To learn more about the value of working with a CCIM, call our Utah CCIM Chapter today at (801) 545-0246 or email firstname.lastname@example.org
Brandon Duke, CCIM
KeyBank Real Estate
Josh Vance, CCIM
Vice President/RealCON Vice Chair
Nate Hanks, CCIM
Jeremy Doyle, CCIM
Past President/RealCON Vice Chair
Newmark Gubb ACRES
James Mack, CCIM
First American Title
Wells Fargo Bank
Programs Vice Chair
Programs Vice Chair
Mary Street, CCIM
Danny Wall, CCIM
Marcus & Millichap
Randy Atkin, CCIM
PR & Marketing Chair
Jared Booth, CCIM
Strategic Planning Chair
CCIM Utah Chapter
Grady Kohler, CCIM
CCIM National Regional
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.
CCIM EXCELLENCE AWARDS 2017
The CCIM Excellence Awards were created to celebrate Top Producers in Commercial Real Estate who are also well-rounded individuals that give back to their communities. The process of nominating these outstanding individuals is simple and accessible to the public. For informational purposes and/or to nominate a candidate, we outlined the process below. The nomination and judging portal can be reached through the Utah CCIM website: www.utahccimchapter.com
CCIM EXCELLENCE NOMINATION AND JUDGING PROCESS
Round ONE Judging
CCIM pays and works with a neutral, third-party hosting and calculation website called Open Water. This is a confidential and anonymous process, and nominees are assigned a number when their application is submitted.
You can self-nominate or nominate others through the Open Water portal and the candidate is sent a link from Open Water to apply.
In the application process, four questions are asked of the candidate, and the answers are submitted on the Open Water system. The candidate's production number is required for submission.
Judges review the four answers and score accordingly. No candidate names are revealed in this process, and judging is based solely on the questions answered.
All production numbers are hidden from judges, and are only tallied by the Open Water system in the final combined score of the individual.
The Open Water system takes the scores, combines the production number which is not seen by the judges, and tallies the top three candidates as the FINALISTS of that category.
Round TWO Judging
The top three candidates for each category then go through a second round of judging by another separate group of judges.
Judges review the four answers and score accordingly.
The Open Water system takes the scores, combines the production number which is not seen by the judges, and tallies the top one candidate as the RECIPIENT of that category.
The CCIM Excellence Awards Gala is typically held in March as a black-tie reception, dinner and awards ceremony that culminates with a Dessert Social.
Note: This year, there was an additional point given for community work because it promoted the CCIM theme, "It's All About Giving," and funds were given to Utah Food Bank. This may or may not occur again next year. It will depend upon the current theme and the CCIM Board of Directors.
HALL OF FAME
PROPERTY RESERVE, INC.
REJUVENATING THE HEART OF DOWNTOWN SALT LAKE CITY
Over the past 15 years, Property Reserve Inc. and its sister company, City Creek Reserve Inc., have made unprecedented investments in the downtown core of Salt Lake City. While the magnitude of the development projects is remarkable, they are even more notable for the spirit of collaboration and cooperation that accompanied their design and completion. The City Creek, 111 Main and Regent Street developments have also sparked follow-on development and revitalization in a downtown that had suffered both before and during the Great Recession.
Luring people downtown
Property Reserve Inc. (PRI), an entity formed to invest reserve funds held by The Church of Jesus Christ of Latter-day Saints, began planning its mixed-use development on the site of the former ZCMI and Crossroads malls in 2002. The project's timeline stretched through the recession, with City Creek Center, the retail showcase 01e the project, officially opening on March 22, 2012.
Mark Gibbons, president of PRI, says the City Creek project had three main goals: revitalizing Salt Lake City, catalyzing future growth, and doing it all without any burden on the taxpayer.
Gibbons explains that PRI, which is headquartered in Salt Lake City, had begun to notice an exodus of retailers from Main Street. The organization studied other metro areas that had experienced a similar decline in retail vitality. "We learned that if they lost the retail core, it was very difficult, if not impossible, to ever bring it back. So we had these goals to rejuvenate the city's retail and to add 24-seven type living quarters for people to live in the downtown."
During construction of City Creek, downtown began to suffer even more, with other development screeching to a halt during the recession. And people started to avoid coming downtown at all, says Gibbons.
"On March 22, 2012, it was just like someone flipped a switch, and suddenly there were thousands of people back downtown. That rush of people has never stopped. It's continued. People love coming downtown," he says.
In the downtown area overall, says Gibbons, there has been a year-over-year increase in retail sales every year since City Creek opened. "As of this year, we're pushing a billion dollars of retail sales in the overall downtown Salt Lake City market, which is incredible for Utah," he says.
And City Creek has had the intended effect of spurring additional revitalization. Along with retail, City Creek also includes nine office buildings and more than 500 housing units. "The catalytic effect of the development in downtown has spurred additional development," says Gibbons. "There are now 5,000 [housing] units under construction or recently completed in Salt Lake City itself, which is 10 times the amount of residential we developed with City Creek."
Raising the bar
Bringing growth to the city was a key benefit of another PRI development in Salt Lake. The organization's 111 Main office building opened its doors in September 2016, bringing half-a-million square feet of office space that can accommodate up to 4,000 workers.
"The goal of adding to grow in employment in the city certainly has been accomplished," says Gibbons, nothing that the building's anchor tenant is Goldman Sachs, which is leasing about a third of the building.
The development of 111 Main was at true collaboration between PRI and Salt Lake City's redevelopment agency, says Gibbons. PRI owned an abandoned printing press on the land and proposed the development of a new theater on a portion of the site, with the intention of building the 111 Main office tower next to the theater. But it soon became clear the theater needed a bigger footprint than originally planned. The theater wanted to attract Broadway shows to Salt Lake City and needed a 2,500-seat performance hall to do that. But enlarging the theater would cut into the land set aside for 111 Main.
"We put our heads together. We worked at it," says Gibbons. "We actually worked at this for a couple of years, and ultimately we were able to find a solution."