing will continue to have major, if somewhat invisible, impacts on businesses of every strip—especially on their future real estate needs.

CBC Advisors Brokers 45,000 SF Retail Lease

CBC Advisors Brokers 45,000 SF Retail Lease

Salt Lake City (September 28, 2017) The Bowler Retail Team (BRT) at Coldwell Banker Commercial Advisors (CBC Advisors) today announced Burlington will occupy 45,000 square feet in the Commons at South Towne. BRT brokers Steve Bowler, executive vice president–retail services, and Heather Bogden, vice president–retail services, represented the landlord, Thackeray Company, in the transaction.

“Burlington will occupy the existing Sports Authority space,” said Ms. Bogden. “45,000 square feet represents a significant amount of space for a single tenant. This transaction is indicative that retailers seeking larger storefronts continue to search for A+ real estate opportunities to expand throughout the Wasatch Front.”

Burlington is a leading off-price apparel and home product retailer. The company maintains 567 stores in 45 states and Puerto Rico, offering a large assortment of current, high-quality, designer and name-brand merchandise at up to 65% off other average retail prices.

“Burlington is no longer the Burlington Coat Factory of years passed,” said Ms. Bogden. “The store carries name brand clothing, shoes, jewelry and accessories, bedding, home goods and more.”

CBC Advisors operates as a full-service commercial real estate brokerage, representing world-class industrial, investment, multifamily, office and retail properties nationally. The Bowler Retail Team at CBC Advisors advises tenants and landlords throughout the Intermountain West and Alaska with a focus on leasing and listing shopping centers, restaurants and other retail centers.

Marquee Five-Story Office Tower Announced in Silicon Slopes

Marquee Five-Story Office Tower Announced in Silicon Slopes

Lehi, Utah (September 21, 2017) –  Gardner Company, Staker Company, WPI, CBC Advisors and L&T today announced the development, construction and leasing of Lone Peak Plaza.  Combining master planned access, the ability to achieve optimal density and thoughtful land use, the new five-story, Class-A office tower delivers unique potential to the dynamic North Utah County market.

“Lone Peak Plaza sets a new standard within the heart of Silicon Slopes,” said Brandon Fugal, chairman of CBC Advisors. “Its premier location, unmatched access to I-15 and exposure to an average daily traffic count of 170,000 create one of the marquee developments in the Intermountain West.”

The development provides visibility from I-15 with rare and direct access to the building from the SR-92 exit. Architectural design features uninterrupted views, floor-to-ceiling glass and contemporary Class-A finishes. Tenants of the facility will have access to basketball courts, lockers and showers.

Nature’s Sunshine Products, a leading natural health and wellness company with a global direct sales force of more than 500,000 in more than 40 counties, has already executed a long-term lease to occupy space as the building’s anchor tenant. With 60,000 square feet available on Floors 4, 3 and 2, pre-leasing will commence immediately as building construction nears completion.

Mary Street Awarded ‘Women of Influence’

Mary Street Awarded ‘Women of Influence’

Salt Lake City (September 5, 2017) – Coldwell Banker Commercial Advisors (CBC Advisors) today announced that Mary Street, senior vice president of land and investment sales, was honored among Real Estate Forum’s Women of Influence 2017.

For the 24th consecutive year, Real Estate Forum profiled women whose achievements have shaped and changed the commercial real estate industry. Recipients were selected from hundreds of standout nominations from markets across the United States.

“The number one attribute that makes Mary an effective commercial real estate broker is her ability to deliver results to the client,” said Lew Cramer, CEO of CBC Advisors. “Mary is a tremendous professional and represents everything we stand for at CBC Advisors.”

In addition to being named Women of Influence, Utah Business named Street to its 30 Women to Watch list in 2017. Street also was named a finalist at CCIM’s Excellence Awards as Investment Broker of the Year in 2017 and Multifamily Broker of the Year in 2016.

Street consistently ranks as a top performing broker nationally. Her team completed over 60 commercial real estate transactions in 2016, averaging almost 1.5 transactions per week. She holds several positions within distinguished affiliations, serving as a city councilwoman, member of CCIM, member of Commercial Real Estate Women (CREW) and member of the Governor’s Commission on Aging.

“This is a tremendous honor,” said Street. “It is a privilege to work with such a talented team at Coldwell Banker Commercial Advisors. We look forward to building on our market-leading service to position our clients for continued success.”

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.

Ogden’s “Untamed” Commercial Real Estate Market

Ogden’s “Untamed” Commercial Real Estate Market

Ask any Utahn living south of Weber County how they feel about Ogden and you will likely get a lot of negative descriptions — “scary,” “ghetto” and occasionally even “boring.” Next time, ask a follow-up question: when was the last time you were there?

Written By Sky Hazlehurst

Ogden, like many other small, forgotten historic towns in the nation, has been going through a renaissance. Vacant buildings are being rapidly re-tenanted as lease rates steadily surpass pre-recession numbers, all while preserving the historic charm that makes the city “Salt Lake’s devious little sister.”

Weber County has been thriving under the radar for a while now — with companies like Hershey, Salomon and Pinterest occupying warehouse and office space — but the secret is getting out. Ogden and its neighboring suburbs have seen double-digit population growth over the last few years, and growth is still trending upward. Combine this growth with a list of recent accolades, including spot number seven on CNBC’s Top 20 Metro Areas to Start a Business list last year, and you end up with unique opportunities in commercial real estate — particularly in the industrial and retail sectors. To top things off, entitlement work on new development seems to be less restrictive than Weber County’s bigger brothers to the south. This rings true particularly in Ogden and Riverdale, where my team has active retail development projects and witnesses the contrast.

The economic growth in Weber County has me putting in some serious drive time between the Salt Lake City, Provo and Ogden areas, but I’m not complaining. Lately, I’m helping to bring not only Salt Lake and Utah County concepts into Weber County territory for the first time, but also helping thriving Ogden startups open second locations in Salt Lake City and Lehi markets. The businesses that have planted their roots in Ogden are succeeding and growing quickly, and the low overhead means a shorter timeline on expanding and opening more locations. On the flip side, retail businesses in Salt Lake City and Utah County expand to the Ogden market quickly and with relatively low risk as lease terms are usually more agreeable in rate and term than in larger trade areas. Simultaneously, outdoor brands such as Osprey and Tentsile are moving to Ogden from out of state and even overseas, capitalizing on the availability of space, reasonable lease rates and mind-blowing proximity to trails and slopes. What I find most interesting is not just that the market is prime for retail tenants, but the unique culture downtown Ogden possesses. Ogden is not a “miniature Salt Lake City,” and Ogdenites seem to be damn proud of that. It makes sense that the city’s slogan is Still Untamed — Ogden has a reputation, and they’re embracing it. During the prohibition, Ogden was a railroad hub infamous for its bootlegging and brothels Legend has it that Al Capone stepped off the train in Ogden, took one look at 25th street and decided the town was “too rough” for him. This unique past gives Ogden the perfect character to usher in hip and urban retail concepts. From upscale pubs to authentic ramen bars, the Ogden central business district is home to at least six new hip restaurants just in the last 12 months, all from either California or downtown Salt Lake City.

Now for the numbers. As I perused over transaction data from Coldwell Banker Commercial Advisors, a specific trend stood out. There was a noticeable change in retail transactions, both sale and lease, from 2015 to 2016. The total square feet of retail real estate trading hands more than doubled from 2015 to 2016, and mid-year 2017 numbers show another significant increase this year. The average retail lease rate in the Ogden MSA jumped from $13 PSF NNN in 2015 to $21.20 PSF NNN in 2016, and the average retail lease rate as of July 2017 is $22.70. These are averages I took from a relatively small pool of about 100 closed retail leases in the Ogden area in the past three years.

For reference, the average retail lease rate in the Salt Lake City MSA last year was hovering at $20 PSF. Now, this comes from a much larger pool of data, and I suspect as we gather more data for Weber County that average lease rates will fall below $20, but it’s hard to doubt that there was a spike in lease rates that occurred from 2015 to 2016. And I don’t see that rate going down anytime soon. This should be a call to successful retailers who are not currently in the Ogden MSA that now might be the time to tour the market … just don’t take Al Capone’s word for it.

Sky Hazlehurst is a vice president at CBC Advisors

CBC Advisors Awarded Second Straight “Fast 50”

CBC Advisors Awarded Second Straight “Fast 50”

Brandon Fugal Accepts Fast 50

Salt Lake City (August 30, 2017) – Utah Business named Coldwell Banker Commercial Advisors (CBC Advisors) to its Fast 50 for the second consecutive year. The annual list orders the fastest growing companies in Utah through an algorithm that weighs both total revenue and revenue growth. CBC Advisors ranked #17 on the list in 2017, moving up 23 places from #40 in 2016.

“It is an honor to be recognized among such an elite group of companies,” said Brandon Fugal, chairman of CBC Advisors. “Our firm has experienced tremendous growth over the past four years. We look forward to growing operations as our organization continues to deliver a disruptive approach to the commercial real estate industry in key markets nationally.”

Since 2013, CBC Advisors has grown 362%. It has expanded from four offices located in the Intermountain West to 30 full-service commercial real estate offices in dynamic primary markets coast to coast. At the close of 2016, the firm completed $4.53 billion in commercial real estate transactions and managed a portfolio comprising over 24 million square feet of commercial properties nationally.

CBC Advisors has long been considered one of the most recognized and trusted brands in commercial real estate, holding the designation of the top performing Coldwell Banker Commercial company globally for the past 14 consecutive years. Coldwell Banker Commercial operates in 46 countries with professionals closing over 14,000 commercial real estate transactions worldwide.

 

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