SALT LAKE CITY, Oct. 13, 2011 /PRNewswire/ -- Celtic Bank, a leading national small business loan provider, announced today the purchase of the Brooks Arcade/AlphaGraphics building located at 268 S. State Street in downtown Salt Lake City.
"The opportunity to move into a new location in the heart of Salt Lake near the City Creek development creates a higher profile for the institution and is a positive step in our development," said Reese S. Howell, Jr., chief executive officer. "It provides us additional space to expand operations and to continue to be a leader for small businesses lending locally, regional and nationally."
Originally constructed in 1890, the building was fully renovated in 2001 into a multi-tenant office building with ground floor retail space. The original exterior façade, consisting of chiseled stone, was fully restored showcasing the Richardsonian Romanesque architecture, a style which became popular in the state's commercial buildings erected during the building boom of 1889-1893. The building is listed on the National Register of Historic Places.
"Small businesses are the key to the economic expansion and recovery," Howell Jr., continued. "There is a bright future for downtown during this growth period and businesses are looking for financial solutions. As a national leader within a local community, we can play an integral role in that need."
The building is noteworthy for its association with prominent Utah merchant and investor, J. G. Brooks, the first Jewish person to settle in Utah. Upon completion, trade merchants filled the building including Oculists, violin teachers, dentists, printers, and milliners.
The surrounding area of the building features the historic City and County Building, the Matheson Courthouse, the Moss Federal Courthouse, the Capital Theater and the $1.5 billion City Creek retail and residential project slated for completion in 2012.
CBRE represented Celtic Bank in the transaction and AlphaGraphics was the seller of the property. AlphaGraphics intends to re-locate to the second floor of the building. Celtic Bank anticipates moving during the first quarter in 2012.
About Celtic Bank:
Celtic Bank is a leading provider of small business loans, real estate and construction loans for customers throughout the country and is ranked as a Top 10 SBA Lender. Headquartered in Salt Lake City, Utah, Celtic Bank serves consumers and small businesses throughout the country. Celtic Bank is a member of the FDIC and is an Equal Housing, Preferred SBA, and FHA lender. For more information, visit www.celticbank.com, Facebook or at our Blog.
Media Contact: Alfred Quinn
(801) 320-6569
aquinn@celticbank.com
SOURCE Celtic Bank
