Diversified Moldings, a Salt Lake-based manufacturer of pre-finished picture frame moldings, will more than double the size of its physical facilities in mid-July by moving to a new 52,000 square-foot building at 3110 W. 2180 South.
The new building is designed to provide for growth in the three-year-old company's business as well as that of Profiles Plus, a pre-finished picture manufacturing affiliate formed last January by Paul Swoyer, Diversified Moldings president.Swoyer said Profiles Plus has been expanding rapidly and the present 25,000 square feet at 1646 S. Redwood Road no longer meets the company's needs. In addition to the added space, Diversified Moldings and Profiles Plus will increase their staffs from 36 to 50 employees.
The companies will occupy a portion of a 74,600 square-foot building acquired in June by G&S Properties, a Utah general partnership that holds 500,000 square feet of commercial real estate in the Salt Lake Valley. It was a former asset of Mountainwest Savings and Loan and sold by the Resolution Trust Corp.
Gleed Toombes, an agent for Consolidated Realty Group, who represented RTC in the sale, said the purchase was unusual because it was tenant-driven, based on G&S Properties' relationship with Diversified. The acquisition was based upon the lease agreement and guarantees a return on the partnership's purchase, he said.
G&S Properties was represented by Sam Souvall of Coldwell Banker Commercial Real Estate, who said the building was one of the last large distressed properties available in Salt Lake's strengthening industrial market.