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CORPORATE
• Geneva Rock has acquired the Riverboat Road Building in Taylorsville, which will serve as its new headquarters. It has 100,000 square foot of space. Geneva said internal growth prompted the move from its current headquarters at 5300 South in Murray. The lot originally housed a restaurant shaped like a riverboat before it was demolished and replaced with the current building. Geneva Rock plans to keep the Riverboat name. The structure consists of four floors of 25,000 square feet each. Geneva Rock will occupy the entire fourth floor, while sister company Beehive Insurance will lease 15,000 square feet on the second floor. The remaining space on that floor will include shared office space, a 64-person training room, a gym, a conference room and flex offices. Previous tenants plan to remain in the building. Currently, an extensive interior remodel and parking lot resurfacing are underway. Geneva Rock plans to completely transition to the new building after June 30. Established in 1954, Geneva Rock is a supplier of ready-mix concrete and offers a range of construction services and products. Beehive said that after an interior remodel and parking lot resurfacing currently in progress, it would move into the new building after March 31.
• Extra Space Storage Inc., Salt Lake City, has announced that its operating partnership, Extra Space Storage LP, has priced a public offering of $500 million aggregate principal amount of 5.7 percent senior notes due 2028. The offering was expected to close on or about March 28. The notes were priced at 99.823 percent of the principal amount and will mature on April 1, 2028. J.P. Morgan, PNC Capital Markets LLC, Truist Securities, BMO Capital Markets, TD Securities, Wells Fargo Securities and US Bancorp are acting as the joint book-running managers for the offering. Huntington Capital Markets, Regions Securities LLC, BOK Financial Securities Inc., Citigroup, Fifth Third Securities, Zions Capital Markets and Ramirez & Co. Inc. are acting as the co-managers for the offering. The operating partnership intends to use the net proceeds of this offering to fund potential acquisition opportunities, to repay amounts outstanding from time to time under its lines of credit, and for other general corporate and working capital purposes. Extra Space Storage Inc. is a real estate investment trust that owns and/or operates 2,338 self-storage properties. It is the second-largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the U.S.
ECONOMIC INDICATORS
• Utah is ranked No. 11 on a list of the most innovative states, compiled by personal-finance website WalletHub. It compared states the District of Columbia on 22 metrics, including the share of STEM professionals and research and development spending per capita. On a breakout list, Utah No. 1 for eighth-grade math and science performance. The top-ranked area is the District of Columbia. Mississippi is ranked last. Details are at https://wallethub.com/edu/most-innovative-states/31890.
• Emery County is the place in Utah where Social Security lasts longest, according to a study by SmartAsset. It compared Social Security income in each county against the local cost of living. Counties where the average Social Security funds greatest exceeded living expenses were the places which ranked highest in the study. Emery County was followed, in order, by Rich, Morgan, Millard, Cache, Beaver, Iron, Box Elder, Summit and Carbon counties. Details are at https://smartasset.com/retirement/social-security-calculator#Utah.
• Utahns can expect to pay $3,458 less for used cars in 2023, according to Joseph Gunther IV at Gunther VW Fort Lauderdale. The current average price for used cars in Utah is $34,580, but Gunther predicts it will drop to $31,112 this year. The highest decrease is expected to be in Wyoming, at $4,141. The lowest is expected to be in Vermont, at $3,145. Details are at https://www.gunthervw.com/used-car-price-2023/.
• Salt Lake City is ranked No. 38 and West Valley City is No. 198 on a list of “Best Cities for Brunch Lovers,” compiled by LawnStarter. It compared the 200 biggest U.S. cities based on five categories broken down into eight metrics, including brunch deals, brunch clubs and brunch vendor quality. On a breakout list, Salt Lake City is tied with several other cities for first for fewest local brunch deals. The top-ranked city overall is New York City. The No. 200 city is Paterson, New Jersey Details are at https://www.lawnstarter.com/blog/studies/best-cities-brunch-lovers/#rankings.
• Salt Lake City is ranked No. 42 and West Valley City is No. 195 on a list of “best cities for local flowers,” compiled by Lawn Love. It compared the 200 biggest U.S. cities based on five categories, including access to flower shops and specialty-cut flower vendors, consumer ratings, and the number of flower festivals. On a breakout list, West Valley City tied for first with three other cities for fewest flower delivery services. The top-ranked city overall is New York City. The No. 200 city is Surprise, Arizona. Details are at https://lawnlove.com/blog/best-cities-local-flowers/.
GOVERNMENT
• Salt Lake City’s Department of Economic Development has announced Jake Maxwell as the department’s new deputy director. Maxwell previously worked in the department within the Business Development division. Maxwell will assist in leading city employees across two divisions, the Salt Lake City Arts Council and Business Development, in addition to leading initiatives like Tech Lake City and ARPA Community Grants. He will also lead the department’s efforts on North Temple economic revitalization after the city was awarded a $190,000 grant from the Wasatch Front Regional Council to develop an Economic Revitalization Plan for the area. Maxwell has managed economic and workforce development programming for over 15 years. For the first 10 years of his career, he managed public assistance programs that helped families out of poverty and homelessness. More recently, he served Salt Lake City businesses by bringing his experience in convening businesses and community partners to tackle large employment barriers, developing talent pipelines for entry level to professional workforce, and ensuring Salt Lake City remains involved in innovative training pathways. The department’s deputy director position was previously held by Lorena Riffo-Jenson, who was appointed by Mayor Erin Mendenhall to the director position and then confirmed by City Council last October.
• Pete Codella, managing director of business services at the Governor’s Office of Economic Opportunity (Go Utah), has been named to the board of directors of Suazo Business Center. The center is Utah’s only minority business technical assistance organization with a statewide presence. It helps entrepreneurs build their foundations, grow and create lifestyles around their passions and is committed to developing and empowering Hispanics/Latinos and other underserved communities.
PARTNERSHIPS
• Packsize, a Salt Lake City-based company focused on the supply chain and sustainable packaging, has unveiled a new machine designed to build on-demand, right-sized boxes exclusively for Walmart, providing customers faster shipping, less waste and a better overall unboxing experience. The machine has been installed in multiple fulfillment centers, including the first of Walmart’s next-generation FCs. The machine can produce up to 600 boxes per hour.
PHILANTHROPY
• The Security Service Charitable Foundation has donated $2,500 to Now I Can, based in Orem. The donation will be used to purchase a Therasuit, an orthotic suit children wear during part of therapy. Now I Can provides physical therapy to children with disabilities. The foundation is the charitable arm of Security Service Federal Credit Union, which has locations in Texas, Colorado and Utah.
• Ken Garff recently hosted the Latinos In Action students from Kearns High School at downtown luxury dealerships, giving them a tour of the dealerships and reviewing career opportunities at a dealership. Garff provided LIA hoodies, designed by the students, to each of the participating 270 students.
REAL ESTATE
• Westcore, a San Diego-based industrial real estate acquisition, development and asset management firm, has acquired Raceway Commerce Center in West Valley City in an off-market deal with Chicago-based Brennan Investment Group for over $52.2 million. Raceway is a two-building, 397,894-square-foot property 33 percent pre-leased to three tenants at 6075 W. State Route 201 Frontage Road and 2234 S. 5900 W. Westcore said it plans to build out improvements for the tenants, and potentially build out two more spec office suites, one per building. Eckman Construction served as the general contractor for Raceway Commerce Center and will continue for build-outs. Westcore represented itself in the transaction, while Phillip Eilers and Jon Schreck of Cushman & Wakefield represented the seller.
• The second phase of The Retreat at South Haven Farms in Payson is open for leasing. The apartment community at 1347 E. 50 S. offers one-, two- and three-bedroom floor plans.
RECOGNITIONS
• Visit Salt Lake, a private, nonprofit corporation promoting Salt Lake as a convention and travel destination, has awarded the 17th annual Dianne Nelson Binger Sales Leadership Award to Karen Staples, managing director of sales at its East Coast office. The award was presented during VSL’s Year in Review and Awards Luncheon in Salt Lake City. The award is presented annually to VSL’s top salesperson in honor of Dianne Binger, who served VSL and the community for 18 years. Staples is responsible for booking all meeting and convention business in the Washington, D.C., and Northeast regions. She also will continue to serve as through 2023 as past chair of the New York Chapter of the Professional Convention Managers Association.
• The World Trade Association of Utah has named Melissa Sevy as International Businesswoman of the Year. Sevy is founder and CEO of Ethik, a Utah-based social enterprise. She was recognized at the association’s largest yearly event, the Women in International Business Conference. Sevy’s work includes helping thousands of people escape poverty, including human trafficking survivors, single mothers, and widows, through fair wages and dignified employment in creating ethical handcrafts. The association’s award is presented annually to a woman who has contributed significantly to international business, acts as a cultural ambassador and promotes international relations.
• Revamp Outdoors, a team from Weber High School making sustainable waterproof bags from recycled tents, won the $10,000 grand prize in 2023 High School Utah Entrepreneur Challenge, an annual statewide high school business-idea competition. High school students in 20 teams from across the state competed in the final event for $30,000 in cash and scholarships at the event. The competition is hosted by the Lassonde Entrepreneur Institute, an interdisciplinary division of the David Eccles School of Business at the University of Utah, and sponsored by Zions Bank. Revamp Outdoors also won the online vote award and a $500 prize after receiving more votes than any other team through an online voting process. Earning second place ($5,000) overall was Creative Book Folding of Bear River High School and coming in third ($2,500) was Webfork of Weber High. Therma from Weber High was awarded a $2,000 College of Science scholarship for students majoring at the University of Utah in a College of Science major. Calvin Barnum of American Fork High School was awarded the Community Impact Award ($2,500) for his work to inspire young entrepreneurs. All finalists earned $100 and $1,000 Lassonde Studios Founders Scholarships. Other finalists were Bucks Burley and Class, American Fork High School; Click and Go, Bountiful High School; DesryoTech, Hillcrest High School; Light a Puck, Farmington High School; RecylEDU, West High School; Rift, Academy for Math, Engineering & Science; Safety Socks, Farmington High School; Social Solutions, Rowland Hall-St. Mark’s; Stabilaser, American Heritage School; Stellar Water Bottles, Academy for Math, Engineering & Science; StudiUs, Park City High School; Sweet Simplicity, Orem High School; The Sork, Park City High School; TuneTutor, Rowland Hall-St. Mark’s; Vision, Stansbury High School; and Zero, Park City High School.
TECHNOLOGY
• Entrata, a Lehi-based company offering an operating system for the multifamily industry, has hired Catherine Wong as chief operating officer and chief product officer and Amanda Fumo as chief revenue officer. Wong most recently served as chief operating officer and executive vice pesident of engineering at Domo, where she led the product, engineering and design teams. Before that, she worked at Omniture and then at Adobe following its acquisition of the company. Fumo will lead Entrata’s sales and customer care teams. Before joining Entrata, Fumo was the operating vice president at Silver Lake, where she worked across an expansive portfolio of software and tech-enabled services businesses to accelerate growth through go-to-market optimization, strategic acquisitions and partnerships. She previously worked at Bain & Co. serving consumer goods, industrial and private equity clients.