Iron Horse

Key Features

• Location – The property is centrally located in Park City, a renowned ski resort town that hosted the 2002 Olympic Winter Games. It’s conveniently located on Iron Horse Drive, just a short drive north from Park City’s historic Main Street, which boasts numerous shops, entertainment venues, and dining options. Adjacent to Park Avenue (±32,765 ADT) and Kearns Boulevard (±18,318 ADT), the property seamlessly connects to US Route 189 and I-80, providing easy access throughout the region. Within a 5-minute walk, residents and tourists can reach a Fresh Market grocer and Starbucks, driving foot traffic to the area. Additionally, there are two High Valley Transit bus stops nearby, offering complimentary transportation services.
• Supply-Constrained Market – Obtaining entitlements to develop new commercial properties is a daunting process in Summit County with approvals taking as long as 10 years. This lengthy entitlement period has played a pivotal role in the performance of retail in the submarket by keeping the availability of retail space at below average levels compared with other markets. According to CoStar, the retail vacancy rate stands at just 2.9% with asking rent growth of 5.1% (QTD) in Q1 2024, making the Park City retail market positioned for strong returns for years to come.
• Mark-to-Market Opportunity – This project has a true mark-to-market opportunity. Upon lease expiration, current gross leases can be converted to NNN as each space is separately metered. This is in line with market standards in Park City and can increase overall income. The average market lease rate is estimated to be ±$30 NNN (depending on size and quality), representing a substantial upside opportunity for the next investor.
• Strong Area Demographics – This property is strategically located within five miles of 8,033 households with a total population of 20,138 residents that feature colossal average household incomes of $203,800. Within a one-mile radius there are 1,518 households with average household incomes of $185,451.
• Park City Tourism – Park City is a world-renowned tourist destination known for ski resorts Park City Mountain (The largest ski resort in the U.S. – 7,300 acres of skiable area), Deer Valley (named Travel + Leisure’s No. 1 Ski Resort in the World), and the newly-built Woodward. According to the Kem C. Gardner Policy Institute, direct visitor spending to Summit County equaled $1.41 billion in 2022 up by 9.7% in the previous year and 13% compared to pre-pandemic (2019). Retail employment accounts for the fourth-largest portion of direct travel and tourism jobs in Summit County, contributing to a robust retail market.