This is an archived article that was published on sltrib.com in 2015, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
One of the region's largest full-service commercial real estate firms is dramatically increasing its footprint and firepower in Utah's capital.
Coldwell Banker Commercial Advisors said Tuesday it is buying Utah commercial brokerage and property-management firm NAI Vista for an undisclosed sum, as CBC Advisors continues a regional expansion of its operations across Utah, Arizona, Nevada and California.
CBC Advisors Chairman Brandon Fugal said the latest acquisition will strengthen the firm's investment practice as it seeks a larger stake in real-estate deals throughout the Intermountain West, including downtown Salt Lake City.
In size and transaction volume, NAI Vista already ranks among Utah's 10 largest commercial real-estate brokerages.
CBC Advisors also announced it will open new offices in the high-profile 111 Main building, a 24-story tower going up on Main Street. The company said will be on the luxury tower's 22nd floor when the building is completed in fall 2016.
Lew Cramer, president and CEO of CBC Advisors, said in a statement the company's new presence downtown — its fourth office location in Utah — is a logical step after decades of active involvement in transactions in the city's central business district.
The offices in 111 Main, Cramer said, will set a new standard in the industry and "powerfully position" CBC Advisors' operations in the city's heart.
NAI Vista was formerly affiliated with NAI Global, a worldwide network of brokerage and property-management firms headquartered in New York.
NAI Vista has dozens of brokers based in Salt Lake City and Provo and is the third NAI affiliate bought by CBC Advisors in the past year.
NAI Vista President Rawley Nielsen will become the head of CBC Advisors' investment division. Two other well-known industry veterans with NAI Vista — Mike Nielsen and David Hennefer — also will take leadership roles as the two firms merge operations.
Tony Semerad