Our Founder: J. Steven Price
As the oldest child, I grew up in a family with a mother who is a fifth generation Utahn and a father who is a Holocaust survivor born in Germany. By the time I was born, my father was constructing commercial buildings for many of the largest and leading businesses of the time. At the same time, my mother was dedicated to, and engaged in, building and giving back to the arts and education. Beginning with early childhood conversations at the dinner table, the family ethos we ingested was hard work and ingenuity combined with giving back to people and communities.
Growing up in and around the family business, I began my career in the family broadcasting and commercial real estate businesses, then working for other national real estate companies in the West, I rejoined Price Development Company in 1987 in Boise, Idaho. In 1993, Price Development Company, headquartered in Salt Lake City, went public and formed JP Realty, Inc. (JPR), a Real Estate Investment Trust (REIT) listed on the NYSE.
In 2002, JP Realty, Inc. was merged into General Growth Properties, Inc. (GGP) NYSE. On July 11, 2002, the day after the JPR/GGP merger, I founded Price Realty Group, LLC, now known as Price Real Estate, with a small team of seasoned real estate professionals.
The face and landscape of retail real estate was dramatically changing. Because of my experience in commercial real estate development, asset management, leasing and operations in regional malls, I saw an opportunity to move one step deeper in the supply chain. Just as Delta Airlines has always maintained a hub in Salt Lake City, I could see that Salt Lake City would emerge as a major U.S. distribution hub due to its infrastructure and proximity to major metropolitan areas and West Coast ports.
Almost immediately after I founded the company, major disruption and changes were occurring in businesses and throughout the entire supply chain. America had entered a period of companies and manufacturers moving off-shore and the relevance of major seaports was flourishing. At the same time, transformative changes were happening in the retail sector. With the growth of the internet and the broadband infrastructure, combined with rapidly growing online retailers, the commercial real estate landscape continues to transform. The newly emerging storefront, and one of the key centers of employment, is the modern warehouse/distribution building. As businesses evolve and change, our commitment is to continue to deliver best-in-class service, expand our real estate portfolio to meet our tenant's needs and to be involved in the communities in which we operate.
The second Industrial Revolution is occuring in what began as traditional warehouse buildings and the new state-of-the-art next generation industrial buildings.