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Utah CCIM Excellence Awards
2015
S EXCELLENCE AWARDS
—
—
—
Check Out This Year’s
Hall of Fame
Recipient
Meet the Finalists
& Recipients!
An in-depth look
Plus
The largest lease
and sales transaction
in 2014
Founded and
Produced by
Marquee Sponsor
Zions Bank Real Estate Banking Group is proud
to recognize three of our own as finalists for the
CCIM Excellence Awards Lender of the Year.
Andrew Peterson,
Vice President
Jacob Despain,
Vice President
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President’s Message
Coming together is a Beginning;
Keeping together is Progress;
Working together is Success.
–Henry Ford
THE CCIM EXCELLENCE AWARDS allow
the best of the best in Utah Commercial
Real Estate to come together each year and
celebrate our teamwork and mutual success.
As CCIM’s 2015 President and Excellence
Awards Chairs, it is our distinct pleasure to
congratulate everyone recognized within
these pages. We are all part of bringing
commercial concepts to reality through a
chain reaction that begins with visionary
developers and snakes its way through teams
of architects, lenders, contractors, attorneys,
appraisers, property managers and brokers.
Each CCIM Excellence award finalist
is distinguished in multiple ways. The
application process and judging weighs
not only the end-product, but also the
applicant’s contributions to our industry
and our community. Tonight you will find
out that the professionals you have known
for years also support Wounded Warriors,
The Ronald McDonald House, the American
Cancer Society, Boy Scouts, The Red Cross,
Substance Abuse Recovery, and myriad other
important causes.
2015’s CCIM Hall of Fame recipient,
Ambassador John Price, exemplifies what is
right about Utah and the values CCIM strives
Monica Rafferty, CCIM
CBC Advisors
2015 President
Utah CCIM Chapter
to uphold. His reputation is unsurpassed
for excellence in real estate development,
community service, and service to his state and
country. We are deeply honored to recognize
Ambassador Price and his accomplishments
at this event.
On behalf of our all-volunteer Board of
Directors (see page 11) and the Utah Chapter,
we would like to profoundly thank our
sponsors and supporters for helping to make
the CCIM Excellence Awards Utah’s premier
commercial recognition event. We are proud
to be associated with you, and are grateful
for the invaluable services and resources
you bring not only to CCIM, but to all of the
market. We encourage everyone to check out
the companies listed in these pages and bring
them into your own professional network.
Finally, we would like to recognize our
Excellence Awards Committee – a team of
dedicated, unpaid volunteers and our Chapter
Administrator Holly Little, for producing the
2015 CCIM Excellence Awards.
As we all work through 2015 and beyond
we will literally and figuratively build the
continued success of the great state of Utah.
Together.
Ronda Landa
First American Title
Excellence Awards Chair
Utah CCIM Chapter
CCIM EXCELLENCE AWARDS
2015
3
AS
ORIGINAL
AS YOU
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Contents
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9
11
13
15
16
21
22
Utah CCIM
Excellence Awards
Sponsors
What is a
CCIM?
Utah CCIM Chapter
2015 Board
Members
Utah CCIM
Excellence Awards
Committee
Members
Utah CCIM Chapter
Calendar
2015 CCIM
Excellence Awards
Hall of Fame Recipient
Ambassador
John Price
Utah CCIM
Excellence Awards
2015 Judges
There’s Utah,
and Then There’s
Everyone Else
By EDCUtah
23
49
53
55
57
79
81
83
Utah CCIM
Excellence Awards
Finalists
Utah CCIM
Excellence Awards
Objective Award
Recipients
Emcee
Chris Redgrave
Global Business
Development:
Southern California
By EDCUtah
Utah CCIM
Excellence Awards
Top Performers
2014 Sees Record Year
for Commercial Real
Estate Investments in
Salt Lake Market
By EDCUtah
CCIM of the Year
A Look at the Past
Utah CCIM
Member Directory
Cover photo courtesy of John Price
2015
5
Brokerage Services | Property Management | Development Consulting
Sponsors
Marquee
Diamond
Hall of Fame
Elite Vendor
Gold
Silver
Bronze
Vendor
DeCort
Interactive
Inc.
Robert Nguyen
Photography
[email protected]
801-896-8008
2015
7
SUCCESSFUL DEALS
START WITH CCIM
EDUCATION:
CCIM offers convenient
and efficient learning
opportunities. Choose
from classroom, online
instructor-led, and online
self-paced classes.
CIRE
MAGAZINE:
CCIM’s award-winning
magazine covers all
facets of commercial
investment real
estate.
FOR
COMMERCIAL
REAL ESTATE
MORE THAN
CCIM members have access to
brokers, investors, executives,
and other allied professionals
in 1,000 markets in 30
countries.
50 YEARS
LOCAL &
INTERNATIONAL
NETWORKING
PROFESSIONALS
CCIM
DESIGNATION
HAVE
EARNED
THE
THROUGH THE CCIM INSTITUTE’S
RESPECTED EDUCATION PROGRAM.
CCIM MEMBERS ALSO ENJOY
THESE BENEFITS:
TECHNOLOGY:
STDBonline provides mapping and
demographic data, aerial property
images, customized reports, and a
broad spectrum of other services.
MEMBERSHIP:
As a member, you’ll have
access to exclusive benefits,
including course discounts,
STDBonline, a CIRE magazine
subscription, and much
more.
LEGISLATIVE
ADVOCACY:
Through its affiliation
with the National
Association of
REALTORS®, CCIM is
part of a legislative
advocacy team that
To learn about the benefits of the CCIM Institute, please call
shapes today’s policy
issues.
(800) 621-7027, ext. 3100 or visit www.ccim.com.
Join now at www.utahccimchapter.com.
To learn more, contact [email protected] or (801) 545-0246.
WHAT IS A CCIM?
WHY USE A CCIM?
There are countless benefits to working
with a CCIM. Commercial real estate
investment requires the counsel of
a qualified professional. A Certified
Commercial Investment Member
provides clients with the assurance that
every decision will be made in the best
interest of their investment objectives.
When assembling a commercial
real estate investment team, start
with a CCIM.
CREDIBILITY
CCIM is the most prestigious designation commercial
real estate professionals can achieve within the industry.
Graduate-level education, coupled with industry-leading
technology tools, practical proven experience, and indepth knowledge of their local markets, gives CCIMs the
ability and the credibility to conduct business confidently
and successfully. By partnering with a CCIM, you
effectively utilize the top-level, most reliable performers
in the industry: with an average of 19 years of experience,
70% of CCIM members hold executive-level positions and
90% of members refer clients to other business services.
When you use a CCIM, you choose the most credible
professional in the business.
COMMUNITY
Today there are CCIMs in every state, across Canada and
Mexico, and in more than 30 countries around the world.
Domestically, the network encompasses more than 1,000
markets, from large metropolitan areas to small cities
and towns. A truly global network, CCIMs are a powerful
force in more than 1,000 markets, large and small. When
you use a CCIM, you choose a trusted community of real
estate professionals that are consistently sought for their
dependability, integrity, intelligence, success and confidence.
CCIM NATIONAL
MISSION STATEMENT
The CCIM Institute was built on a foundation
that has remained solid for more than 40 years:
The best teachers of commercial real estate
investment principles are experienced and
successful commercial real estate practitioners.
By combining the best minds to develop and
teach the industry’s best practices, CCIM has
helped thousands of students propel their
careers and grow their businesses. Since 1954,
CCIM has evolved into a global organization
with more than 15,000 members.
INTEGRITY
CCIM designees are bound to the strictest ethical
guidelines and standards of practice in the industry
today. In addition, each CCIM has successfully completed
a graduate level program comprised of 200 hours of
education. If you ask around the industry, you’ll learn
that companies and other real estate professionals
are more likely to seek out experts who possess the
CCIM designation, as they know CCIM stands for trust,
knowledge and reliability. When you use a CCIM, you
choose experts with integrity.
MEASUREMENT
Overall, CCIM’s global network enables members to close
thousands of transactions annually, representing more
than $200 billion in value. But closing transactions is only
part of what CCIMs can do. In addition to holding dealmaking occupations in every property sector, CCIMs are
also found in leasing, asset management, development,
lending, financing, property management, site selection
and corporate real estate positions. So, whatever
assistance your real estate project requires, a CCIM can
help you achieve a better result. In fact, only 6 percent
of all commercial real estate practitioners hold the elite
CCIM designation, which reflects not only the caliber
of the program, but why it is one of the most respected
designations in the industry. When you use a CCIM, you
choose a professional who produces measurable results.
To learn more about the value of working with a CCIM, call our Utah CCIM
Chapter today at (801). 545-0246 or email [email protected]
THE COMPANY YOU KEEP
Wynn Clayton, 3form CFO
“I’m a pretty good
negotiator, and
thought I could
handle this myself,
but I’m so happy
that I involved
IPG. IPG helped
me deliver a lease
that’s world class.”
486,000 SF LEASED AND SOLD OVER 18 MONTHS
You know the saying, “You’re only as good as the company you keep”? At IPG,
we’ve been fortunate to represent some of the best companies in Utah and across
the country. In 2014 alone, we represented 3form in nearly 300,000 SF of industrial
and office transactions.
We also represented International Paper, Ottobock, Mygrant Glass, ZAGG,
Franz/US Bakeries, Goal Zero, and Old Dominion in major transactions. We’re proud
of the company we keep and we welcome the opportunity to learn about yours.
IPG Commercial Real Estate
Celebrating 10 years of good company.
Michael Jeppesen SIOR, CCIM
SIOR Broker of the Year 2014
Jeremy Jensen SIOR, CCIM
CCIM Industrial Broker of the Year 2014 Finalist
Since 2005
801.746.7295
[email protected]
Utah CCIM Chapter 2015 Board Members
President
Jeremy Doyle, CCIM
Vice President
Social Media Chair
Nate Hanks, CCIM
Secretary
Chuck Russell, CCIM
Treasurer
Holly Little
Chapter Executive
Administrator
Steve Andrews
Membership Chair
Grady Kohler, CCIM
Forms Chair/
Past President
Scott Sabey
Forms Vice Chair
James Hilton
Programs Chair
Rawley Neilson
Programs Vice Chair
Ronda Landa
Excellence Awards
Chair
Travis Parry, CCIM
Southern Utah
Continuing Education
Chair
Tucker White
MRED University
Outreach Chair
Brandon Duke, CCIM
Public Relations Chair
& Awards Vice Chair
Seth Roberts
Public Relations
Vice Chair
Eric Smith
Golf Co-Chair
Luke Burbank
Golf Co-Chair
Andy Wheeler, CCIM
Strategic Planning
Chair
Jeremy Jensen, CCIM
Legislative Affairs
Chair
Jan Wilking, CCIM
Candidate Guidance
Chair
Josh Vance, CCIM
Continuing Education
Chair
James Mack, CCIM
Website Chair
2015
11
Congratulations
Ronda Landa, Chair
Brandon Duke, Co-Chair
Zions Bank
and your committee for your efforts with the CCIM Excellence Awards
866.561.5047 q www.firstam.com/ncs
First American, the eagle logo, First American Title, and firstam.com are registered
trademarks or trademarks of First American Financial Corporation and/or its affiliates.
12
Utah CCIM Excellence Awards 2015
©2015 First American Financial Corporation and/or its affiliates. All rights reserved. q NYSE: FAF
Utah CCIM Excellence Awards Committee Members
Ronda Landa
Excellence Awards Chair
Brandon Duke, CCIM
Excellence Awards Vice Chair
Zions Bank
Randy Atkin
Sponsorship
Commerce | Cushman & Wakefield
Aaron Hansen
Judging
Luke Hoffman
Advertising
First Utah Bank
Mark Jensen
Sponsorship Committee
Newmark Grubb ACRES
Donna Kessler
Venue/Décor
EDC Utah
Holly Little
Administrator
Utah CCIM Chapter
Rusty Lugo
Top Performers
CBC Advisors
Rich Matheson
Judging
Utah Retirement Systems
Ashley Massey
Advertising
Bank of Utah
Peggy McDonough
Judging
MHTN Architects Inc.
Seth Roberts
Top Performers
CBC Advisors
Colton Smith
Marcus & Millichap
Wick Udy
JLL
2015
13
RECENT PROJECTS
TRAVERSE MOUNTAIN
Lehi
THANKSGIVING PARK 6
Lehi
135,000 SQUARE FEET
70,000 SQUARE FEET
9900 SOUTH STATE
Sandy
INTERCHANGE AT
SOUTH VALLEY
Draper
125,000 SQUARE FEET
34,000 SQUARE FEET
THANKSGIVING
STATION
Lehi
THANKSGIVING PARK 5
Lehi
150,000 SQUARE FEET
80,000 SQUARE FEET
SANDY PARK CENTER 2
Sandy
STATION PARK
Farmington
30,000 SQUARE FEET
31,500 SQUARE FEET
LEADING
THE MARKET
BRANDON D. FUGAL
[email protected]
801-947-8300
Utah CCIM Calendar
January 21
February 18
March 13
March 18
March 22-25
March 24
April 15
April 14-17
May 20
June 17
August 20
September
October 8
October 13
October 19-23
October 25-28
October 27
November
November 18
Chapter Meeting – Healthcare Legislation
Chapter Meeting – Zions Bank 1031 Update
Utah CCIM Excellence Awards
Chapter Meeting – Environmental Due-dilligence
Annual CCIM Institute Meetings in Chicago
National Exam – Chicago, IL
Chapter Meeting – Lease Negotiations
Capital Hill Visit Day – Washington, D.C.
Chapter Meeting – Ethics Presentation
Chapter Meeting – Zions Bank Economic Update
Golf Tournament Thanksgiving Point Golf Course
Southern Utah Continuing Education Day
Commercial Real Estate Town Hall
Chapter Meeting – Combined Meeting with CREW
Course CI-104
Annual CCIM Institute Meetings in Texas
National Exam – Austin, TX
Fall Business Development Symposium
Chapter Meeting – Sales Refresher
Check out the Utah CCIM Chapter website (utahccimchapter.com) for updated event information.
Event registration opens approximately two weeks prior to an event. Dates and topics are subject to change.
Please contact our administrator at [email protected] with any questions.
2015
15
JOHN
PRICE
Ambassador
2015 CCIM Excellence Awards
Clockwise from top The swearing-in ceremony conducted by
Secretary of State Colin Powell, February 8, 2002 during the 2002
Winter Olympics; Ambassador John Price; Steve Price and John Price
I
Hall of Fame
f you ask John Price what he considers to be his greatest
accomplishment during his 50-year career, he will tell you
about Price University.
“Buildings come and go,” he says during an exclusive
interview in January. “But I’ve had at least 100,000
employees in my lifetime. Many have succeeded and have
become very wealthy, very knowledgeable people. My greatest
honor has been working with each and every person.”
John Price is honored this year to be Utah’s 2015 CCIM Hall
of Fame Award recipient because of his contributions in the
development and real estate industries. One of his company,
JP Realty, Inc., which was a Real Estate Investment Trust, went
public in 1994 and merged with General Growth Properties, Inc.
in 2002.
But before that, John Price Associates, Inc. was one of the
first general contractors to combine engineering, architecture
and construction as one package beginning in the early 1960s.
“We were working for the customer, and the customer
needed to get the best benefit without overpaying for anything.
Also, the process was at least 30 to 90 days quicker to get the
building up. So the one-stop shopping concept caught on.”
John built about 1,000 buildings starting in the late 1950s,
beginning with supermarkets, drug stores and schools.
“Those early days were really great because I was able to
meet the founders of businesses including Maurice Warshaw
(Grand Central Stores), Sam Skaggs (Skaggs Drug Stores),
Dee Smith (Smith’s Food and Drug Stores), and Joe Albertson
(Albertsons Grocery Stores). They all became my mentors.”
John also built many of the car dealerships in the region.
In 1975, John was approached by Utah’s Bicentennial
Commission to help them build Symphony Hall, known today as
Abravanel Hall. As the construction manager of the project, he
also oversaw the adjoining arts center (UMOCA), and directed
the 1978 restoration of the Capitol Theatre. John was able to
bring the projects in below budget, and the remaining funds
were used by arts groups.
By the 1980s, John’s company became one of only a handful
of entities responsible for building and managing regional malls
in the western United States, developing 18 in all. He also built
45 strip malls and more than 3 million square feet of office and
industrial properties.
In his spare time, the real estate mogul was running
marathons in exotic places and climbed some of the tallest
mountains in the world. He also raced in car events, a hobby
that led to his more recently established Museum of Speed in
downtown Salt Lake City, which houses an antique racecar
collection owned by a foundation he created.
“There are many things that have led to John’s success,”
says his son Steve Price, founder of Price Realty Group, LLC,
now known as Price Real Estate. “First of all, he’s driven.
He’s tenacious, he is exceptionally bright. He really wants to
understand something, and then pursue and master it. Simply
stated, he doesn’t give up until it is accomplished.”
“I loved working, and you have to love it and not do it for the
money,” John says. “But when you start at zero, and we came
over in a shoebox, you are pretty motivated to succeed.”
John was born in 1933 into a Jewish family in Spandau,
Germany. His parents owned almost a square block area that
included apartments, a grocery store, a hardware store and a
movie theater. Unfortunately, the Nazis destroyed his father’s
businesses, and John, his parents, and his older brother fled
Germany in April 1939. They came to America through Panama,
Ellis Island and settled in Queens, NY.
Top Right Grand Central – Alameda Shopping Center. Community shopping center
built and leased for major tenants, such as Grand Central, Inc., Albertsons, Inc., and
Bank of Idaho.
Middle Right Warshaw’s – One of the many supermarkets built by John Price
Associates, Inc.
Bottom Right Boise Towne Square Construction Site – John Price and Steve Price Salt
Lake Tribune Article August 28, 1988, Mall Giant John Price Built Business and Self
2015
17
Hall of Fame
Even at a young age, John showed signs of an acute business
sense. In Queens, he built himself a wagon to make money
carrying neighbors’ groceries home. It was his idea to invest his
first earnings from the venture into a second wagon, which he
rented out to another boy for additional profit. And the rest, they
say, is history.
John studied geology at City College of New York. He went
out West for the first time to undertake a summer field course
requirement.
“I couldn’t resist the snowcapped mountains in Salt Lake
City, but more so, I ran out of money.” John completed a degree
in Geological Engineering at the University of Utah, where he
met his wife Marcia.
John switched to a career in construction to provide for his
family. What began as doing remodeling projects quickly turned
into a commercial construction business.
But John never forgot his roots.
“We came into the country at a time of war and genocide,
and we were lucky to come in,” he says. “We were really very
fortunate, and I always felt that we had to give back.”
It was many years later, in 2002, that President George W.
Bush would ask him to serve as a U.S. Ambassador to three island
countries off of the coast of Africa. He was well suited for the job
because of his business experience and knowledge of the East
Africa region.
“We have been to Africa many times since 1970, to more than
half of the countries there,” John says.
Founded in 1992, the John and Marcia Price Family
Foundation has built and funded schools in Somalia, Kenya and
Mali. And in several African countries, it has funded village
business enterprises and cultural programs.
In addition to supporting Africa, the Foundation focuses on
education, the environment, cultural enrichment and creativity,
including the performing and visual arts.
“We believe these are among our finest endeavors as human
beings and well worth our sponsorship and assistance,” notes
Marcia Price.
The Price Family Foundation has also funded local and
national arts organizations. In addition to helping fund the
recent restoration of Salt Lake City’s Capitol Theatre, the
foundation was instrumental in establishing the Utah Museum
of Fine Arts Building on the University of Utah’s campus. It is
also planning for a new building on the campus that will house
the Hinckley Institute and an international relations program
focused on creating the leaders of tomorrow.
1957 – J. Price Construction Company | General Contractor
1960 – John Price Associates, Inc. | Commercial Contractor
1969 – Salt Lake Hardware Company | Acquires Control of Business & Real Estate
1971 – Salt Lake Hardware | Renamed Alta Industries Corporation
1972 – Price Rentals, Inc. | Real Estate Development
1977 – Price Development Company | Real Estate Development of Regional Malls
1982 – Price Broadcasting Company | AM/FM Radio and TV Network Affiliates
1992 – John and Marcia Price Family Foundation | Funds the Arts & Education
1994 – Price Development Company | JP Realty, Inc. listed on NYSE/JPR
2002 – JP Realty, Inc. | Merges with General Growth Properties, Inc. – NYSE/GGP
2002 – John sworn in as United States Ambassador
2002 – Price Realty Group, LLC / Price Real Estate, LLC | Founded by Steven Price
18
Top Left JP Realty, Inc 1999 Annual Report
Bottom Left Boise Towne Square Mall – Grand Opening 1988
Bottom Right Kyle Roberts, Anna Irons, and John Price
Hall of Fame
We came into the country at a time of
war and genocide, and we were lucky to
come in. We were really very fortunate,
and I always felt that we had to give back.
Today the construction industry is very different than it was
during the early days of John’s career. He compares the 14-foot
high warehouses that he built out of cinderblocks in the 1960s
with the 34-foot high concrete distribution and retail fulfillment
centers that his son Steve is building now to carry on the family
legacy.
“Steve is on the forefront of that type of business,” John says.
“It is really the second industrial revolution that we are seeing
today and it is happening as traditional warehouses evolve into
state-of-the-art multi-use structures.”
Photo Dana Sohm
Price International Center
Top Right The Bicentennial Symphony Hall now known as Abravanel Hall – 1979
Middle Right Capitol Theatre – Price Family Grande Lobby – 2014
Bottom Right University of Utah, Utah Museum of Fine Arts Marcia and John Price
Museum Building – 2002
Left Price International Center – A core component of the future for the renewal of
Orson Spencer Hall at the University of Utah – 2016
2015
19
2015
The Utah CCIM Excellence Awards Committee & Board
Would Like to Thank the 2015 Judging Panel
Angie Mazuran
Anna Irons
Beth Colosimo
Brian Cunningham
Carl Duke
Charisse Inglet
Daniel Griffee
Darrin Liddell
David Hirschi
Dave Poulson
David Hart
Devon Olson
Donald Winder
Erick Allen
Erik Tadje
Gage Froerer
Gary Mangum
George Richards
Gregory Williams
Irena Edwards
Jacob Boyer
Janet West
James Swan
Janet Fisher
Jared Booth
Jeff Palmer
Jeffrey Neese
Jeremy Blanck
John Gurr
John Tebbs
John Smith
Commerce Real Estate Solutions
EDCUtah
Snell & Wilmer
Suburban Land Reserve
Newmark Grubb Acres
TIME Commercial Real Estate
Integra Realty Resources
Hirschi Steele & Baer
Mountain America Credit Union
MOCA Systems, Inc.
Winder & Counsel PC
Layton Construction
Brighton Bank
Century 21 Real Estate
Marcus & Millichap
Chapman-Richards & Associates
Van Cott, Bagley, Cornwall McCarthy
KeyBank
The Boyer Company
Sage Realty
Ray Quinney & Nebeker
Zions Bank
Coldwell Banker Commercial NRT
Layton Construction
Western States Muti-family
Okland Construction
InterNet Properties
Bonneville Builders
Backman Title
Justin Earl
Kathy Olson
Kreg Peterson
Lee Dial
Lynn Woodbury
Mark Day
Mark Murdock
Mark Isaac
Michael Ferro
Michael Lawson
Michael Anderson
Michael Jeppesen
Nathan Boyer
Nathan Hanks
Paul Skene
Randy Atkin
Randy Owen
Randy Woodbury
Rawley Nielsen
Rich Matheson
Roger Jackson
Russ Booth
Scott Sabey
Shane Giddings
Steve Duke
Steven Burt
Tod Jones
Tom Berggren
Tucker White
Ty McCutcheon
Yvonne Olson
ICO Development
Woodbury Corp
CBRE
Cowboy Partners
Woodbury Corp
Title West
Gardner Company
Pinyon8 Consulting, LLC
InterNet Properties
Zions Exchange Services
The Boyer Company
RealSource
Cresa Salt Lake City
Woodbury Corporation
NAI Vista
FFKR Architects
Fabian & Clendenin
US Bank
Oldham Capital
Entelen Design-Build, LLC
Marcus & Millichap
Jones Waldo
CBRE
Rio Tinto Kennecott
Newmark Grubb Acres
2015
21
There’s Utah, and Then There’s Everyone Else
Article by Economic Development Corporation of Utah (EDCUtah)
L
ast Fall, Utah took its place, once again, as Forbes’ best state
for business, a ranking the Beehive State held for three straight
years from 2010-2012. Utah’s business climate is increasingly
revered by businesses looking for a stable environment in which
to relocate or expand. But did you know Utah is also a magnet for
venture capital investment? In fact, two Utah metro areas rank first
and third in terms of venture capital dollars per deal.
An October story by the, which focused on the dollar amount
of venture capital investments in tech startups during the first nine
months of 2014, ranked the Provo-Orem metro number eight with
nine deals that totaled $462 million, while the Salt Lake City-Ogden
metro ranked number 12 with 16 deals totaling $275 million.
Some people may yawn at such rankings, but magazine writer
Ilan Mochari saw the Associated Press rankings and drew an
interesting conclusion–one that shows just how strongly Utah’s
Silicon Slopes rivals Silicon Valley and every other tech center in
the country. In the story, which leads with the headline “Move Over,
Silicon Valley: Utah Has Arrived,” Mochari says, “When it comes to
staggering sums of venture capital raised in 2014, there’s Utah, and
then there’s everyone else.”
Gone are the days when venture capitalists shrugged at Utah
tech companies. As Mochari explains, companies in San Francisco
and Silicon Valley brokered more venture capital deals than
companies in Utah, but as the Associated Press numbers show,
companies in the Provo and Salt Lake City metro areas got more
venture capital dollars per deal during the first nine months of
2014. In fact, the Provo-Orem metro had the highest average dollar
amount per deal of any metro in the country, at $51.3 million. San
Francisco was next with $18.4 million, while Salt Lake City came in a
close third with $17.2 million.
“It paints a different picture, does it not? Mind you, paeans to
Utah’s entrepreneur-friendly culture are nothing new. Nor are the
leadership lessons you can cull from Mormon principles. Yet the
astronomical per-deal averages in Utah indicate something bolder is
afoot,” writes Mochari.
The has also recognized the buzz the Beehive State is generating
among venture capital investors, saying 2014 will be a record year for
venture investment in Utah. “Companies there raised $405.8 million
in the first half of the year, and including third-quarter investments,
22
more than $690.8 million has been invested in Utah companies,
crushing the prior record of $565.5 million in 2000, according to
Dow Jones VentureSource.”
Insight Venture Partners Managing Director Jeff Lieberman told
the Journal his firm isn’t targeting Utah, but “the ecosystem there
happens to be more fertile” than many other areas.
Overall, “Utah was the sixth most popular destination for
venture capital investments in the first half of this year,” according
to the Wall Street Journal. The preponderance of venture capitalbacked investments went to companies in California.
Two of the Utah companies brokering significant venture capital
dollars include Qualtrics and Domo, both based in Utah County.
Qualtrics received $150 million in Series B funding in September and
Domo garnered $125 million in Series C funding earlier this year. The
acquisition of Utah County-based Vivint by the Blackstone Group
for $2 billion in 2012 is said to be the largest tech buyout in Utah’s
history.
IT and software are not the only sectors where Utah is catching
the eye of businesses around the world. The state has stepped into
the lime light for its life sciences, energy development, aerospace
and defense clusters.
“We’ve been working hard to streamline the growth process
for manufacturers and other businesses here in Utah,” says Todd R.
Bingham, president of the Utah Manufacturers Association. “Not
only is Utah growing in the tech industry–which is a significant part
of what makes manufacturing so great here in the state, but Utah is
growing significantly in other industries, and that only makes for an
even more promising future.”
Utah is often recognized for its high-profile business acumen,
unrivalled linguistic talent, business-friendly “best practices” in
economic development and is seen as a place where companies
need to be and want to be. Thanks to this ecosystem, high-tech and
innovation continue to fuel its growth, with more business creations
year over year than business deaths. Add in the state’s relatively low
labor cost, low commercial rents, low utility costs and large labor
pool and Utah stands out among the best of the best for quality of
life, economic growth, industry growth, culture and talent. It’s also
a great place to raise a family.
2015
2015 CCIM Excellence Awards
Ambassador John Price
2015 Award Category Finalists
CCIM of the Year
Property Manager of the Year
Architectural Firm of the Year
Industrial Broker of the Year
• Nate Hanks, Real Source
• Jeremy Jensen, IPG
• Grady Kohler, Windermere
• AE Urbia Architects, James Williams
• Architectural Nexus Architects, Julie Berreth
• EDA Architects, Peter Emerson & John Shuttleworth
Real Estate Attorney of the Year
• Sam Bell, Sam Bell Legal
• John B. Lindsay, Callister, Nebeker & McCullough
Mid-Market Lender of the Year
• Jacob Despain, Zions Bank
• Kelly Hale, Bank of Utah
• Andrew Peterson, Zions Bank
CRE Lender of the Year
• Johnny Clawson, The Clawson Group
• Jeffrey A. Holt, Zions Bank
• Michelle Pearce, US Bank
Contractor of the Year
• Big D Construction, Cory Moore
• Eckman Mitchell Construction, Zach Eckman
• R & O Construction, Slade Opheikens
• Craig Cardall, CBRE
• Yvonne Olson, Newmark Grubb ACRES
• Steve White, CBC Advisors
• Jarrod Hunt, CBC Advisors
• Jeremy Jensen, IPG
• Kyle Roberts, Newmark Grubb ACRES
• Wick Udy, Jones Lang LaSalle
Investment Broker of the Year
• Bryce Blanchard, Newmark Grubb ACRES
• Kip Paul, Commerce | Cushman & Wakefield
Multi-Family Broker of the Year
• Greg Barratt, Hendricks & Partners
• Mark Jensen, Newmark Grubb ACRES
• Daniel S. Shin, Marcus & Millichap
Office Broker of the Year
• Brandon Fugal, CBC Advisors
• Chris Kirk, Commerce | Cushman & Wakefield
• Collin Perkins, Newmark Grubb ACRES
Retail Broker of the Year
• Steve Bowler, CBC Advisors
• Cameron Simonsen, CBC Advisors
• Stuart Thain, CBC Advisors
2015
23
Finalists
BUSINESS EXCELLENCE AWARDS
CCIM of the Year
Recipient
Grady Kohler
Windermere
Grady Kohler started his
Commercial Real Estate career while
in an undergraduate finance program
at the University of Utah. He was
inspired by one of his professors, an
MAI commercial appraiser, and from
that introduction to commercial real
estate, he has built an impressive career.
In 2003, he went back to the University
of Utah and received an MBA while
working full time as a top producing
sales and investment agent. In 2008, he
was awarded the National Association
of Realtors 30 under 30. He completed
his CCIM (Certified Commercial
Investment Member) in 2009 and is the
2014 Utah CCIM chapter president. He
currently Chairs the CCIM Purchase
and Sales agreement board and teaches
the commercial sales contract around
the state of Utah. He has overseen over
3,000 closed transactions as Principal
Broker. His experience, leadership, and
technology background make him a
great team leader in our collaborative
commercial brokerage.
24
Finalists
CCIM of the Year
Finalists
Nate Hanks, CCIM
President / CEO of the
RealSource Companies
Mr. Hanks joined RealSource
Brokerage Services, LLC in 1999 as an
advisor and became a co-owner in 2006.
Mr. Hanks is also associated with
other RealSource companies, having
served as the co-owner and President of
RealSource Equity Services, LLC since
2002 and a co-owner and President of
MaxCap Property Management since
2004. He served as VP and GM of Dalmar
Enterprises Inc., a real estate training
and marketing company, from 1997 to
1999. He served as President of Capstone
Entertainment, a video production and
marketing company, from 1994 to 1997.
He worked as a Certified Public
Accountant at Ernst & Young from 1984
to 1986.
Mr. Hanks received his BA in
Accounting from the University of
Utah in 1984 and was a Certified Public
Accountant. Mr. Hanks became a
licensed RE Agent in 2002 and a Certified
Commercial Investment Member in 2003.
Mr. Hanks has served on the Utah
CCIM Board of Directors since 2005,
including positions as the Education
Chair, Golf Committee member,
Symposium committee member,
Secretary, Treasurer, VP and President.
Mr. Hanks is a father of 7 children,
6 grand children, loves the outdoors by
spending time golfing, water skiing and
snow skiing.
Jeremy Jensen
IPG
For nearly twenty years, Jeremy
Jensen has immersed himself in property
development, investment, management
and brokerage services with institutional
and private clients. His exciting career
has given him opportunity to consult
clients on real estate matters all over
the country and several different asset
classes. As Senior Vice President of
Industrial Properties, Jeremy has an
innate ability to create trust and provide
honest, straightforward solutions to
challenging real estate situations. He
has vast experience as a broker, and as
a principle in both development and
investment transactions, giving him
a solid understanding of what it takes
to create attractive outcomes for his
wide variety of clients. He has enjoyed
serving on the Utah CCIM board in
several different functions including Past
President, Chair of the Utah Commercial
Real Estate Symposium and was also the
Founder and first year chair of the CCIM
Excellence Awards. When he is not at
the office he enjoys spending time with
his family and friends pursuing epic and
active adventures in the great outdoors.
2015
25
Finalists
Architecture Firm of the Year
Recipient
Peter Emerson
Principal
John B. Shuttleworth
Principal
EDA Architects
Located at the top-most floor of the historic Boston Building
in Salt Lake City’s Exchange Place, EDA is an architecture,
interior design and planning firm. EDA seeks to challenge
themselves, their clients and conventional wisdom to create
buildings that enhance lives, spark inspiration and make a lasting
contribution to society as a whole. EDA believes that great design comes from listening to a
need, understanding it completely and following it through
with a creative solution. They do this by cultivating a company
environment of intensive, inclusive and integrated teamwork.
EDA’s culture encompasses near sixty years of history and
accomplishments, aspirations and values, and criteria for design
and service excellence. The EDA staff includes 10 licensed
architects, 4 LEED accredited professionals, 6 interior designers
and 10 architectural staff, each with extensive experience to offer
clients a team that can speak to all aspects of a project. 26
Finalists
Architecture Firm of the Year
Finalists
AE Urbia Architects
James M. Williams, PE, CE, SE,
AIA, LEED AP
AE Urbia is a group of architects
and engineers devoted to creating and
improving communities, cities and
cultures by providing “great spaces,”
which provide rich experiences that
are refined in design and presentation,
regardless of size and location. They
combine form and function with materials
and methodologies to define place and
purpose, and find creative solutions
to everyday design and construction
problems.
AE Urbia is an architectural and
engineering firm combining the talents of
both architects and engineers. They are
currently licensed in more than 18 states
and have worked on projects in over 15
countries.
AE Urbia provides a full staff of
architects, engineers, and professional
consultants. The firm specializes in all
building types including, but not limited
to; Resort, Retail, Recreation, Residential,
Office, Entertainment, Civic, Museum,
Educational, etc.
Nexus Architects
Julie Berreth
Architectural Nexus provides
professional design services throughout
the West.
Design
We are an award-winning firm who
thrives on complex and challenging
design projects. Architectural Nexus’
success lies in its ability to develop
intelligent and exciting solutions for
complex design challenges. The firm is
led by a collaboration of specialists with
expertise in a wide range of areas. The
collaboration between these experts and
our clients elicits new ideas that lead to
creative design solutions.
Sustainability
At Architectural Nexus, we
incorporate sustainable design into the
way we work and into the projects we
design, this is healthy for our environment
as well as our bottom line. We research
the latest technologies and sensibly
adapt those that fit with our client’s
goals. We are the first SEED consultant
in the nation. SEED is a process and
measurement tool for applying social
and economic sustainability to design
projects. We work in our office and with
the clients we serve to evaluate and offer
best practices for occupant behavior,
ensuring that the people who live and
work in the buildings we design see the
maximum efficiency within their space.
2015
27
Finalists
Recipient
John B. Lindsay
Callister, Nebeker & McCullough
John B. Lindsay is a shareholder at
Callister Nebeker & McCullough and
has been the leader of the firm’s Real
Estate Section for over ten years. He
has been with the firm for twenty-five
years. His primary practice involves the
representation of lenders in affordable
housing and commercial real estate
transactions.
John has negotiated and documented
over 250 affordable housing LIHTC
transactions in 30 states. These
transactions include the negotiation and
documentation of Section 538 loans made
under the loan guarantee program of the
USDA.
John also has extensive experience
in structuring, documenting, and
negotiating a wide variety of complex
commercial real estate loans, including
loans extended for the financing of office
buildings, medical facilities, assisted
living facilities, hotels, apartments,
residential projects, and retail projects.
He advises clients with respect to diverse
credit facilities that include intercreditoragreements, participation and syndication
agreements, subordination agreements,
letters of credit, and lines of credit. John
was a commercial loan officer with Zions
Bank before attending law school.
John is married to Ann (Schofield)
Lindsay. They have three children (two of
whom are married), and one grandchild
with another on the way. John enjoys
travel, reading history, golf, and working
in the yard.
28
Finalists
Finalist
Sam Bell
SEB Legal
Sam E. Bell is the owner of SEB Legal, Attorneys at Law. He
obtained a Bachelor of Arts degree in Behavioral Science and Health
and Juris Doctor both from the University of Utah. During law school
Sam learned the ins and outs of trial practice while interning with the
Honorable Judge Joe Fratto.
Sam devotes 90 percent of his practice to real estate related law.
He assists clients with real estate transactions, financing, litigation,
licensing and defense, fair housing compliance and defense, and
general counsel.
Sam started in the real estate industry in 1998, where he began
his career as a sales agent and property manager. Because of Sam’s
personal experience in real estate, he is passionate about the legal
side of this industry. He believes that his experience as a licensee
lends perspective when helping clients accomplish their objectives.
Outside of work, Sam volunteers as a youth football coach and in
other capacities with local youth. Sam also spends time with his wife
and boys boating, skiing, and mountain biking.
CUSHMAN & WAKEFIELD | COMMERCE
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We knoW commercial real estate
The commercial real estate industry
moves quickly. Keeping up with the
latest trends, forecasting upcoming
opportunities and keeping our
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• Seller/Buyer Representation
• Long-Term Business Strategy
• Build-to-Suit Representation
• Valuation/Appraisal
• Property Services
Specialized Experience
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Local Expertise, Global Reach
Expert Transactional and Litigation Services
Choosing the right attorneys to represent your commercial real estate
interests is critical to your success. With a robust team of highly skilled
attorneys and a rich history handling all aspects of real estate transactions
and litigation—from assisting John D. Rockefeller, Jr. to acquire the land
which ultimately became Grand Teton National Park to financing for
today’s large scale commercial developments, to litigating boundary and
title disputes and leasing issues--we know how to get the job done right.
WE ARE PART OF THE UTAH CCIM COMMUNITY.
As active CCIM committee members and sponsors of the Utah chapter,
we’re working to raise the standard of how Utah commercial real estate
transactions are completed.
MAKE US PART OF YOUR TEAM.
Call (801) 531-8900 to speak with one of
our expert property attorneys now or go to
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The Real PRoPeRT
y P RaCTiCe GRouP
215 South State Street, Suite 1200, Salt Lake City, UT 84111-2323
2015
29
Finalists
Recipient
Jacob Despain
Zions Bank
Jacob is Vice President in the Real
Estate Banking Group at Zions Bank
and has 16 years’ experience in the
commercial real estate industry. He joined
Zions in 2010 and oversees the Salt Lake
Regional division. Jacob is responsible for
managing multiple banking relationships,
where he provides both term and
construction lending, in addition to being
known as a full service banker providing
for clients’ overall financial needs.
In addition to managing his own
portfolio Jacob trains and manages the
team members who make up the Salt
Lake region. He also represents the Real
Estate Banking Group on the two Salt
Lake Regional Executive Management
Committees. Here he interacts with
executives to enhance programs and the
bottom line at the regional level of the
bank.
Prior to Zions he worked at Wells
Fargo and there graduated from the
prestigious Credit Management Training
Program in San Francisco. And he credits
his time with Commerce Real Estate for
breaking-him-in to the industry.
Jacob is proud to have been one of
the instigators of the MUSS at the U of
U, sings on the side with Eclipse 6, and
loves being a husband and father to three
children.
30
Finalists
Finalists
Kelly Hale
Bank of Utah
Kelly Crane-Hale is a Vice President
for Bank of Utah for 14 years. She is a
commercial loan officer, specializing
in real estate lending. She began her
career over 30 years ago in the banking
industry. She has worked as a branch
manager and as a lender in both
commercial and residential real estate
for many of those years. She received her
Graduate Banking Degree from Pacific
Coast Banking School, University of
Washington in 2000.
Kelly enjoys financing loans and
being a part of her client’s dreams as
they come true. Over the course of her
career she is helping build Utah one
loan at a time. She always keeps her eye
open for financing opportunities and
she knows she can provide the absolute
best service. Kelly supports the United
Way volunteering for the VITA program
during tax season.
Andrew Peterson
Zions Bank
Andrew Peterson is a Vice President
in Zions Bank’s Real Estate Banking
Group. For 8 years he has devoted his
time to creating synergy between Zions
Bank and clients pursing construction
and term commercial real estate
financing. Andrew is a department
specialist in construction lending,
offering industry-specific insight and
creative lending solutions to customers
and other lenders within Zions. His
extraordinary relationship building skills
distinguish him from his peers; clients
frequently cite his dynamic personality
as the reason for repeat business
and loyalty to Zions Bank. Andrew
feels fortunate to be part of the Utah
Commercial Real Estate community.
He holds a degree in Business from the
University of Utah.
2015
31
Finalists
Commercial Real Estate Lender of the Year
Recipient
Johnny Clawson
The Clawson Group
John Clawson is the President and
CEO of The Clawson Group, Inc., a
commercial mortgage banking company
specializing in commercial real estate
financing and related services. Johnny
directs the efforts of loan officers,
processors, closers and servicing
personnel to meet the needs of borrowers
and lenders. Despite these management
duties, Johnny is consistently the top
producer for the company having built up
a large client base that relies on Johnny for
his financing expertise. Johnny holds the
CCIM real estate designation, is a member
of the Mortgage Bankers Association and
has a finance degree from the University
of Utah. Johnny affiliated with The
Clawson Group in August of 1997 working
in the operations / servicing areas of
the company. Johnny commenced loan
production shortly thereafter working
closely with his father. Johnny’s sharp
aptitude for the business quickly led
to his own accounts and relationships
wherein Johnny has become a consistent
top producer. In 2006, Johnny was
elevated to President of the company and
he works closely with JR in the growth
and development of all aspects of the
company. Johnny graduated in 2001 from
the University of Utah with a degree in
Business Finance. In April 2005, Johnny
earned the CCIM designation further
enhancing his training and understanding
of the commercial real estate industry and
markets.
32
Finalists
Commercial Real Estate Lender of the Year
Finalists
Jeffrey A. Holt
Zions Bank
Jeffrey Holt is a Senior Vice President
in the Real Estate Banking Group at Zions
Bank.
Current responsibilities include
developing and maintaining key customer
relationships and generating new
production through originating and
underwriting complex credit structures.
Before moving to Zions Bank, Jeffrey
held a similar position in the Real Estate
Group at Wells Fargo Bank in Salt Lake.
Prior to real estate banking Jeffrey
worked for Deloitte as a licensed CPA in
California.
Jeffrey is a graduate of Weber State
University with a BS degree in Accounting
and is also a graduate of the 6-month
Wells Fargo Credit Management Training
Program.
Michelle Pearce
US Bank
Michelle Pearce is a Vice President
and Relationship Manager of the U.S.
Bank Commercial Real Estate Department
in Salt Lake City, Utah. Michelle is
responsible for growing a credit portfolio
by closing new transactions, while
maintaining and managing an existing
credit portfolio.
In 2014, Michelle closed seven
transactions for a total of $124 million
in loan commitments, secured by a total
of 14 commercial real estate properties
located in 12 states across the U.S.
Michelle is the recipient of CCIM’s
Commercial Real Estate Banker of the Year
Award in 2014.
Michelle has specialized in
commercial real estate lending for the
past thirteen years and is a graduate of
the University of Utah with a Bachelor of
Arts in Finance. She is a member of CREW
Utah and CCIM.
2015
33
Finalists
Recipient
Big-D Construction
Cory Moore
Big-D Construction Corporation,
a company consistently named among
the Top Commercial Builders in the
United States, has more than 45 years of
experience in providing Design-Build,
General Contracting and Construction
Management services to customers from a
wide variety of industries.
Among the accolades this past year,
Big-D Construction was recently awarded
the Salt Lake City International Airport
Terminal Redevelopment Program (TRP)
project. Big-D was also named 2013 Best
in State for commercial construction, a
2013 Top 100 Private Companies in Utah
Business magazine and a 2013 Top 400
Contractors by ENR.
34
Finalists
Finalists
Eckman Mitchell Construction
Zach Eckman
Eckman & Mitchell Construction has
been a leader in the building industry
since the early 1950s. Our reputation is
based on the ability to offer experience
and expertise in every phase of the
business. We provide a total package
that will transform ideas and visions into
reality.
As a firm we conduct all business with
integrity, honesty, and the utmost concern
for our clients. It is a pleasure for us to
make new acquaintances, and develop
lasting relationships with the challenge of
each new project. This personal touch has
brought back many satisfied customers
and friends.
From inception to completion,
elevating construction to the highest level
of quality is our commitment. After all,
quality doesn’t just happen; it is the result
of genuine intention, intelligent direction,
sincere effort, and skillful execution.
R & O Construction
Slade Opheikens
R&O Construction values longlasting relationships and our strategy is to
go the extra mile for our clients.
With a 35 year history, this reputation
of delivering excellence makes us
the “Company of Choice” for many
owners and developers, suppliers and
subcontractors.
While R&O is one of the largest
construction firms in Utah, we have
a small-firm approach to project
management, providing specialized
service for each.
Our company delivers its services in a
number of different ways, each dependent
upon the needs of the client.
2015
35
Finalists
Recipient
Steve White
CBC Advisors
Steve White brings over 30 years
of solid experience in the real estate
management industry, with other core
skills in tenant relations, marketing,
leasing, and construction management.
He serves as Senior Property Manager
with Coldwell Banker Commercial
Advisors and oversees a significant
portfolio of downtown office and
suburban retail properties.
His extensive knowledge and depth of
experience in the commercial real estate
industry provides property owners with
a diverse range of disciplines and creative
solutions to maximize the asset value of
their investment.
White entered the real estate business
in 1970 managing trust properties and
became a principal broker in 1977. His
experience includes the management of
high-rise office towers, retail centers and
industrial properties for institutional
owners and local investors. Having
worked for many years with local and
national tenants, attorneys, vendors
and contractors, Steve has emerged as
a methodical problem solver, working
within tight time frames and rigid budget
constraints.
White is active in numerous real estate
industry organizations, including the Salt
Lake Board of Realtors, Institute of Real
Estate Management (IREM), Building
Owners and Managers Association
(BOMA), and Building Owners and
Managers Institute International (BOMI).
He obtained CPM designation from IREM
and RPA designation from BOMA.
36
Finalists
Finalists
Craig Cardell
CBRE
Craig Cardall is a Real Estate Manager
with the Salt Lake City office of CBRE.
He manages a portfolio which exceeds
625,000 sq. ft. and consists of office
and retail properties in Salt Lake and
Utah Counties. In April of 2007, Craig
completed his MBA with an emphasis
in Real Estate at the University of
Utah’s David Eccles School of Business.
Subsequent to joining CBRE in 2007,
Craig has been recognized with various
company awards including the 2009
Sustainability Leader of the Year, awarded
for his achievements in benchmarking
and reducing energy consumption on
his portfolio; the 2010 CBRE Asset
Service Leader of the Year award; and the
2013 Team Leader of the Year award for
excellence in leadership.
Prior to his career as a Real Estate
Manager, Craig spent 10 years in the
construction industry working in various
trades including framing, concrete
finishing, roofing, finish carpentry,
plumbing, flooring installation, and
landscaping. Craig believes that this
hands-on training in the construction
industry has contributed just as much to
his success in real estate as has his MBA.
Yvonne Olson
Newmark Grubb ACRES
Yvonne Olson, CPM, RPA is the
Senior Vice President of Newmark Grubb
ACRES. She has been with the company
since 2004 and is responsible for all
property management employees and
aspects of the Property Management
Department and also manages over 2.3
million square feet of Newmark Grubb
ACRES’ top tier clients. She has over
24 years of extensive experience in the
commercial real estate management and
construction industry. Her expertise,
knowledge, and client dedication allow
her to solve difficult problems and add
significant value to clients’ properties.
Yvonne holds the unique distinction of
being both a Real Property Administrator
(RPA) through The Building Owners
and Managers Institute (BOMI) as well
as a Certified Property Manager (CPM)
through the Institute of Real Estate
Management (IREM). These industry
certifications help Yvonne implement
best practices to provide a high level of
service to her clients. Yvonne holds a
Utah State Real Estate Sales Agent License
and is currently the President Elect for
the Institute of Real Estate Management
(IREM).
2015
37
Finalists
Recipient
Wick Udy
JLL
Wick currently serves as Vice
President in the Salt Lake City JLL,
Brokerage office where he specializes
in the sale and leasing of distribution,
warehouse and manufacturing properties.
During his career, Wick has exclusively
represented national and local users,
REITs and developers in the acquisition
and disposition of industrial assets.
Wick is known in the industry for his
exceptional work ethic, attention to
detail, and superb negotiating skills. Wick
believes in doing what is best for the client
both ethically and financially.
38
Finalists
Finalists
Jarrod Hunt
CBC Advisors
Jarrod Hunt brings more than 16 years
of business management and financial
analysis expertise to Coldwell Banker
Commercial Advisors. Hunt’s background
extends beyond the typical real estate
advisor; he has a broad spectrum of
experience from managing his own
company. Hunt offers a range of real estate
services, including analysis and strategy
for lease and sale negotiations, cash
flow and investment analysis, organized
and accelerated disposition for excess
properties, as well as valuation/feasibility
consulting.
Jeremy Jensen
IPG
For nearly twenty years, Jeremy
Jensen has immersed himself in property
development, investment, management
and brokerage services with institutional
and private clients. His exciting career
has given him opportunity to consult
clients on real estate matters all over
the country and several different asset
classes. As Senior Vice President of
Industrial Properties, Jeremy has an
innate ability to create trust and provide
honest, straightforward solutions to
challenging real estate situations. He
has vast experience as a broker, and as
a principle in both development and
investment transactions, giving him
a solid understanding of what it takes
to create attractive outcomes for his
wide variety of clients. He has enjoyed
serving on the Utah CCIM board in
several different functions including Past
President, Chair of the Utah Commercial
Real Estate Symposium and was also the
Founder and first year chair of the CCIM
Excellence Awards. When he is not at
the office he enjoys spending time with
his family and friends pursuing epic and
active adventures in the great outdoors.
Kyle Roberts
Newmark Grubb ACRES
Industrial specialist Kyle Roberts’
market knowledge, ability to analyze
projects from multiple perspectives, and
market relationships bring value-added
services and perspective to his clientele.
In addition to his 18 years of active
experience as a commercial real estate
agent, Kyle also has 15 years of active
experience as a co-founding principal of
Newmark Grubb ACRES, and he oversaw
the brand realignment in March 2013.
2015
39
Finalists
Recipient
Kip Paul
Commerce | Cushman &
Wakefield
Kip Paul is Executive Director
of Investment Sales for Cushman &
Wakefield | Commerce Real Estate
Solutions in Salt Lake City, Utah. Since
becoming a broker in 1983, Mr. Paul
has provided transaction and advisory
services to clients on more than 1,000
transactions, totaling in excess of $4
billion. Considered to be the most prolific
broker in Utah, Mr. Paul is well known
for his hard work ethic, creative approach
to solving problems and strong client
loyalty as evidenced by years of continued
exclusive representation.
Members of Mr. Paul’s Team provide
financial analysis including ARGUS
modeling, project underwriting and
valuation, state-of-the-art electronic
offering memorandums, electronic
delivery of due diligence materials and
transaction closing services.
Mr. Paul has been recognized with
various honors including Salesperson of
the Year Awards for 20 of the past 22 years.
In addition, Mr. Paul was awarded the
first CCIM Investment Broker of the Year
award in 2011 and also awarded CCIM
Investment Broker of Year in 2012 and
2013. Mr. Paul is presently on the Advisory
Board of the Ivory-Boyer Master’s Degree
Program in Real Estate Development at the
University of Utah and is a member of the
Planning Commission of Hideout.
40
Finalists
Finalist
Bryce Blanchard
Newmark Grubb ACRES
Bryce Blanchard has enjoyed a dynamic career. He joined Newmark
Grubb ACRES (formerly NAI WEST) in 1999 and within a few years became
a principal of the fi rm and currently serves on the Executive Leadership
Team. Bryce is the top investment agent at the company and a partner on
the most productive brokerage team in the region. In 2009, he co-founded
the STaR Investments platform, focusing on single-tenant sales. Over his 15
year career, he has been responsible for over $1 billion in closed investment
sales spanning over 175 transactions. This productivity landed him a place on
Newmark Grubb ACRES’ Top 10 Agent list for the last ten years.
Excellence is Bryce’s standard in whatever he undertakes. He has been
a student body president, valedictorian, basketball state champion and an
award-winning collegiate athlete and forensic debater. In 2003 and 2004,
he was a trainer at NAI Global’s Corporate Real Estate Services Training
(CREST), a week-long internationally attended program. Bryce has been
published in
The Enterprise and Western Business Real Estate. In 2008, he was
selected to be the investment specialist speaker for the NAIOP/CCIM Utah
Commercial Real Estate Symposium. From 2011 to 2013, he was a CCIM
Investment Broker of the Year finalist. Bryce enjoys speaking at industry
events and writing articles and takes great joy in consulting with his network
of associates on matters of real estate, business and investing.
PASSION AND COMMITMENT
As a local Utah firm, we are invested in our community
and help our clients expand and deepen their impact.
Find out how
Callister Nebeker & McCullough
can meet your needs.
Call 801.530.7300 or
visit www.cnmlaw.com.
Funny, you don’t look sixty.
Celebrating 60 years of design excellence.
EDA Architects, Inc. | 801.531.7600 | www.edaarch.com
BANKING & FINANCE • BANKRUPTCY & CREDITOR RIGHTS
BUSINESS ENTITIES, TRANSACTIONS & FINANCING • REAL ESTATE
CONSTRUCTION LAW • EMPLOYEE BENEFITS & ERISA • ESTATE &
TAX PLANNING • INTELLECTUAL PROPERTY • LITIGATION
LABOR & EMPLOYMENT • NATURAL RESOURCES & GOVERNMENT
2015
41
Finalists
Recipient
Daniel S. Shin
Marcus & Millichap
Daniel Shin is a Vice President
Investments of Marcus & Millichap. He
joined Marcus & Millichap in 2006 and
specializes in multifamily and student
housing investment sales with a focus on
Utah and Idaho markets.
Daniel has been recognized as a
market leader in Utah and Idaho. He and
his team have successfully transacted over
4,200 units and over 340 million dollars
in multifamily and student housing
properties since joining the firm.
Daniel is consistently ranked as a
top producer with Marcus & Millichap.
His efforts have earned him the “Top
Producing Broker” award for the past six
years 2009, 2010, 2011, 2012, 2013 and
2014.
He has also achieved the company’s
National Achievement Award for his
success in 2013 and 2014. Daniel is
an Associate Director of Marcus &
Millichap’s National Multi Housing
Group.
Along with his brokerage experience,
Daniel has consulted clients with
operation improvements, broker
opinion of values, refinancing and loan
modifications. He has consulted with
private capital investors, realty advisors,
REITs, developers, condominium
converters, 1031 exchange buyer and TIC
buyers.
Prior to joining Marcus & Millichap,
Daniel attended the Mathematics Program
at Brigham Young University.
Daniel resides in American Fork, Utah
with his wife Heidi and their 3 children.
42
Finalists
Finalists
Greg Barratt
Hendricks & Partners
Since 2008, Greg Barratt has worked
as a Senior Advisor at Hendricks Berkadia,
a nationwide real estate investment
advisory firm that specializes exclusively
in apartments. Greg has spent his entire
career handling commercial real estate
transactions with heavy emphasis on sales
brokerage, financing structures, asset
management, bulk and portfolio trades,
single property and portfolio valuation,
and advisory engagements. Before joining
Hendricks Berkadia, Greg was a Vice
President at CitiBank’s Commercial Real
Estate Group in San Francisco. In 2005
Greg opened and managed a regional
lending office for Citibank in Salt Lake
City and worked there until joining
Hendricks Berkadia. Greg began his career
as an Investment Banking Analyst with
Deutsche Banc’s Biotech Group, in San
Francisco.
Having closed over $400,000,000 in
apartment sales and having financed more
than 200 different apartment complexes
during his career, Greg is considered one
of the state’s top multi-family experts.
His list of clients includes Hamilton
Zanze, WLA Investments, BlackRock,
Ivory Homes, Triton Investments, Nearon
Enterprises, Garbett Homes and Green
Leaf Partners.
Mark Jensen
Newmark Grubb ACRES
Mark Jensen is a Senior Vice President
of Investment Sales with Newmark
Grubb ACRES, Utah’s #1 CRE firm.
Mark is a consistent top performer
having completed over 158 investment
transactions valued over $350 million in
his 10 years in the business. Mark has sold
over 3,000,000 square feet of multifamily,
office, retail and storage, land, and other
investment properties.
Mark recently spoke at the 2014 CCIM
CRE Symposium adding to his speaking
engagements and has authored numerous
articles for Utah Business Magazine,
Facilities Magazine, and other industry
organizations.
2015
43
Finalists
Recipient
Brandon Fugal
CBC Advisors
Brandon Fugal is a prominent business Brandon
Fugal, who joined Coldwell Banker Commercial in
1998 and was named Chairman for Coldwell Banker
Commercial Intermountain in October 2013. He
specializes in the sale and leasing of office properties,
representing corporate tenants on a local, regional and
national basis. Since 1991, Brandon has negotiated
transactions in nearly every major office park along the
Wasatch Front, in addition to nationwide disposition
assignments. Prior to joining Coldwell Banker
Commercial, he was a senior associate at Grubb &
Ellis|Wallace Associates, as well as Vice President of
Utah Realty Group.
Brandon has exclusively represented such
companies as Charles Schwab, Novell, Regence Blue
Cross Blue Shield, Franklin Covey, EDS, Northwestern
Mutual Life, SBC Communications, and Ancestry.
com to name a few. Brandon has listed and leased more
office projects than any other agent in Utah. The list
includes RiverPark Corporate Center, Canyon Park
Technology Center, The Pointe, Union Heights, The
Towers at South Towne, Lake Pointe Corporate Centre,
Minuteman Office Park, Canyon Park Technology
Center, Sandy City Centre and Gateway Technology
Park. Mixed-use freeway accessible projects
represented by Brandon include the Pleasant Grove I-15
Interchange (200 acres), Thanksgiving Point (125 acres)
and Station Park in Farmington (65 acres), in addition
to the 550 acre Falcon Hill Aerospace Research Park at
Hill Air Force Base.
Recognized as an authority in commercial real
estate, Brandon has been featured in the Wall Street
Journal, Money Magazine, Utah Business and the
Commercial Property News. Brandon’s focus on
customer service and client relationships makes
him one of the most qualified commercial real estate
professionals.
Brandon is currently a Director with Coldwell
Banker Commercial Corporate Services nationally,
and is a prominent speaker and presenter on a national
level.
Brandon was recently recognized as the #1 agent,
internationally, for Coldwell Banker Commercial
and continues to be ranked in the top four globally.
He currently serves on the Foundation Board of Utah
Valley University and dedicates time and energy
to public service efforts. In addition, Brandon is a
Managing Partner of National Capital Partners, and is
actively involved with NAIOP and CCIM.
44
Finalists
Finalists
Chris Kirk
Commerce | Cushman &
Wakefield
Chris Kirk brings more than
eighteen years of experience to his
clients and believes in the value of longterm relationships. Having earned a
reputation for close attention to real
estate transactions, his efforts ensure
their timely and successful completion.
Chris knows the Utah office market. He
recognizes both the problems and the
opportunities at all points in market
cycles. Chris has a strong network of
contacts nationally which is strengthened
by his affiliation with Cushman &
Wakefield. Chris has received numerous
Co-Star Power broker awards and
was recognized in 2009 for significant
transactions per square foot leased in a
down economy. Chris’ transactions in
the past 10 years involve over 5 million
square feet of property leased or sold with
a transaction value of over $400 million.
Chris draws on a wide range of experience
to understand his clients and to serve their
commercial real estate interests. Chris is
actively involved with NAIOP, SIOR and
CCIM and is a board member with a local
non-profit where he applies his real estate
experience addressing homelessness.
Collin Perkins
Newmark Grubb ACRES
In August 1999, Collin joined
Newmark Grubb ACRES (formerly NAI
West) to head up the office division.
He has been one of the Company’s top
producing agents each year and has also
been the recipient of the Co-Star Power
Broker (top 10 office leasing broker in
Utah) 8 of the last 9 years. Throughout his
career he has leased over 12 million square
feet and participated in the acquisition
and/or disposition of over $610 million of
commercial properties.
Collin has represented property
owners such as Bay Pacific Corporation,
Celtic Bank, Doerken Properties &
Wasatch Commercial Real Estate. He
has also worked with many prestigious
local, regional and national companies
in assisting them with their real estate
needs such as Evault, Electronic Arts (EA
Sports), Mettel Communications, Konica
Minolta, MGIS & Staples.
2015
45
Finalists
Recipient
Stuart Thain
CBC Advisors
Stuart Thain, Executive Vice
President/Partner at CBC Advisors, has
based his 25-year career on building solid
relationships grounded on his efforts
to understand and accomplish client
goals. National retailers rely on Thain’s
outstanding market knowledge, expert
negotiation skills, and detailed eye to
advise transactions.
Landlords and tenants have
repeatedly called upon Thain to handle
real estate transactions throughout the
Intermountain West, entrusting Thain
with more than 4 million square feet of
new and existing retail developments in
the Utah, Idaho, Wyoming, and Montana
markets. Stuart has been recognized with
various honors including recipient of
Coldwell Banker Commercial’s #1 Retail
Agent of the Year award in 2008, 2010,
2011 and 2012 as well as being awarded the
CCIM Retail Broker of the Year for 2013,
2012 and runner up in 2011. Continually
ranked in the top 2% of the highest
performing agents for Coldwell Banker
Commercial, Stuart has also been one of
the top three agents globally for Coldwell
Banker Commercial for the past two years.
Thain has done outstanding work
for names like Costco, Barnes & Noble,
Ross, DSW, Target, Nordstrom Rack,
The Container Store, At Home, REI, JC
Penney, Gap/Old Navy, Michael’s Stores,
Men’s Wearhouse, Limited Brands,
Hard Rock Cafe, Albertson’s Excess,
Biaggi’s, Noodles & Company, Landry’s
Restaurants Inc., Mimi’s Cafe, and
McGrath’s Fish House.
46
Finalists
Finalists
Steve Bowler
CBC Advisors
Steve Bowler has been active in
commercial real estate in Western US
markets for over 22 years. He built his
career upon providing expert in-depth
market evaluations, demographic
profiles, competition analyses, and site
information essential to his client’s
decision making process. Developing
a foundation of trust and a strong
partnership with his clients is an integral
part of his business philosophy.
Steve markets numerous shopping
centers throughout Utah, Alaska, Idaho,
and Montana. He also oversees site
selection for several local, regional, and
national tenants in Utah, Idaho, Montana,
Wyoming, and Alaska. These clients
include: RC Willey, Petco, Freddy’s, Best
Buy, JC Penney, Smith’s, Black Bear Diner,
Olive Garden, LongHorn Steakhouse,
Jersey Mikes, Avis, Budget Rental Car,
Tropical Smoothie Cafe, Bed Bath &
Beyond, Shoe Dept., Cato, Maurices,
Retro Fitness, and Red Lobster. In
addition, Steve assists many large retailers
including Albertson’s/SuperValu, Staples,
K-Mart, Fred Meyer, Office Depot,
Hollywood Video, and 7-11 with leasing
excess space.
Cameron Simonsen
CBC Advisors
Cameron Simonsen is focused on the
retail sector of commercial real estate.
National name retailers and restaurants
such as Buffalo Wild Wings, Dave &
Buster’s, TJ Maxx, Paradise Bakery, Habit
Burger, GNC, AT&T, Blaze Pizza, Shoe
Dept., Dress Barn, etc. have relied on
Cameron to represent them with their site
selection in multiple states.
Simonsen also represents developers
and investors in leasing many of the
top shopping centers throughout the
Intermountain West. He has been
instrumental in leasing properties owned
by prominent landlords such as The Boyer
Company, Ball Ventures, Wadsworth
Development Group, RPAI, Liljenquist
Properties, The Woodmont Company, etc.
2015
47
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86 NORTH UNIVERSITY AVENUE, SUITE 430 PROVO, UTAH 84601 801 342-2400
75
YEARS
www.RQN.com
2015
2015 Objective Award Recipients
Top Commercial Real Estate Sales Transaction
(Sale of 222 South Main Street, SLC)
KIP PAUL
Top Commercial Real Estate Lease Transaction
Ninigret Properties, L.C.
ZACH ANDERSON (Landlord) and BRYCE BLANCHARD (Tenant)
Newmark Grubb ACRES
Rookie Agent of the Year
JESSE MANGUM
JLL
Top Commercial Real Estate Agent of the Year
KIP PAUL
2015
49
Zions Bank® Real Estate
Banking Group Supporting the
Financial Goals of Developers
and Investors
Zions Bank’s Real Estate Banking Group offers
competitive construction loans*, including customized
structured finance, disbursement services, and letters
of credit. Real Estate Term Loans are available for all
property types — including owner-occupied — and have
tailored maturity and amortization schedules.
Full-service Financial Solutions
Zions has the unique ability to support all aspects of
developers’ and investors’ integrated financial goals.
Zions Bank Real Estate relationship managers serve
as the point of contact for each client’s financial needs.
They can assist with treasury and 1031 Exchange
services, including tax opportunities, remote deposit,
cash management and employee management services.
Relationship managers can also connect customers to
high net worth services, including Private Banking.
Lending for the Lifetime of the Property
Setting itself apart from competitors, Zions Bank
lends throughout the lifetime of a property, not just the
construction phase. For clients with multi-family and
assisted living facilities who seek attractive financing
from agencies such as HUD, Fannie Mae and Freddie
Mac, Zions Bank can help with a mini-perm or mini-term
loan during the property’s stabilization period.
Expertise in Senior Housing
With a team of local experts seasoned in residential
solutions for people 55+, Zions Bank has a dedicated
50
“
It’s gratifying to
help developers
and investors
create real
estate solutions
for businesses.
John Bergstedt
Senior Vice President
Real Estate Banking Group
Zions Bank
”
local team who provide financing and operational
solutions for a variety of senior living projects
that service one or all of the needs along the
continuum of care, from independent living
housing to memory care to skilled nursing and
hospice.
Leadership in Middle Market Lending
Zions Bank is active in the small and middlemarket real estate lending arena. In his role as a
Senior Vice President in the Real Estate Banking
Group, John Bergstedt manages the team of fifteen
real estate bankers, their underwriters and loan
specialists located throughout the state of Utah who
specialize in meeting the needs of middle market
real estate clients.
“It’s gratifying to help developers and investors
create real estate solutions for businesses. Also,
as a big part of our mandate to finance owner
occupied construction, it is satisfying to know that
when we help small and middle-market clients
expand their existing buildings or move into
larger buildings, we’re helping them as they take
steps toward growth,” said Bergstedt. “We pride
ourselves on being able to be creative and believe
we differentiate ourselves through service and
execution.”
Bergstedt has worked in real estate banking for 15
years and for Zions Bank since 2009. He previously
worked at US Bank and JPMorgan Chase. He also
worked in the audit practice with KPMG for three
years specializing in financial services clients and
is a licensed CPA. He holds BS and MBA degrees
from the University of Utah. Active in the community
and financial industry, he is a board member
and treasurer of the Utah Chapter of the NAIOP
Commercial Real Estate Development Association.
*Loans subject to approval. Restrictions apply. Contact Zions Bank’s Real Estate Banking Group
for details at 801-844-8414.
2015
51
Excellence
Solutions are built on it. Success depends on it.
CCIM Mid Market
Banker of the Year
2015 CCIM Finalist
We Know Excellence
NAI Vista would like to congratulate all of those who
are being recognized for excellence in their careers.
Congratulations
Kelly Crane-Hale
Here’s to another excellent year for all of us!
www.naivista.com
Kelly Crane-Hale
Vice President/
Relationship Manager
Office: 801.924.3666
Mobile: 801.631.6398
[email protected]
1240 East 2100 South, Suite 150 • Salt Lake City, Utah 84106
1322 North Freedom Blvd • Provo, Utah 84604
801 590 7120
Because no two clients
are ever the same.
TM
From acquisitions, dispositions and leasing,
to project development and management,
we are committed to understanding
what makes your business
and real estate projects unique.
Understanding
what makes you unique.®
www.swlaw.com
BRIAN D. CUNNINGHAM 801.257.1954 [email protected] | W. BRIAN HULSE 801.257.1957 [email protected]
WADE R. BUDGE 801.257.1906 [email protected] | ELIZABETH (LEEZA) EVENSEN 801.257.1882 [email protected]
BRIAN C. CHENEY 801.257.1873 [email protected] | JAMES H. JONES 801.257.1921 [email protected]
GATEWAY TOWER WEST | 15 WEST SOUTH TEMPLE | SUITE 1200 | SALT LAKE CITY, UT 84101
DENVER | LAS VEGAS | LOS ANGELES | LOS CABOS | ORANGE COUNTY | PHOENIX | RENO | SALT LAKE CITY | TUCSON
52
Emcee
Chris Redgrave
Retired from 20 year career at Bonneville International–VP/GM
SVP Zions Bank: Communications and Marketing
•Communications initiative “Speaking on Business”
•Highlighting 7 businesses a week on 23 radio stations in
Idaho and Utah
•Featured in Community magazine every 2 months
•Recorded by Zions Direct and played on YouTube and
Roku channels
•Launched digital with brand new website and #speakonbiz
Boards and Community Involvement
•Utah Museum of Fine Arts
•HAFB Log Star
•Junior Achievement
•Woman’s Philanthropic Network
•Salt Lake Convention and Visitors Bureau
•United Way
•Salt Lake City Chamber of Commerce
•Board of Governors
•Past Chair of Board of Governors
Awards and Honors
•2009 Athena
•2011 Top 25 Most Powerful Women in Banking
•2014 Best of State Award for Journalism
Focused
on the Business
of Real Estate
Call us at 801-449-9749
www.seblegal.com
2225 E. Murray Holladay Rd. Suite 111
Salt Lake City, Utah 84117
2015
53
To Ambassador John Price on receiving
the CCIM Business Excellence
Hall of Fame Award
Newmark Grubb ACRES would like to recognize Ambassador Price for the dedication
he has shown to both his local community as well as his country over the last 60 years.
Thank you for all your business contributions and leadership over the years.
Global Business Development:
Southern California
Article by Economic Development Corporation
of Utah (EDCUtah)
L
ast November, Economic Development Corporation of Utah
CEO Jeff Edwards, COO Todd Brightwell and Executive
Director of Global Business Development Michael Flynn were
joined by Managing Director of Corporate Recruitment Theresa
Foxley and Incentives Manager Eric Nay, both from the Governor’s
Office of Economic Development, for a week-long economic
development recruiting trip in Southern California.
While there, the team held 22 meetings, including six meetings
with companies interested in Utah for relocation or expansion plans
and another 10 meetings with site consultants. They went into the
trip with nine qualified economic development leads that turned
into four new projects, making the trip both timely and productive.
One executive, from a life sciences firm, told the EDCUtah team
his company is currently planning a future expansion and Utah
would certainly be on the list. “He was ready to start a dialogue
about what Utah has to offer,” says Flynn. Another executive, from
a financial services firm, was well versed in Goldman Sachs’ growth
in Utah. He indicated Utah might be a long shot, but still expressed a
desire to know more about the Beehive State.
Edwards says the primary goal of the trip was to meet with
companies that fit within Utah’s targeted cluster areas and have an
interest in potential expansion or relocation to Utah within the next
several years. A secondary goal was to connect with executives in the
site selection community, “to stay top of mind in that sphere.”
The Global Business Development (GBD) trip was the
culmination of months of behind the scenes leg work involving a
lead generation system developed by Flynn to identify and make
connections with Southern California companies that have the
potential to put jobs and investments in Utah.
A similar effort earlier this year that centered on the aerospace
cluster generated one qualified lead out of 60 company contacts.
Since then EDCUtah has refined the processes, variables and
components of its lead generation effort and the project conversion
rate is increasing.
“Our latest recruitment effort was not necessarily a different
focus, but a much more refined focus,” says Flynn.
EDCUtah began by selecting 103 potential Southern California
companies from its database and narrowed the list to 77 based upon
metrics indicative of a company’s desire to relocate or expand. The
metrics included emphasis on operational spending increases,
company public statements about growth and capacity, financial
reports and changes in leadership. EDCUtah also examined the
active projects that have recently come to Utah, identifying the
commonalities between them and using that intelligence to further
refine the list of potential prospects for the recruitment trip in
November.
“We use a variety of metrics to identify companies that might be
receptive to an expansion or relocation initiative,” adds Brightwell.
Edwards says it is not always a slam dunk that EDCUtah will be
able to convert a lead into a project. “But we are getting better at it,”
he notes. “This was a very good effort.”
The next GBD effort will take place in early 2015. For that effort
Flynn is scaling up the lead generation system to examine companies
from the California Bay Area. He expects to start with a list of
about 300 companies, then use EDCUtah’s metrics and business
intelligence to refine the list, hoping to generate about 20 potential
leads.
The outreach effort is a lot of work, but doing the research before
making contact with prospective companies has allowed EDCUtah
to become much more productive in its lead generation effort. “How
much effort you put in on the front end determines what you will get
out on the back end,” Flynn continues.
“We are hoping our business intelligence leads to a higher
conversion rate,” says Brightwell. “Instead of eight meetings out of
120 business contacts, we’d like to refine our approach to the point
we can make 100 phone calls and get 20 projects, as an example.”
GBD is one element of EDCUtah’s overall economic
development program. Other elements include a marketing effort
that continually draws in companies as they react to EDCUtah’s
messages. Another element focuses on communicating with site
selectors to stay in front of them.
“All of the components of our program are equally important,”
says Edwards, “but the GBD side allows us to have a laser focus on
companies within specific verticals or clusters and within specific
geographical areas. There are companies, industries and supply
chains that make sense for Utah and that is where we are trying
to put our focus. Having the ability to turn on our lead generation
effort with a staff that is really good at it will make a huge difference
for us in the future.”
Flynn says the lead generation effort is “a muscle you have
to exercise. To get someone on the phone, make your pitch in 45
seconds and do it in a way that is compelling enough that the person
on the other end doesn’t hang up on you – that is a specific skill set
that takes time to develop and you have to practice it regularly to
be successful,” he says. “I think it is one we will get really good at in
Utah.”
It helps that EDCUtah has a great product to sell. The secret is
out that Utah is a business-friendly state and a safe harbor where
companies can prosper and grow.
2015
55
JOHN PRICE
AS A 2015 CCIM HALL OF FAME AWARD RECIPIENT
“John Price’s generosity and hard work is legendary in building the State of Utah and our
country. It is a great American success story. His long-time dedication and patriotism to
this nation is part of his hallmark.”
Governor Mike & Jackie Leavitt
“John Price was a pioneer in introducing and developing enclosed malls to over fifteen
“Middle Market Towns” in the Western United States, and I enjoyed my association with
him in accomplishing that achievement.”
Rich Robins, Vice President – Retail Specialist at Coldwell Banker Commercial Advisors
“As a Hinckley Institute Resident Scholar, John Price’s uncompromising commitment to
students and the development of Africa has enriched thousands of young lives. Price’s
leadership for and generous sponsorship of the upcoming Price International Center will
provide invaluable opportunities to enlighten the community and empower our best and
brightest young minds. Congratulations John!”
Kirk Jowers, Director Hinckley Institute of Politics, University of Utah
“In the real estate industry, John Price raises the bar with his expertise, professionalism
and integrity. We are lucky to have him as an ambassador for our work.”
William S. Taubman, COO, Taubman Centers, Inc.
COMMERCIAL REAL ESTATE
DEVELOPMENT AND INVESTMENT
2015
2015 Top Performers
Top Performers were selected by senior executives at each firm
CBRE
•
•
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•
•
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Scott Wilmarth
Tom Dischmann
Eric Smith
Rad Dye
Eli Mills
Tab Cornelison
CBC Advisors
•
•
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•
•
Brandon Fugal
Stuart Thain
Zach Beaudry
Cody Black
Jarrod Hunt
Mary Street
Jordan Wall
Greg Pavich
John Petersen
Newmark Grubb ACRES
•
•
•
•
•
Mike Falk
Zach Anderson
Kyle Roberts
Bryce Blanchard
Jim Sheldon
Marcus & Millichap
• Danny Shin
• Tyler Ellinger
InterNet Properties
• Mike Ferro
• Jake Copinga
IPG Commercial
• Michael Jeppesen
Berkadia
• Greg Barratt
Windermere
•
•
•
•
Grady Kohler
Peter Clark
Cherie Major
Jonah Hornsby
JLL
• Mark Alexander
• Jim Balderson
• Wick Udy
Capital Commercial
• Marlon Hill
• Tom Longaker
•
•
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•
Richards
Kreg Peterson
James Mecham
Russ Harris
JR Moore
Bruce Zollinger
•
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•
•
James Wood
Steve Bowler
Tim Simonsen
Don Enlow
Doug Petty
Pete Rossi
Mike McMurtrey
Cameron Simonsen
Don Zebe
•
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•
•
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Steve Condie
Bill
Chris Falk
Heaton
Preston Davis
• Mark Jensen
• Collin Perkins
• Yvonne Olson
Tucker White
Nadia Letey
Pat Juhlin
Jarrod Hunt
Craig Cardall
Sherry Schoen
Jason Dodge
Rich Robbins
Eric Larsen
Ben Richardson
John Monson
Randy Ross
Steve White
• Mike Francis
• Jason Smith
• Josh Vance
• Andy Renfro
• Jon Wright
• Bob Donaldson
• Kevin Hart
• Chad Rawlins
• David Nixon
• Jami Marsh
• Doug Cole
• Bill Murray
• John Boudreaux
Dorsey
• Joe Trunzo
Ray, Quinney & Nebeker
• Michael W. Spence
• Douglas Matsumori
• Steve Andrews
• Jim Roberts
• Larry G. Moore
• Blake R. Bauman
Snell & Wilmer
• Brian D. Cunningham
• James H. Jones
• W. Brian Hulse
• Wade R. Budge
• Brian C. Cheney
• Elizabeth (Leeza) Evensen
Parr Brown Gee & Loveless
• David E. Gee
• Lamont Richardson
• Ronald G. Russell
• Stephen E.W. Hale
FFKR Architects
• Jenna Ayre, IIDA, LEED CI
• J. David Giles, AIA
• Shawn Hancock, IIDA
• Chris Coutts
• James M. Williams
Big-D Construction
• Cory Moore
Fabian Clendenin
• Scott R. Sabey
• Diane H. Banks
The Clawson Group
• Johnny Clawson
• Mark H. Anderson
• Rosemary J. Beless
• JR Clawson
• Brandon Duke
• Ryan Stevenson
• Ryan Speirs
• Matt Marr
• Brandon Perry
• Andrew Peterson
• Jacob Despain
•
Holt
• Kip Paul
• Mike Richmon
• Dana Baird
•
Rossi
•
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• Travis Healey
• Tom Cook
Frank Matheson
Ralph Riedel
Chris Kirk
Tom Freeman
• Peter Emerson
Bank of Utah
• Kelly Hale
• Christopher Jones
• Wilford Beesley
US Bank
Western States Multi Family
• Joe Rich
• Greg Glissmeyer
• Collier Reid
American West Bank
EDA Architects
• Mark Durrant
Woodbury
• Nate Taylor
• Cameron Gunter
• John B. Lindsay
Zions Bank
Bank Of The West
•
Neese
• Josh Green
• Soren Halladay
• Matthew Hansen
• Andrew Bollschweiler
• John Mastakis
• Richard Thornton
• Jon Heaton
• Scott Bennion
• Sam Bell
• Julie Berreth
Metro Commercial Lending
Prince Yeates
• Robert Schmidt
• Robert Fetzer
AE Urbia
• James Wadsworth
• Andy Wheeler
• Brandon Rawlins
• Jesse Mangum
PEG Development
Nexus Architects
• Jeremy Jensen
Tyler Parrish
Adam Maack
John Patterson
Ryan Evans
• Jason England
SEB Legal
• Colton Smith
• Tod Jones
•
•
•
•
Argent Development Group
• Michelle Pearce
• Brad Neese
Eckman & Mitchell
• Zach Eckman
• Kraig Erickson
• Sean Williams
• Clint Feeley
• Josh Woodbury
R&O Construction
• Slade Opheikens
2015
57
Top Performers CBRE
Scott Wilmarth
Tom Dischmann
Eric Smith
Rad Dye, SIOR
Eli Mills, CCIM
Tab Cornelison
Considered by many to be the most
seasoned real estate professional in
Salt Lake City, Scott Wilmarth is a
Senior Vice President who specializes
in office brokerage. During his 28year career with CBRE, he has been
recognized as one of the top five
commercial real estate professionals,
as well as a top producer—nationally
and worldwide.
For more than 30 years, Rad Dye has
specialized in transactions involving
industrial and land properties.
Consistently a Top 5 Producer in the
CBRE Salt Lake City office, Rad is also
a member of the prestigious Colbert
Coldwell Circle, which honors the top
3% of all CBRE sales professionals in
the nation. As a recognized leader in
the industry, Rad has represented the
most active developers, tenants and
investors in the market.
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Tom Dischmann started with CBRE in
1998 specializing in the acquisition,
disposition and leasing of industrial
and land properties. He was given
the CBRE “Rookie of the Year” award
in 1999, and was rapidly promoted
as a partner on his team in 2000. He
continues to serve his clients as a
Senior Vice President.
Eli Mills has become a trusted
investment advisor for local firms, as
well as some of the largest real estate
owners in the country. A Senior Vice
President with CBRE, Eli began his
career more than 18 years ago, and
throughout this time, has completed
more than 120 sales transactions,
totaling more than $700 million in
value and comprising more than 6
million square feet.
Eric Smith is a Senior Vice President at
CBRE specializing in office brokerage
and global corporate services. During
the past nineteen years he has
participated in many transactions,
representing owners and occupiers for
leasing, buying and selling properties.
He is consistently recognized as a top
real estate professional in the Salt Lake
market.
Possessing more than 30 years of real
estate experience, Tab Cornelison is
a Senior Vice President with CBRE
and is a well-known opinion leader
in Utah’s commercial market. Tab
focuses on the strategy behind each
transaction and works tirelessly to
achieve the best outcome for his
clients. His specialty is the sale
and leasing of commercial office
properties.
CBRE Top Performers
Jeff Richards
Kreg Peterson
James Mecham
Russ Harris
J.R. Moore
Bruce Zollinger
With experience in all aspects of
commercial real estate, Jeff Richards
specializes in industrial and flex
lease negotiations, user building
and land sales, investment property
sales, and data center and clean room
requirements. He has been successful
by offering a high level of service and
unique solutions to suit his clients’
needs and is consistently recognized as
a top producer in the Salt Lake office.
Russ Harris is a Vice President in
the Salt Lake City retail division at
CBRE. With more than fifteen years of
experience in the retail industry, Russ
has become a prevailing force in the
Utah market. He has worked with top
local and national developers and has
been instrumental in the expansion of
many retailers.
Kreg Peterson is a Vice President
with CBRE who specializes in
global corporate services and office
brokerage. During the past 15 years,
he has participated in transactions
representing owners and occupiers
with the leasing, buying and selling
of office properties locally and
throughout the globe. He was one of
the founding members of the global
corporate services division in the Salt
Lake City market.
J.R. Moore has been in the commercial
real estate industry for more than
15 years. He specializes in tenant
representation, retail leasing and
shopping center generation. His
tenacity and sense of urgency have
earned him the respect of many
national, regional and local tenants
and developers.
James Mecham, a Vice President with
CBRE has worked in a variety of real
estate disciplines since 1992, including
property management, development,
construction, leasing, and property
acquisition and disposition. During his
tenure with CBRE, James has sold in
excess of $40 million in real property
and has leased hundreds of thousands
of square feet.
Bruce Zollinger is a Vice President
and a member of CBRE’s national
Land Services Group. He specializes
in residential, agricultural and
commercial land opportunities
throughout the state of Utah. In 2014,
Bruce closed land properties with a
total transaction value of $35 million.
2015
59
Top Performers CBRE
Tucker White
Tucker White is an investment
specialist with a focus on the
acquisition and disposition of
commercial real estate. He has helped
facilitate the sale or purchase of more
than 5.6 million square feet of office,
retail, and industrial investment
properties, equating to a total
transaction value of $675 million.
Nadia Letey
Nadia Letey joined CBRE in 2007 after
a 10-year career in the food industry,
where she managed field marketing
teams and executed localized
campaigns across the country. She
specializes in the office market,
overseeing business development
and managing her team’s portfolio,
which currently totals 25 properties
and includes approximately 2.5 million
square feet.
Patrick Juhlin
A land services specialist, Patrick
comes from a residential and
commercial building inspection
background involving work with
developers and bank executives. He has
brought IT expertise to CBRE’s Land
Services Group practice by integrating
new Geographical Information Systems
(GIS) technology into the team’s
services platform. In 2014, Patrick
closed land properties with a total
transaction value of $35 million.
U.S. Bank salutes the CCIM Business
Excellence Award recipients for their
innovative ideas and designs, and
their continued efforts to foster and
promote business excellence in Utah
commercial real estate.
U.S. Bank continues its commitment to local
business that contribute to the economic vitality
of the Utah community each and every day. It’s
this spirit of leadership that makes us proud
to recognize the CCIM Business Excellence
Award top performers — for their greatest
accomplishments, innovations and best practices.
FA N AT I C A L
CRAFTSMANSHIP
w w w. b i g - d . c o m
usbank.com
Member FDIC. ©2015 U.S. Bank. 7534
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CBC Advisors Top Performers
Brandon Fugal
Stuart Thain
Zach Beaudry
Cody Black
Jarrod Hunt
Mary Street
Brandon Fugal is a prominent business
leader recently recognized as the #1
agent globally with Coldwell Banker
Commercial. As co-founder and
principal owner of CBC Advisors,
his leadership has been critical to his
firm being recognized for 11 years in
a row as the #1 office throughout the
international brand, where he serves
as Chairman. Fugal has developed a
sterling reputation as a trusted advisor
and business infrastructure expert on a
national, regional, and localized basis.
Cody Black has quickly become one
of the most respected agents in the
Utah market, with an established
track record representing hundreds
of thousands of square feet of
commercial space. He focuses on
the most notable investment and
land assemblage opportunities in
the Intermountain West. Black’s
focus on customer service and client
relationships makes him one of the
most qualified commercial real estate
professionals in the region.
Stuart Thain’s personal and
professional abilities, along with an
assertive, realistic approach, ensure
superlative representation. Thain,
Executive Vice President/Partner
at CBC Advisors, has based his 25year career on building relationships
with his clientele–grounded on
efforts to understand and accomplish
client goals. Retailers rely on Thain’s
outstanding negotiation skills and
detailed eye to advise transactions.
With more than 3 million square feet
of experience, he has gained a wealth
of knowledge that translates to market
expertise.
Jarrod Hunt brings more than 16
years of business management and
financial analysis expertise to Coldwell
Banker Commercial Advisors. Hunt’s
background extends beyond the
typical real estate advisor; he has a
broad spectrum of experience from
managing his own company. Hunt
offers a range of real estate services,
including analysis and strategy for
lease and sale negotiations, cash flow
and investment analysis, organized
and accelerated disposition for excess
properties, as well as valuation/
feasibility consulting.
Zach Beaudry bases his career on
building professional relationships
that last, while forging productive
and professional paths for investors,
tenants, landlords and developers.
Beaudry brings intelligence,
enthusiasm, and energy to his
profession. His meticulous attention
to detail assures his customers that no
surprises will pop up along the way.
Regardless of the size of a transaction,
Zach gets the job done efficiently and
effectively.
Mary Street began her career in
real estate in 1996. She has worked
at local, county, and state levels
promoting effective land-use policies
to support economic and community
development. Her negotiation and
problem solving skills, as well as
her sincere desire to help her clients
maximize the full potential of every
project, has yielded a loyal client
base across a broad spectrum of
commerce–from national retailers
and land developers to local city
governments and non-profits.
2015
61
Top Performers CBC Advisors
Jordan Wall
Greg Pavich
John Petersen
James Wood
Steve Bowler
Tim Simonsen
Jordan Wall has proven to be a
dynamic force in the world of
commercial real estate and corporate
services. He is hailed as an emerging
leader in the regional corporate
services field. Wall has developed
strong relationships with business
leaders by presenting ideal facility
solutions. He has assisted many
companies with their expansion
and growth needs, enabling them to
successfully grow their businesses.
Wall represents numerous corporate
clients, in addition to working
with several large-scale, regional
commercial projects.
Jim Wood has been active in
commercial real estate for more
than 25 years. His career began with
property management, where he
oversaw development, management,
and leasing of more than 1.5 million
square feet of retail and office space.
His background includes experience in
construction, mechanical contracting,
and tenant improvement coordination.
Wood specializes in bringing landlords
and tenants together to the benefit
of both. He has knowledge of all
commercial property types, including
office, retail, and warehouse spaces.
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Greg Pavich has worked with a range
of client types including local and
national developers, syndicators,
institutions, individual investors and
corporations. Pavich has extensive
knowledge of all property types,
such as office, retail and multifamily spaces. Greg has developed
a reputation among colleagues and
clients for providing very thorough
and conscientious service. This
approach has led to many long-term
relationships, as clients have come
to value and trust his abilities and
commitment to their needs.
Steve Bowler has been active in
commercial real estate in western
U.S. markets for more than 20 years.
He has built his career by providing
expert in-depth market evaluations,
demographic profiles, competition
analysis, and site information that
are essential to his clients’ decision
making. Developing a foundation of
trust and a strong partnership with
his clients is an integral part of his
business philosophy. Bowler markets
numerous properties throughout
Utah, Idaho, Montana, Wyoming, and
Alaska.
John Petersen has a broad knowledge
of office, land, and retail development.
His experience includes tenant
representation, owner representation,
property management, property
development, construction financing,
and bridge loans financing. Petersen
has been involved with several largescale developments and has secured
and provided the financing for the
projects. He was the managing
partner of the 250-million-dollar
master-planned RiverPark Corporate
Center and was responsible for all
development activities associated with
the 100-acre project.
Tim Simonsen is a 33-year veteran of
the real estate industry whose diverse
experience encompasses sales, leasing,
development, property management,
and finance. His extensive business
knowledge is drawn from involvement
in thousands of transactions, many of
which required creative and innovative
strategies. Simonsen is well versed in
the nuances of both buying and selling
real estate, and he has widespread
experience in tenant representation
and as a landlord’s agent for numerous
shopping center and land listings.
CBC Advisors Top Performers
Don Enlow
Doug Petty
Pete Rossi
Mike McMurtrey
Cameron Simonsen
Don Zebe
Don Enlow brings a wealth of
commercial brokerage knowledge and
experience to the Utah commercial
real estate market. He specializes
in tenant representation and the
sales and leasing of industrial, land,
and investment properties. Enlow
has contributed to more than 300
transactions, representing millions of
square feet and hundreds of millions
of dollars. His attention to his clients’
needs has made him one of the most
esteemed commercial real estate
professionals in the market.
Mike McMurtrey specializes in the
area of investment analysis, sales,
and leasing. He offers dedication,
professionalism, exceptional market
knowledge, and a commitment to his
clients. Mike has extensive experience
in the analysis, development and
implementation of short and long
range strategic plans for portfolio real
estate investments. He has represented
both buyers and tenants, assisted in
the acquisition and disposition of
investment properties, and handled
negotiations for all commercial real
estate property types.
Doug Petty began his real estate career
in 1992. Specializing in the sale and
leasing of office properties, Petty
represents both landlords and tenants
and has negotiated transactions in
many national markets and in nearly
every major office park in Utah. Petty is
among a select group of professionals
with multimarket expertise and
experience representing firms
encompassing North America. His
detail-oriented approach has resulted
in tremendous cost savings for both
institutional and corporate clients.
Cameron Simonsen represents
developers and investors in leasing
many of the top shopping centers
throughout the Intermountain West.
He has also been instrumental in
leasing properties owned by prominent
landlords throughout the region. Since
Simonsen started working at CBC
Advisors, his primary focus has been
retail sales and leasing transactions.
His knowledge of markets throughout
the Intermountain West, as well
as his relationship with landlords
and tenants alike, has proven to be
an invaluable asset for facilitating
transactions.
At the deal table, Pete Rossi has sat in
every seat, and he knows how to add
significant value and insight to every
real estate transaction. More than
25 years of broad-based real estate
experience has provided him with a
unique and qualified perspective of the
real estate market. Rossi is committed
to assisting his clients in all phases
of their real estate needs including
lease, purchase, sale, and investment
strategies.
Don Zebe has an established wealth
of experience and knowledge in
commercial real estate through
development, leasing, land
acquisition, and site selection. Zebe
has based his career on setting realistic
goals, a passion for excellence, and
providing unprecedented service to
his clients. Zebe is adept at providing
the most accurate market information
available to his clients, whether leasing
or selling.
2015
63
Top Performers CBC Advisors
Sherry Schoen
Sherry is a highly respected and
performance-driven real estate
professional with extensive
commercial portfolio experience.
Born and raised in Idaho, Sherry
brings a wealth of local market
knowledge and expertise. Sherry
offers a long history of corporate
experience and has a background in
information technology, including
fourteen years with Hewlett Packard,
where she worked in development,
program management and senior level
management.
Eric Larsen
Eric Larsen is an industrial and
land specialist with diverse
experience in commercial real
estate and its current market
conditions and trends. His
primary specialty is in the
sales, leasing, and disposition
of properties in the industrial
market throughout the state.
Larsen has been involved in
multiple significant transactions
throughout the region. His
ambition, work ethic, and
background qualify him to help his
clients make the best real estate
decisions.
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Jason Dodge
Jason Dodge is a Utah County native
specializing in office sales, leasing, and
investment deals. Through hard work
and dedication, he has developed a
reputation for helping his clients reach
long-term goals through a customized
approach, understanding needs,
and achieving desired results. Jason
has the skills, drive and experience
necessary to assure his clients their
satisfaction with every transaction.
Jason is dedicated to providing the best
possible service.
Ben Richardson
Ben Richardson began his real
estate career in 2005 at Coldwell
Banker and he has quickly
become a top agent within the
firm. Richardson specializes in
leasing both industrial and land
properties. He led the acquisition
of 25 acres and placed a mixed-use
facility of more than 150,000 SF of
Class A office space and 150,000
SF of Class A industrial space. He
has also preleased and advised
WI Commercial Properties in the
development of over 170,000 SF
industrial space.
John Monson
Rich Robbins
Rich Robbins’ broad commercial real
estate background has helped him
become a focused advisor, creating
solutions to commercial real estate
problems for the past 41 years. Robbins
has participated in the management,
leasing, and development of
shopping centers, office buildings,
and properties throughout the West.
During the last 20 years he has been
successful in representing many
national retailers in re-leasing and
selling “surplus Big Box and Mid-Box
Tenant sites.”
John Monson has accumulated
nearly 18 years of sales and
management experience from the
tech and commercial real estate
industries. Monson has a long
track record of servicing the Salt
Lake City market. He has received
national recognition for his
performance, competing against
larger markets, such as Denver,
Chicago, and Miami. He is a proven
leader, and had held leadership
positions and has overseen a
nonprofit organization for many
years.
Randy Ross
Over his career as an industrial and
investment real estate specialist,
Randy Ross has established himself
as a top producer at Coldwell
Banker Commercial Advisors. His
hard work and adept negotiating
skills have translated into the
successful closing of transactions
for a diverse range of clients. His
experience as an industrial and
investment specialist provides a
comprehensive understanding of
how to structure, market, and close
sales and leasing transactions in a
timely and professional manner.
Newmark Grubb ACRES Top Performers
Mike Falk, CCIM, SIOR
Zach Anderson
Kyle Roberts
Bryce Blanchard
Jim Sheldon, SIOR
Steve Condie
Mike Falk’s extensive experience in
all aspects of commercial real estate
has resulted in countless business
transactions. Widely-recognized
national companies as well as
prominent local businesses have
relied on Mike to accomplish their
real estate goals. His hard work has
led to his involvement in billions
of dollars in property transactions,
including facilities sold and/or leased,
investment sales, and industrial land
sales. His extensive marketplace
knowledge, meticulous attention to
detail, and devotion to integrity and
trust have allowed Mike to excel as the
best in the real estate industry.
Bryce Blanchard joined Newmark
Grubb ACRES in 1999 and within a few
years became a principal of the firm.
He currently serves on the Executive
Leadership Team. Bryce is the top
investment agent at the company
and a partner on the most productive
brokerage team in the region. In 2009,
he co-founded the STaR Investments
platform, focusing on single-tenant
sales. Over his 15-year career, he has
been responsible for more than $1
billion in closed investment sales
spanning over 175 transactions. This
productivity has landed him a place on
Newmark Grubb ACRES’ Top 10 Agent
list for the last ten years.
Zach Anderson’s extensive experience
in all aspects of commercial real estate
has resulted in the culmination of more
than 1180 individual transactions.
Widely-recognized names such as
Pepsi; Morton International; Owens &
Minor; and Spillman Technologies,
Inc. have relied upon Zach to
accomplish their real estate goals, as
have local clients such as the State
of Utah, First Security Bank, Emery
Worldwide, Packard Bell and Aspen
Distribution. Zach’s attitude has led
to his involvement in more than $2.8
billion in office and industrial property
transactions and over 77 million square
feet of facilities sold or leased.
25+ years of experience competing
exclusively in Utah’s Industrial
Real Estate Market has provided
Jim Sheldon with a firm foundation
for understanding every aspect of
the real estate market and working
with all of the industries. He began
by researching and building his
company’s database, then leasing
his mentor’s properties. That work
evolved into securing listings followed
by the sales of buildings and land –
improved and unimproved properties.
He has also provided speculative
development consultation and income
property sales.
Industrial specialist Kyle Roberts’
market knowledge, ability to analyze
projects from multiple perspectives,
and market relationships bring valueadded services and perspective to his
clientele. In addition to his 18 years
of active experience as a commercial
real estate agent, Kyle also has 15 years
of active experience as a co-founding
principal of Newmark Grubb ACRES,
and he oversaw the brand realignment
in March 2013.
Steve has more than 25 years of real
estate, banking and finance experience
– areas in which he is considered
an expert. Steve specializes in the
acquisition, disposition, and leasing
of industrial properties and is also
uniquely involved in subdivision
application and entitlement processes.
His extensive experience in all aspects
of commercial real estate allows him
to effectively communicate with his
client and ultimately guides them
to make the best decisions for their
business.
2015
65
Top Performers Newmark Grubb ACRES
Bill Nicoloff
Chris Falk
Jeff Heaton, CCIM, SIOR
Preston Davis
Bill Nicoloff is a managing partner and
one of the founders of the Newmark
Grubb Acres Northern Utah Office.
Bill joined Newmark Grubb Acres
after starting his commercial real
estate career with Smoot Commercial
Brokers in Centerville, Utah.
Completing over 500 transactions, Bill
has proven himself to consistently be
one of the top producing agents within
the NGA Corporation and throughout
Northern Utah.
Jeff Heaton, Senior Vice President
of Industrial Properties, specializes
in the acquisition, disposition, and
leasing of Industrial Properties
across the Wasatch front. Jeff joined
Newmark Grubb ACRES in 2000.
During the last ten years Jeff has honed
his skills and completed more than
500 transactions, totaling over $350
Million dollars. As a member of the
market’s best industrial real estate
group, Jeff’s is a transaction-oriented
Broker, which has given him the
greatest understanding of deal flow
and market data.
66
Chris Falk is a Principal and Vice
President for Newmark Grubb ACRES
in Salt Lake City, UT. As a broker in
commercial real estate, Chris has
handled more than 600 transactions,
exceeding $325MM. Born and raised
locally, Chris understands the unique
qualities of the region, and its great
capacity for business. He maintains
dynamic relationships with decision
makers therein.
Preston Davis is a Vice President at
Newmark Grubb ACRES with more
than 12 years in the commercial real
estate brokerage industry. Preston
Davis started his real estate career in
1992 as a developer of Brigham Young
University approved housing.
After earning an MBA from BYU’s
Marriott School of Management in
2003, Preston joined Newmark Grubb
ACRES and currently leads their
brokerage activities in Utah County.
In his first year as an agent, Preston
sold more than $3M and earned the
prestigious “200%” award.
Marcus & Millichap Top Performers
Danny Shin
Tyler Ellinger
Tod Jones
Mike Francis
Daniel Shin is a Vice President at
Investments of Marcus & Millichap.
He joined the firm in 2006 and
specializes in multifamily and student
housing investment sales with a focus
on Utah and Idaho markets. Daniel is
consistently ranked as a top producer,
and his efforts have earned him the
“Top Producing Broker” award for the
past six years from 2009 to 2014. Prior
to joining the firm, Daniel attended
the Mathematics Program at Brigham
Young University.
Tod Jones has experience with retail
real estate investments. He has more
than 15 years appraising, 15 years
developing, and 10 years of selling
experience, and he is a top agent at
Marcus & Millichap. His experience
in selling, appraising and developing
involves more than 1,000 properties
with a combined value over four billion
dollars.
Tyler Ellinger has risen to be the
#1 Net Leased agent at Marcus &
Millichap Real Estate Investment
Services of Salt Lake City. Within the
last year as a Net Leased specialist,
Tyler has brokered more than 30
transactions in multiple states. Using
his Master in Business Administration
from Westminster College and prior
work experience as a CPA, Tyler
brings maximum value to his clients.
Tyler has also received multiple
awards including, in 2012, “Rookie of
the Year” for the Salt Lake City office
and, in 2014, the Marcus and Millichap
National Achievement Award.
2015 marks R. Michael Francis’ 12th
year as an Associate Vice President
with Marcus & Millichap Real Estate
Investment Services of Salt Lake City.
Michael has built a successful practice
as an investment broker specializing
in the hospitality industry. Michael is
widely known for his skills in closing
complex, high-stakes transactions and
for the excellent quality of his Offering
Memoranda, legal documents, detailed
escrow management procedures,
underwriting and financial analysis.
Michael has closed nearly 80
transactions totaling $177 million in
sales volume.
Colton Smith
Colton Smith is Director of capital
markets at Marcus & Millichap
Capital Corporation. Mr. Smith is
responsible for securing commercial
debt financing for all commercial
property types. His regional and
national lending relationships
include agency lenders, commercial
banks, CMBS lenders, life insurance
companies, private and public funds,
and bridge lenders. Mr. Smith has
more than 10 years of commercial
real estate finance experience. He
specializes in permanent financing for
all commercial property types across
the nation.
Jason Smith
In April 2006, Jason began his career
with Marcus & Millichap with a sole
focus in self-storage investments.
Since then, Jason has successfully
closed more than $200 million of selfstorage transactions in the western
US, has consistently brokered more
storage in Utah than any competitor
since 2009 and has won numerous
awards from Marcus & Millichap,
including top 5 producing broker in the
nation. Jason is a member of the SelfStorage Association and advises all
types of clients with their self-storage
investment goals.
2015
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Top Performers InterNet Properties
Mike Ferro, CCIM
Mr. Ferro has been an Associate
Broker at InterNet Properties since
1999, where he is consistently a
top producer. His emphasis is in
investment properties, and he has
closed countless office, retail and
industrial transactions during his
30-year career. He was formerly a
Vice President at Birtcher, a Southern
California based development firm.
With his indepth development and
construction experience, Mr. Ferro
also heads the Development Services
division at InterNet Properties, where
he provides Construction Management
and consulting services.
Josh Vance, CCIM
Josh has been with InterNet Properties
since 1999. During this period he has
covered a wide range of real estate
disciplines, including the sales and
leasing of office, retail, and industrial
properties. Josh has also negotiated
transactions in many national markets.
His vast knowledge and extensive
experience provide his clients with
valuable insight into the many facets of
the commercial real estate industry.
Top Performers IPG Commercial
Michael Jeppesen, CCIM, SIOR
A few more gray hairs and a couple
battle scars mark an otherwise joyful
and prosperous 20+ year commercial
real estate career for Michael. He
started IPG Commercial in 2005 to
focus on quality relationships with
owners and occupiers of industrial
and commercial space. He is a CCIM
Designee and has served as a Utah
CCIM Chapter President. He is also
an SIOR and was recently selected
as the 2014 Utah SIOR Broker of the
Year. Over the years IPG has built
an illustrious and diverse group of
clients in the State of Utah and across
the country. Michael’s clients rely on
him and his IPG team again and again
for wise advice and top-level service
before, during and after their most
important real estate transactions.
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Jon Wright
Jon specializes in downtown office
properties and industrial warehouse
space. His vast network of contacts
and wide range of work experience has
also led him into the residential market
with a strong emphasis on high value
estates. A Salt Lake City native, Jon
combines an intimate knowledge of
Utah real estate with a genuine desire to
see our state grow and prosper. Jon and
his relatives have been deeply involved
in Utah politics. He was a candidate
for the Utah House of Representatives
in 2004 and stays active in various
political campaigns both local and
national.
Windermere Top Performers
Grady Kohler
Peter Clark
Cherie Major
Jonah Hornsby
Tyler Parrish
Adam Maack
Grady started his career while in
the undergraduate finance program
at the University of Utah. His
experience, leadership, and technology
background make him a great team
leader for Windermere Commercial
Real Estate. He was the 2014 Utah
CCIM Chapter President and chaired
the CCIM Purchase and Sales
agreement committee.
Jonah can be considered “a perfect
blend.” He guides his clients through
commercial real estate transactions
with gourmet precision. He is defined
by past clients, coworkers, and friends
as motivated, ethical and creative.
Jonah is the 2015 Chairman of the
Salt Lake Board of Realtors Alliance
Committee.
Peter has been involved with a wide
range of real estate disciplines since
graduating from the University of Utah
in ‘93. He represents clients on national
and local levels. His ability to evaluate
our changing market and adapt is what
has made him a successful investor and
REALTOR®.
Tyler’s motivation isn’t limited to
just the outdoors; it’s evident in his
business achievements in commercial
real estate. Whether it’s finding an
off-market property, multi-family deal
or work with a seller holdout, Tyler
can figure out a positive result that’s
always best for everyone.
Because buying or selling property is
a serious endeavor, Cherie provides a
comprehensive strategy for her clients
to ascertain their real estate goals.
She believes in working hard every
day with the right intentions so that
her clients will be happy with the end
result.
Adam began his career while he was
an undergraduate at Westminster
College in Salt Lake City, Utah, and
he continued advising clients while
attending the S.J. Quinney College of
Law at the University of Utah. Adam’s
background, experience, and refined
approach to every transaction make
him a valuable asset to his clients and
the Windermere Commercial team.
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Top Performers Windermere
John Patterson
Ryan Evans
Kevin Hart
Chad Rawlins
John Patterson has a diverse business
background. The initial six years
of his career focused on Corporate
level finance and construction in the
residential construction industry. The
past six have focused on high volume
residential and commercial real estate
transactions.
Kevin Hart has an extensive
background selling commercial Real
Estate and has spent the last seven
years of his career brokering multifamily properties. He is currently
the Vice President for Private Client
Services. He is one of the top ten
producers in multi-family properties
in the industry.
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Exceeding expectations is Ryan’s
area of specialty. He’s happy to be
an integral part of the Salt Lake City
community, and he possesses a unique
knowledge of the commercial real
estate market. Ryan believes the most
crucial aspect of commercial real
estate is fulfilling his client’s vision.
Chad was raised in Utah and grew
up to be an outdoor enthusiast,
snowboarding the powder slopes of
the Wasatch, hiking the lush forests or
barren deserts and enjoying the many
bodies of water throughout the state. It
doesn’t matter if it’s work or play—it’s
“go for it!”
Bob Donaldson
Bob and his wife Kathy have lived in
Park City since 1993. Twenty-nine
years ago, Bob invested in his first
income property. Since that time,
he has continued to invest and to
encourage others to do likewise in this
region. Today his focus continues to be
on Commercial Real Estate.
JLL Top Performers
Mark Alexander
Jim Balderson
Wick Udy
Andy Wheeler
Brandon Rawlins
Jesse Mangum
David Nixon
Jami Marsh
Mark Alexander currently
serves as Senior Vice President
/ Principal Broker of the Salt
Lake City JLL Brokerage office.
In this capacity Mark provides
Tenant Representation, Landlord
Agency, Lease Acquisition, Lease
Disposition and Strategic Planning
services for his clients. Mark has
more than 25 years of diversified
commercial real estate experience.
Brandon is a Senior Associate in
the Salt Lake City JLL office. He
specializes in site selections for
clients throughout Idaho, Nevada
and Utah, and he is licensed in
all three states. Brandon’s client
list includes Bank of America,
Mountain America Credit Union,
Frontier Communications and Bed
Bath and Beyond.
Jim leads the JLL office in Salt Lake
City as the Managing Director.
During his career, Jim has leased
or sold more than 4 million square
feet of commercial real estate,
totaling over $450 million in
transaction value. Jim holds a B.S.
in Economics from Brigham Young
University, where he was a fouryear member and captain of the
Men’s Basketball team.
Jesse is a Senior Associate at the
JLL Office and specializes in Tenant
Representation and Landlord
Agency. He has leased or sold
2.5M square feet, totaling $250M
in transactional value. His clients
include Abeo and MediaFORGE.
Jesse holds a B.S. in Finance from
the University of Utah.
Wick currently serves as Vice
President in the Salt Lake City
JLL, Brokerage office where he
specializes in the sale and leasing
of distribution, warehouse and
manufacturing properties. During
his career, Wick has exclusively
represented national and local
users, REITs and developers in
the acquisition and disposition of
industrial assets. Wick is known
in the industry for his exceptional
work ethic, attention to detail, and
superb negotiating skills.
David is an Associate at the Salt
Lake City JLL office. He specializes
in tenant representation and he
represented various national
clients in 2014 such as Fiserv,
Teracon, and Cisco. David holds a
B.S. in Finance from BYU and was
the Captain of the Football team
in 2008. David also played football
professionally in the NFL for 4
years.
Andy is Vice President of the
Industrial & Logistics Division. He
specializes in the industrial market,
focusing on distribution, industrial
flex and industrial land. He works
both leasing and sales transactions
across the Mountain West.
Jami began her real estate
career in 2001 providing
tenant representation and
landlord agency services. She
has completed more than 300
transactions and is consistently a
top performer at her company. She
currently serves as President-Elect
on the board of CREW Utah.
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71
Top Performers Capital Commercial
Marlon Hill
Tom Longaker
Doug Cole
Bill Murray
Marlon Hill is Principal Broker and
co-founder of Capital Commercial
Real Estate. He has a reputation for
knowing how to get results for his
clients. Marlon works tirelessly for his
many local and national clients to get
their projects leased, sold, or managed
more effectively. With 27 years of
successful development and brokerage
experience, Marlon brings to his clients
a specialized and proven approach
to solving their investment and
leasing objectives. His achievements
are further evidenced by his active
assistance with clients in developing,
leasing and selling more than 10 million
square feet of retail, office and mixeduse commercial property.
Douglas has more than 17 years of
commercial real estate experience.
He has worked with prominent
Industrial and Retail companies, to
maximize supply chain efficiencies.
His career has taken him into multiple
markets, which, in addition to
Utah, include Southern California
and Las Vegas, Nevada. With a vast
array of transaction experience in
leasing and selling several million
square feet, Douglas has fostered a
strong reputation in the market as an
industry leader.
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Tom is a co-founder of Capital
Commercial Real Estate. He is a
seasoned broker with 14 years of
experience in marketing; investment
sales; leasing; and property (re)
development. He works hard
every day to successfully build and
maintain relationships based on trust,
communication and responsiveness.
His diligence has resulted in hundreds
of successful transactions involving
several millions of square feet.
Bill Murray has advised clients on
commercial real estate and loan
portfolio assets in excess of $2 billion.
In his more than 40-year career in the
commercial real estate and banking
industries, Bill Murray has proven time
and time again that he possesses the
qualities that his clients can depend on
to make the best possible investment
decisions. Knowledge, expertise,
integrity and a proven track record are
attributes Mr. Murray brings to the
table in every transaction, and clients
from around the world have benefited
from his broad base of experience.
Argent Development Group Top Performers
Jason England
Jason England is the Leasing and
Marketing Manager for Argent
Development Group. Primarily
responsible for the negotiation of all
office and retail leases and renewals,
he has successfully completed roughly
$200 million in lease transactions. His
responsiveness and attention to detail
ensures that tenants are completely
satisfied with their leasing experience.
Jason also serves as Vice President for
the Utah Chapter of NAIOP.
Scott Bennion
Scott Bennion is the Senior Property
and Asset Manager for Argent
Development Group. His primary
responsibilities include management
of the Leasing, Operations, and
Property Management teams, where
he successfully runs a portfolio of
several million square feet of office and
retail space. Scott also heads efforts for
financing acquisition and servicing,
and currently serves as PresidentElect for the Utah Chapter of BOMA.
INTEGRA REALTY RESOURCES—SALT LAKE CITY
Commercial Real Estate Valuation and Counseling Services
Integra realty resources, Inc. (IRR) is the largest independent commercial real estate valuation
and consulting firm in North America, with over 200 MAI-designated members of the Appraisal
Institute among over 900 professionals based in our 66 offices throughout the United States and
the Caribbean. Founded in 1999, the firm specializes in real estate appraisals, feasibility and
market studies, expert testimony, and related property consulting services across all local and
national markets. Our valuation and counseling services span all commercial property types and
locations, from institutions, developers, corporations, law firms, and government agencies.
Integra Realty Resources—Salt Lake City
Darrin W. Liddell, MAI, FRICS, CCIM
Senior Managing Director
5107 South 900 East, Suite 200
Salt Lake City, Utah 84117
Phone: (801) 263-9700
Fax: (801) 263-9709
Email: [email protected]
Salt Lake City
www.irr.com
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73
Top Performers Parr Brown Gee & Loveless
David E. Gee
Lamont R. Richardson
Ronald G. Russell
Stephen E.W. Hale
David Gee assists clients in achieving
financial and tax benefits through
structuring or restructuring
ownership interests and debt in
connection with asset-based
transactions. A substantial portion
of his practice involves acquisition,
development, financing, exchange and
other dispositions of real estate assets,
representing both owners and lenders.
Ronald Russell specializes in
commercial litigation, real estate
law, title insurance, title and
escrow claims, zoning and land use,
construction cases, foreclosures,
and lender enforcement. Mr. Russell
received his J.D. from the University
of Utah and is the former mayor of
Centerville.
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Lamont Richardson specializes in the
areas of real estate law and commercial
finance. He holds an Accounting
degree from the University of Utah and
a J.D. from Wake Forest University.
He has been named one of the top
Utah real estate lawyers by local and
national publications.
Stephen Hale’s areas of practice
include commercial and tort litigation
involving construction, business
organizations and insurance coverage.
Mr. Hale earned his B.S. in Accounting,
magna cum laude, his MBA, as well
as his J.D, Order of the Coif, from the
University of Utah.
Nexus Architects Top Performers
Julie Berreth
Julie Berreth has Midwestern roots, having grown up
in the Greater Detroit area and having attended the
University of Michigan in Ann Arbor. After receiving her
Masters of Architecture degree in 1982, she moved to
the north shore of Chicago and practiced for 12 years at
two excellent architectural firms. There, she learned a
lot about the practice of architecture from the developer
/ lender / investor side of the equation. Julie has spent
the last 20 years practicing architecture in Salt Lake
City, where she has led the design of approximately 1.5
million square feet of high-end office and medical office
space. Julie was delighted to join Architectural Nexus in
2005. As Principal, her responsibilities include business
development, client relationships, contract negotiation,
and creating effective teams for client satisfaction and
profitability. Her particular passion is creating project
teams that maximize ROI for the owner, a concept that
she calls Design Economics. She is also the HR Director
and manages staff relations to develop the firm’s culture
and hires the next generation of Nexians.
AE Urbia Top Performers
Andrew Bollschweiler
Andrew is a co-founder and partner
of AE URBIA and has worked with
James M. Williams since 1996, when
he joined JM Williams and Associates,
Inc. Andrew is responsible for Business
Development. He also oversees and
assists with production and helps
to manage owner’s expectations
and to guarantee client satisfaction.
Andrew has been instrumental in
helping realtors, brokers, contractors
and owners work together to create
projects that are successful for all
parties involved. He was a key player
for the Pluralsight office project, which
was awarded Tenant Improvement of
the Year in 2014.
James M. Williams
James M. Williams, president of
AE URBIA and J.M. Williams and
Associates, Inc., has more than 30
years of experience. Since starting
JMWA in 1992 he has successfully
completed more than 4,500 projects
nationally and internationally. James
is on the executive board of directors
for the international Tilt-Up Concrete
Association. He serves on a national
Task Group for the International
Green Building Standard and has been
appointed by the Governor of Utah to
serve on the Uniform Building Code
Commission Advisory Committee.
James and his firm have received
more than 70 design awards since
establishing the AE URBIA brand in
2004. James has been instrumental in
helping realtors, brokers, contractors
and owners work together to create
highly successful projects.
2015
75
Top Performers Zions Bank
Brandon Duke
Ryan Speirs
Matt Marr
Brandon Perry
Brandon brings nearly two decades of
professional banking and commercial
real estate finance experience to his
current role of Vice President in
Zions Bank’s Real Estate Banking
Group. Brandon received his Master’s
Degree, with an Accounting emphasis,
from Indiana University. Brandon
moved to Utah in 2006, to join Zions
Bank, where he currently originates
real estate loans for all commercial
property types.
Matt is a Vice President in the Real
Estate Banking Group at Zions Bank.
He has worked in the commercial real
estate banking industry since 2007
when he joined Zions Bank. He is responsible for managing middle market
commercial real estate relationships
for northern Utah. In addition to being
a CRE Relationship Manager, Matt is a
member of the Board of Directors for
the Boys & Girls Clubs of Greater Salt
Lake and is a member of the United
Way Young Leaders. He is a graduate of
Notre Dame de Namur University (Belmont, CA), where he played collegiate
lacrosse and received his BS Degree in
Finance & Economics.
76
Ryan is a Vice President in the Real
Estate Banking Group for Zions
Bank. He is responsible for managing
middle market commercial real estate
relationships for the Central Utah
region. He also oversees commercial
real estate construction and income
property loan origination for all Zions
Bank branches within this region. Ryan
has worked in the commercial real
estate banking industry since 2003
when he joined Zions Bank. He is a
graduate of the University of Utah with
a BS degree in Finance and is currently
pursuing an MBA from Brigham Young
University.
Brandon is a Vice President with Zions
Bank, leading their Seniors Housing
Group. Brandon has nearly 15 years of
CRE experience including Lending,
Development and Academic Research.
Since joining Zion’s in 2013, Brandon
has established Zion’s as the leading
Assisted Living lender in the State,
and has helped to facilitate more than
$70 Million in construction and term
financing on Seniors Housing Projects
in Utah and across the West.
Commerce | Cushman & Wakefield Top Performers
Kip Paul
Mike Richmond
Dana Baird
Jeff Rossi
Frank Matheson
Ralph Riedel
Kip Paul is the Executive Director of
Investment Sales with Commerce |
Cushman & Wakefield. Since becoming
a broker in 1983, Kip has provided
services to clients on more than 1,000
transactions, totaling over $4 billion.
Considered the most prolific broker
in Utah, Kip is known for his work
ethic, creative problem solving and
client loyalty, as evidenced by years of
continued exclusive representation.
Jeff Rossi has spent the past 13 years
assisting occupier clients in making
strategic real estate decisions,
supporting them with real-time
analytics, market information, and
negotiation strategy. Jeff brings the full
capabilities and resources of Cushman
& Wakefield to support his clients in
every facet of real estate transactions.
Mike Richmond is an Executive
Director specializing in sales
and leasing of office commercial
properties. With 23 years of
experience, Mike is consistently
recognized by his peers as a top leasing
agent in Utah. Mike has completed
more than 12 million square feet of
transactions, totaling over $1 billion.
Frank Matheson has been assisting
companies for more than 30 years
in developing and implementing
effective real estate solutions to
support their objectives. Committed
to representing only corporate
occupiers/tenants, Frank delivers
value that benefits their business,
bringing a strategic and holistic
approach to their needs and goals.
Dana Baird brings a unique set
of institutional experience and
accreditations as an Executive Director
specializing in office properties.
With 19 years of experience, Dana is
consistently recognized by her peers
as a top producer, averaging more than
$50 million and 750,000 square feet of
annual transaction volume.
Ralph Riedel is an Executive Director
who provides in-depth knowledge
in representing buyers and sellers of
investment and office properties. With
more than 20 years of experience,
Ralph consistently assists his clients
in reaching their long- and short-term
objectives. Throughout his career,
he has completed more than 1,500
transactions, reaching over $500
million in transaction value.
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77
Top Performers Commerce | Cushman & Wakefield
Chris Kirk
Chris Kirk is an Executive
Director specializing in the office
market. Chris earns the trust and
confidence of his clients through
hard work, dedication and effective
performance. Chris’ transactions
during the past 10 years involved
more than 5 million square feet and
over $400 million in transaction
value.
Tom Freeman
Tom Freeman is an Executive
Director specializing in
industrial sales and leasing, land
development and industrial
investment properties. His 17
years of experience, leadership,
strong business ethic, clear
communication, and dedication
make Tom reliable in reaching any
real estate goal.
Congratulations to the 2014
Utah CCIM Business Excellence
Award Finalists
cottonwoodtitle.com
78
Travis Healey
Travis Healey is a Senior Director
specializing in industrial
properties. With 17 years of
experience, Travis recognizes
that making the best possible real
estate decision can play a critical
role in a company’s success, and
he works with a determination to
accomplish all of his clients’ goals.
Tom Cook
Tom Cook is a Senior Director
representing clients with retail and
land requirements. With 27 years
of experience, Tom is a specialist
in site selection, land assemblage
and dispositions. His insight into
the market gives his local, national
and multi-national clients the
confidence to make informed real
estate decisions.
2014 Sees Record Year for
Commercial Real Estate
Investments in Salt Lake Market
Article by Economic Development Corporation
of Utah (EDCUtah)
W
hile 2014 was an excellent year for commercial real estate
in the Salt Lake market – strong across all property types
– the big story was in the investment sector, which set a
record with more than $1.8 billion in sales volume.
Commerce Real Estate Solutions Corporate Research Director
Scott Lovell says favorable capitalization rates, compared to more
established primary markets, were the primary reason for the record
sales volume. “Investors are chasing yield, and while Salt Lake is a
small secondary market, it has an attractive yield,” he adds.
Darin Mellott, senior research analyst for CBRE, notes that 39
percent of 2014’s investors were new to the Salt Lake market. Global
capital flowed into the market from around the world as investors
from China, Korea, the Middle East and Russia sought assets in
Utah. “It is a global market and institutional buyers are noticing
Utah,” he explains. “In Salt Lake you can find a decent return with
some value, compared to some of the coastal cities and gateway
markets where values are frothier.”
Coldwell Banker Commercial Advisors President and CEO
Lew Cramer notes that some of the institutional investors making
purchases in Utah included Hines, Unico, SIR Properties, Kite
Properties, Prologis and the real estate investment trust KBS. Other
investors included Excell Trust and TriGate Capital, which together
committed in excess of $223 million in retail shopping center
acquisitions along the Wasatch Front.
Lovell says KBS purchased 222 Main, the premiere Class A office
in Salt Lake City’s central business district, and Millrock Park,
a Class A office in Cottonwood Heights. Other large investment
purchases in 2014 involved South Towne Mall, in Sandy, and the
Family Center Portfolio, which included properties in Fort Union,
Taylorsville and Orem. The latter was the largest transaction of the
year and involved 1.8 million square feet.
While the commercial real estate sector expects 2015 to be
another great year for investments, it likely won’t have the volume
of 2014. That is not for a lack of demand, says Mellott, but rather
because of a lack of willing sellers. Nonetheless, the Salt Lake
market will be “a safe place for investors to park their money and
obtain decent returns, particularly in relative terms. The strong local
economy is underpinning the commercial real estate market and
that adds a degree of safety to those investments,” he adds.
Cramer agrees, saying that investment demand within the Utah
market has been insatiable and will continue to be so due to the
stability, low unemployment and higher returns.
Salt Lake’s industrial sector was probably the steadiest of the
commercial real estate market in 2014, according to Lovell, with 6.1
million square feet consumed in leasing and sales activity.
Mellott says the market saw 3 million square feet of new
speculative construction break ground in 2014, with most of that
concentrated in the northwest quadrant near the Salt Lake City
International Airport and in the California Avenue and West Valley
sub markets.
Availability was solid for the year, at about 8.5 percent, while the
achieved lease rate was about 39 cents per square foot. With vacancy
rates dropping, Cramer says the new construction is welcomed
and has opened up the market to occupiers that have larger space
requirements.
Lovell notes there is a significant trend toward building larger
and larger industrial space in Utah and across the nation. Before
2000, he says, distribution buildings were averaging 42,000 square
feet nationally. Distribution buildings currently under construction
are averaging 287,000 square feet. “Everything is bigger, bigger,
bigger,” he continues.
But larger space is what most developers want to build and
tenants want to lease. There is, however, one exception. Lovell says
the Salt Lake market has unmet demand for space below 10,000
square feet. “That is the sweet spot,” he adds, “but there is not
enough of that space available and what is available is leasing up
fast.”
Looking ahead, Mellott says he doesn’t expect quite as much
construction for 2015, but some big projects are still planned and
developers are keeping up with demand for the big space. Lovell
expects lease rates for industrial space to remain consistent for the
larger space. However, 2015 may bring changes in lease rates for
smaller space – until developers start to build there.
Cramer adds that older big-box space must remain price
competitive within the market by offering increased tenant
improvement allowances. Construction of mid-box space will also
increase due to higher demand and strong returns, he says.
The Salt Lake office market was also strong in 2014. The primary
driver of demand in the office market is job growth. Utah ranked
third in the nation in 2014 for jobs created. For the year, the Salt Lake
market saw 1.1 million square feet of positive net absorption, which
is a post-recession high, but still about 20 percent lower than 2007.
Market-wide, the sector is looking at a single digit vacancy rate
in both Class A and B properties, at 7.3 and 9.8 percent respectively.
“That’s very impressive,” says Mellott.
Lovell says the vacancy rate is the lowest it has been since 2007.
“We are absorbing space faster than developers are building it,” he
adds. Meanwhile, average asking lease rates were up substantially
in the fourth quarter, to $20.40 per square foot. The market also
broke above 1 million square feet of new construction in leasable
space. As the vacancy rate drops, he says landlords will offer fewer
concessions in the office market.
Lovell, Mellott and Cramer note an interesting trend taking
shape in the central business district’s (CBD) office market, with
increasing demand from the tech sector. “An increasing number of
tech firms want a downtown presence,” says Mellott.
Lovell says some of the companies new to the CBD include
Neumont University, which leased an entire building on Main Street,
Venafi and Domo.
“It is really all about the environment,” says Mellott, “and
the ability to attract workforce. People want to be in a walkable
2015
79
environment, accessible by mass transit. They want to be in a
happening place. And employers must go where they can attract
employees. Particularly in tech, where it is all about talent.”
Lovell says it’s the Millennial Generation – those individuals
born between 1980 and 2000 – that is driving the demand for office
space in the CBD. “This is the talent pool and they are not interested
in suburbia. They love the downtown feel,” he explains.
Because of its central location, another strong office market
is emerging in the area between 7200 South and Lehi. The area is
central to BYU and Utah Valley University on the south and the
University of Utah on the north. Lovell says companies are locating
there because they can draw talent from both directions.
Cramer draws a unique observation about the office market,
noting that the positive absorption levels over the past two years are
even more impressive considering that companies are taking less
square footage per employee. “The average was 225 square feet per
employee in 2010. Tenants reduced that number to between 145 and
175 square feet per employee by the end of 2014,” he says.
Looking forward, 2015 will be another strong year in the Salt
Lake office market. Approximately 677,000 square feet of new
product will come online; however, as Lovell notes, if the market
absorbs another one million square feet in 2015, it will absorb about
a third more than what is being constructed, thus vacancy rates will
continue to drop.
Cramer expects property values to increase as a result of higher
operating revenues. Conversely, higher interest rates may hold
values in check or have a diminishing effect. Further, he says tenants
will expect enhanced on-site amenities as workplace trends evolve
and as a way to attract and retain talent.
As for retail, the sector saw the lowest vacancy rates it has
experienced in the past decade. Mellott says the strong local
economy is reflected in the improved fundamentals of the retail
sector. Lease rates were about $15 per square foot through the third
quarter of 2014, while the overall market vacancy rate ended the year
at 6.2 percent.
Cramer says the national growth window within primary and
secondary markets is closing for big-box stores, while tertiary markets
have yet to provide big-box retailers with the necessary consumer
confidence for expansion. However, big-box grocery chains like
Harmons, Smith’s, and Walmart may be the exception to this trend.
“These organizations have embraced growth in order to secure market
share across the Wasatch Front,” he adds.
Retail activity was strongest in the southwest center of the valley.
Looking ahead, a variety of grocery store developments are driving the
sector, while significant future growth is expected around the South
Towne Mall and the area between 9000 and 11400 South, in Sandy.
Ground was broken in 2014 for a 25-story residential complex in the
area and the City of Sandy wants to create an urban feel where people
can live, work and play.
Lovell adds that the “ridiculously low gas prices” could prove huge
for retailers in 2015. He cites a study by Moody’s Analytics, which
estimates that for every $10 per barrel that oil declines and is sustained
for one year, it increases the amount of money available for spending
on other goods by $30 billion. Hence, a $50 drop in the price of a barrel
of oil that is sustained for a year would potentially infuse the economy
with another $150 billion across the nation.
“Regardless of where oil prices land, the infusion of money will do
a lot for the retail and industrial markets,” he says. Mellott also notes
the positive impact of lower gas prices, saying people will have more
money in their pockets. “We expect to see healthy retail sales in 2015.”
With vacancy rates steadily declining, Cramer says the retail
market can expect land acquisitions to increase in 2015 when
expansion hesitancy dissipates for big-box and mid-box tenants.
Further, as land becomes less accessible, existing areas will need to
be redeveloped for retail. “These redevelopment projects will put the
highest priority on cost effectiveness and efficiency in maintaining
future growth. Revitalization will be a key trend to monitor in 2015,” he
adds.
2014
top
producers
JLL recognizes these outstanding professionals
for their focus on trust, partnership and, above
all, the success of their clients. They excel in
uncovering value in every square foot.
top to bottom, left to right
Brandon Rawlins, Wick Udy, Jim Balderson
David Nixon, Jami Marsh
Mark Alexander, Jesse Mangum, Andy Wheeler
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CCIM Ad 3.625x4.85.indd 1
2/9/15 5:52 PM
jll.com/saltlakecity
CCIM of the Year (a look at the past)
2013 CCIM of the Year
Jared Booth, CCIM
Jeremy Jensen, CCIM
2011, 2010 CCIM of the Year
Tucker White, CCIM
Michael Jeppesen, CCIM
Michael Anderson, CCIM
Lora Munson, CCIM
Thomas W. Kirk, CCIM
Michael Sloan, CCIM
Dan C. Simons, CCIM
Eric B. Storey, CCIM
Randy N. Atkin, CCIM
Howard J. Layton, CCIM
Craig P. Burton, CCIM
2015
81
Utah CCIM Member Directory
Michael Anderson, CCIM
RealSource
Bryan Anderson, CCIM
Excel Trust, Inc.
Steve Andrews
American West Bank
2015 Membership Chair
Ryan Ashworth
SEB Legal
Randy Atkin, CCIM
Dana Baird, CCIM, CPM
Michael Baxter Sr.
Michael Baxter & Associates
Larry Beddome, CCIM
KW Commercial
Sam Bell
SEB Legal
Scott Bennion
River Park
Rusty Bollow, CCIM
Jared Booth, CCIM
CBC Advisors
2015 CCIM Regional Vice President
Russ Booth
CCIM, CRE, CIPS, CRB, GRI
CBC Advisors
Doug Boulden
Metro National Title
John Briggs
Wells Fargo Bank
Mac Brubaker, CCIM
Tate/Brubaker Real Estate
Barbara Bruno, MBA
Herman Miller Inc.
Luke Burbank
Newmark Grubb ACRES
2015 Golf Co-Chair
Mary Callister-Day
KW Commercial
Peter Carlston
Elevation Real Estate
Roger Child, CCIM
LDS Church
John Clawson, CCIM
The Clawson Group
Chad Cluff
Suburban Land Reserve Inc.
B. Thomas Colemere, CNE, REIA
Colemere Realty Associates, LLC
Jed Crookston
Optum Bank
Michael Dehner
Property Reserve Inc.
Portia Dempsey
Freeport West
Mike Denison
University Federal Credit Union
Pattie DeNunzio
North American Title
Daniel Donaldson
CBC Advisors
Tracy Doong
Mountain West Retail & Investment
Jeremy Doyle, CCIM
Adobe
2015 Vice President/
Social Media Chair
Brandon Duke, CCIM
Zions Bank
2015 Public Relations Chair &
Awards Vice Chair
Brenda Dutson, CCIM
BDRE Commercial
Mark Eggen, CPM
Eggen Realty Services, LLC
Ron Erkson, GRI, ABR, SRES
Erkson Realty LLC
Jeffrey Jensen
Landmark Title Company
P. David Jensen, CCIM, CRS, GIRI
Jerry Jensen, GRI, CRS, CRB
Realty Executives
Lloyd Lechtenberg, CCIM
Jones Lang Lasalle
Nathan Leishman
Wasatch Commercial Management
John Everitt
Jondon Investments LLC
Rees Jensen
JRJ Investments LC
Christopher Falk, CCIM
Newmark Grubb ACRES
Michael Ferro
InterNet Properties, Inc.
Michael Jeppesen, CCIM, SIOR, LEED AP
Barbara Johnson, CCIM, SIOR
CBRE Brad Lyle, CCIM, CPM, ALC
Summit Commercial Real Estate
James Mack
CBC Advisors
2015 Website Chair
Jeffery Fillmore
Kerry Judd
Influence Real Estate LLC
Ryan Flint
Jones Lang LaSalle
Richard Forsyth
Westerra Realty & Mgt
Henry Kesler, MAI, CMB
Security National Capital
Kurt Froerer, CCIM
Zions Bank
Brandon Fugal
CBC Advisors
Lesley Garaycochea
Garaycochea Real Estate
Corporation
Richard Garff
Garff Realty Company
Thomas King
Rick Gates
Roger Knight Construction
Gina Giffin, CCIM
Commercial Real Estate Services
Bob Goodson
United Title Services
Peter Green
RPA Management
Gary Gurr
Bonneville Superior Title
Angela Kesselman
The Madison Group
Robert Kingsford
Newmark Grubb ACRES
Chris Kirk
Peggy Knight, CCIM
Peggy Knight & Associates, Inc.
Grady Kohler, CCIM, CRB, CRS, MBA
Windermere Real Estate
2014 Past President / 2015 Forms Chair
Ronda Landa, IIDA, CCIDC
2015 Excellence Awards Chair
Jason Largever
Internet Properties, Inc.
Darrin W. Liddell, MAI, FRICS, CCIM
Michael Madsen
RealSource
Richard Madsen
Ray Quinney & Nebeker P.C.
Gary Mangum, CCIM
Marcus & Millichap
Scott Mangum, CCIM, SIOR
Summit Property Advisors
Mike Martin
Metro National Title
Rich Matheson
Steven Mathews
Jeff McComas
SLI Commercial Real Estate
Andy McCrady, GRI
Crest Realty, LLC
Melissa McIntyre
CBRE Kyle McMullin
John Gurr, CCIM, SIOR
Charles Hammon
Equity Real Estate
Nate Hanks, CCIM
RealSource
2015 Secretary
Kevin Hansen
Zions Bank
Summer Hansen
Knoll
Troy Hardy
Mountain West
Gary Havens
Wells Fargo Bank
Tom Heal, CCIM
CBC Advisors
Jeff Heaton, CCIM
Newmark Grubb ACRES
Chris Higbee
James Hilton
Wells Fargo Bank
2015 Programs Chair
Brandt Hoffman
Henriksen Butler Design Group
Luke Hoffman
First Utah Bank
Kenneth Holman, CCIM
Overland Capital Corp.
Michael Howard, CCIM
RealSource
Brad Jacobsen
Michael Best & Friedrich, LLP
Jeremy Jensen, CCIM, SIOR
2015 Legislative Affairs Chair
2015
83
CCIM Member Directory
Jeffery Meierhofer
The Madison Group
Emily Partridge
Kenneth Saxton
The Rock Real Estate Group LLC
Steven Gonzalo
Gonzalo Stevens CCIM
Molly Westbrook
Common Wealth Partners
Casey Mills
Newmark Grubb ACRES
Michelle Pearch
US Bank
Doug Scheel
CBC Advisors
Paul Westenskow
David Minnick, CCIM
Bridge Investment Group Partners
Jay Mirrafie, CCIM, GRI
Stonebrook Real Estate Inc.
Marty Plunkett, CCIM
CBRE
CBC Advisors
2015 President
Ronald Sharp, CCIM, GRI
Ronald J. Shapr & Associate, Inc.
Eric Storey
Zions Bank
Robert Storey
Zions Bank
Chris Monson
Mountain West Commercial Real Estate
Cory Moore Big-D Construction
Gary Rane
Home Construction Inc.
Meghan Reynolds McCollum
Henriksen Butler
Rob Moore, CCIM
CBC Advisors
George P. Richards, CCIM, CRB
Chapman Richards & Associates, Inc.
Dale Morrison
Fidelity Real Estate Commercial Division Seth Roberts
CBC Advisors
2015 Public Relations Vice Chair
Sean Neves
Uterra Corp Real Estate Consultants
Richard Robins, CSM
CBC Advisors
Rick Newton
Michael Roderick
Roderick Enterprises
Dell Nichols
Dell Nichols Realty & Development
Brad Ross, CCIM
Freeport West
Rawley Nielsen
NAI Vista
George J. Ross, CCIM
2015 Programs Vice Chair
Freeport West
Randy Norton
Chuck Russell, CCIM
National Capital Partners
Suburban Land Reserve
2015 Treasurer
Orluff Opheikens
R & O Construction
Jeffrey Packer
All Pro Real Estate Inc.
Blake Parker, CCIM
Parker Real Estate Services, PC
Travis Parry, CCIM
Cushman & Wakefield | Commerce
2015 So. UT Cont. Education Chair
Scott Sabey
Fabian & Clendenin
2015 Forms Vice Chair
Michele Sauk
Zions Bank
Trevor Sharp
Sovereign Properties
Roger Shumway
Bank of Utah
Dan Simons Jr., CCIM, CPM, RPA Newmark Grubb ACRES
Matthew Simonsen
Michael Sloan, CCIM
Elliott Smith
Terraform Companies
Eric Smith
CBRE 2015 Golf Co-Chair
Jesse Smith
Hines
Eric Stratford
R&O Construction
Andy Wheeler, CCIM
JLL
2015 Strategic Planning Chair
H. Brent Stratton
Stratton Investments
Derek Whetten
Advantage Real Estate Services
Mary Street
CBC Advisors
Gregory Strong, CCIM
Asset Management Services
Nicholas Suazo
CoStar Group
James W. Taylor
CBC Advisors
John G. Taylor, MAI, CCIM
Roger Eric Thompson
Thompson Michie Assoc Inc.
Steve Tobias
KW Commercial
John Smith
Backman Title
Andrew Sorensen, CCIM
Michael Spence
Ray Quinney & Nebeker P.C.
Thomas J. Uriona
Intermountain Health Care
Josh Vance
2015 Continuing Education Chair
Cory Scott Waddoups
Investment Realty Advisors
Robert Spicer
Stonebrook Real Estate Inc.
Danuel Stanger, CCIM
Bridge Investment Group, LLC
Douglas Sterner
Benjamin Wheat
Rodrick Enterprises
Tucker White
CBRE
2015 MRED University Outreach Chair
Jan Wilking, CCIM
Prudential Utah Real Estate
2015 Candidate Guidance Chair
Jeffery Williams
American Valuation Services, Inc.
Wade Williams
Boyer
Ryan Wilson
Chase Bank
Brandon Wood, CCIM
Newmark Grubb ACRES
Sean Wright
Midwest Commercial Interiors
T. Orden Yost, CCIM
Holly Little
CCIM Utah Chapter
Executive Administrator
H. Blaine Walker, CRB, GRI
Walker & Company Real Estate
J. Daniel Wall
Appraiser
Catering For:
Showcase Open Houses
Thank you luncheons
Private Parties 24 -1000
Influencing the success of the
commercial real estate industry
by advancing the achievements of
women.
www.crewutah.org
84
Carl Rubadue
Certified Executive Chef
801-230-9180
[email protected]
CBC Advisors congratulates
our CCIM award recipients on their
Successful Year!
And proudly acknowledge the clients and colleagues who have contributed to their success.
Over the years we’ve fostered a dynamic group of professionals whose market intelligence
and expertise are unsurpassed.
Constantly growing and adapting to industry demands,
the experts at CBC Advisors stand ready to provide sound commercial real estate advice.
YOUR TRUSTED ADVISOR FOR OVER 20 YEARS
ANCHORAGE, AK | BOISE, ID | IDAHO FALLS, ID | POCATELLO, ID | AMERICAN FORK, UT | SALT LAKE CITY, UT | ST. GEORGE, UT
www.CBCAdvisors.com | #CBCADVISORS
Corporate Headquarters | 6550 South Millrock Dr., Suite 200 Salt Lake City, UT 84106 | 801.947.8300
BUILDING
UTAH
ONE
SQUARE
FOOT AT
A TIME
TM
COMMERCIAL REAL ESTATE
DEVELOPMENT AND INVESTMENT

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