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This is Fred Ball for Zions bank, speaking on business.
The American Stores Building on Third South and Main Street in Salt Lake City was practically brand new when American Stores was sold to Albertson's. Suddenly, probably the most spectacular high-rise in Utah stood basically empty.
The Salt Lake Organizing Committee for the Olympics took several floors but everyone knew that was a temporary tenant and after February 2002, they would vacate the premises.
Two years after the announcement of the building being vacant, Dell Loy Hansen of Wasatch Property Management decided that the property would be a marvelous addition to his already impressive real estate holding portfolio. Within a couple of days of making the decision, Wasatch Property Management had put together several investors and purchased the building for $78.5 million.
That transaction put the spotlight on Dell Loy and his company and many Utahns were saying, "Who is this guy?" Well, to those of us who know Dell Loy, the announcement was not a surprise. The Logan native in just a few short years has exhibited amazing success as the owner and manager of forty-one multifamily residential communities, seven commercial and office properties and two retail shopping centers located throughout Utah, Arizona and California. Wasatch and its affiliated investor-owned entities maintains a real estate portfolio valued close to $1 billion.
His success puts a great big smile on his face as he tells how he started the company in 1989, the year after he had a big failure in building over two dozen homes in Northern Utah. That setback made him decide his future was not in home building but in acquiring and managing other builder's property.
His decision was certainly right. He now has over 450 people managing his properties and Wasatch Property Management is forecasted to generate $58 million in profit this year.
The 1971 graduate of Skyview High School in Logan is no longer unknown in Utah and the Western United States real estate and property owner circles. He is a major player and he intends to get a great deal bigger,
For Zions Bank, I’m Fred Ball. I'm speaking on business.