Park City, Utah – August 27, 2024 – Dakota Pacific Real Estate (“DPRE”) is proud to announce the successful sale of two Class A office buildings located in Park City’s Kimball Junction community. The sale marks another significant milestone for DPRE, which acquired the assets in 2017 as part of a commingled investment fund.
The two buildings, NewPark One and NewPark Three, totaling 122,000 SF and located at 1441 Ute Blvd and 1389 Center Drive, respectively, offer premier, well-amenitized office space in a highly desirable, supply constrained market. Surrounded by abundant restaurants, recreational options and easy access to major roadway systems, the NewPark assets have demonstrated consistent stability and attractive growth in an otherwise volatile office environment.
Marc Stanworth, CEO of Dakota Pacific Real Estate, commented on the transaction: “We are very pleased with the successful outcome of this investment, and commend both our brokerage partners and our internal team for the exceptional stewardship of these assets. Simultaneously, we are reluctant to let these properties go given the great relationships we have cultivated with our valued tenants and the integration we have felt within the Kimball Junction community for many years. We look forward to continuing our commitment to enhancing the Park City region with future projects to come.”
Kip Paul, Executive Director at Cushman & Wakefield, along with Michael King and JT Redd, represented DPRE in the sale to a local real estate investment firm and operator. The expertise and deep market knowledge of the Cushman & Wakefield team was instrumental in securing a successful transaction that aligns with DPRE’s strategic goals.
About Dakota Pacific Real Estate
Dakota Pacific Real Estate is a leading real estate investment and development firm based in Salt Lake City, Utah. With a focus on creating high-quality commercial, residential, and mixed-use properties, DPRE is committed to building value through thoughtful design, strategic partnerships, and community engagement.
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