Woodbury Corporation Celebrates a Century of Improving Communities
Woodbury Corporation Celebrates a Century of Improving Communities
- Founded By F. Orin Woodbury in 1919, Woodbury Corporation is a Family-run Business that Manages and Develops Real Estate Projects Throughout the Intermountain West
SALT LAKE CITY (September 17, 2019) – Woodbury Corporation, a full-service real estate management and development company, today will hold a reception with business associates and community leaders to celebrate 100 years of building and beautifying communities throughout the Intermountain West and Midwest.
Woodbury Corporation was started by F. Orin Woodbury in 1919, who quickly became a leader in real estate circles both locally and nationally, and was instrumental in developing a number of educational programs and professional associations and designations within the industry. When his two sons, Orin and Wallace, joined the business after getting their university educations, it cemented an enduring family legacy.
Today, Orin and Wallace’s sons serve as the third-generation of principals for the company, and 18 additional fourth-generation family members are currently working in a number of different leadership capacities. This is an odds-defying accomplishment according to a 2016 National Bureau of Economic Research Family Business Alliance report, which claims that typically only 12 percent of family-run businesses make it to the third generation and the number getting past four generations falls to as low as three percent.
“My family appreciates what an extraordinary feat it is for a business like ours to stand the test of time like it has, and we believe it comes down to integrity and passion,” said Randy Woodbury, president of Woodbury Corporation. “We are fortunate so many in our family are as passionate about this work as F. Orin was when he founded the company, and we look forward to continuing this legacy for many, many years to come.”
“Reaching 100 years is a huge milestone for our business and our family, and it’s humbling to think that what started as a dream of my grandfather’s has grown and stood the test of time,” said Rick Woodbury, chairman of Woodbury Corporation. “We are very proud of the individual projects we’ve been part of, but without a doubt our greatest satisfaction has been getting to know the people and becoming part of the fabric of the many communities in which we work.”
Over the years, Woodbury Corporation has been involved in hundreds of real estate projects across 16 states. Notable developments in Utah include:
- University Place—A 120-acre development that has been the retail hub of Orem, Utah, since 1973 which after a $500 million revitalization project has expanded to include upscale residential offerings, Class-A offices and open community green space.
- Falcon Hill— Thanks to an unprecedented ongoing public-private partnership, and under an Air Force Enhanced Use Lease, this venture allows commercial projects to be built on land owned by Hill Air Force Base and accessible to the public.
- The Meadows—Woodbury Corporation transformed what was once considered 130 acres of undevelopable wetlands into the premier shopping district of North Utah County—which is currently home to Walmart, Home Depot, Kohls, Best Buy, Ulta Beauty, Texas Roadhouse just to name a few—as well as a five-acre conservation parcel.
- Canyon Creek Commercial Center—One of the largest commercial developments currently underway along the Wasatch Front, this 220-acre mixed-used project includes Costco, Lowe’s Home Improvement, Cinemark, Olive Garden and more.
Notable out-of-state projects include:
- Magic Valley Mall in Twin Falls, Idaho
- The District, a mixed-use development in Lenexa, Kansas
- Sun Behavioral Hospitals in Columbus, Ohio, and Erlanger, Kentucky
Over the century Woodbury Corporation has grown into a full-service real estate development and management company. In-house, full-service offerings include:
- Development and Acquisitions– The Development and Acquisitions team at Woodbury corporation actively sources new investment opportunities and effectuates property business plan and development objectives for Woodbury Corporation and the Woodbury Capital real estate funds.
- Architecture – A staple of Woodbury Corporation for nearly forty years, Woodbury Corporation’s in-house Architecture department is made up of a team of more than 25 architects, civil engineers, landscape architects, interior designers, construction managers, and support staff.
- Property management – Woodbury Corporation’s fully integrated Property Management team is responsible for all aspects of the management of over 200 office, retail, and mixed-use properties throughout 16 Western and Mid-Western states. Lead by the belief that prudent management creates and sustains value whether the market is flourishing or floundering
- Hospitality — What began in the 1950s with leasing land to the Ramada Inn brand to build a 300-room flagship property, Woodbury Corporation’s involvement in hospitality has grown significantly over the years. Today, Woodbury Corporation has an award winning portfolio of fourteen hotel properties, 740 hospitality employees, and successful partnerships with leading international hotel brands including Marriott International and Hilton Worldwide Holdings.
“We get satisfaction from the accomplishments of the past, but the real legacy of the past 100 years is in how well positioned we are to excel in the next 100 years,” said Jeff Woodbury, senior vice president of development and acquisitions at Woodbury Corporation. “Our expanded leadership team of the fourth generation and other professionals has increased our capacity, allowing us to take advantage of more and larger projects.”
While real estate has always been at the core of Woodbury Corporation, the company has found opportunities to diversify the business with several related endeavors, including:
- Woodbury Capital Funds— Woodbury Corporation actively manages three real estate private equity funds including Woodbury Strategic Partners Fund as co-manager and the Woodbury Capital II and Woodbury Capital III funds as the sole manager. Two additional funds have been launched this year focusing on opportunity zone investments. The funds provide a vehicle through which a large number of outside partners are able to invest alongside Woodbury Corporation affiliates in new real estate ventures. A key advantage for fund investors is diversification; although an investor makes one single investment in the fund itself, indirectly, the investor obtains an ownership interest in a variety of different types of properties throughout the Western and Midwestern United States. The funds also provide an important source of capital allowing for Woodbury Corporation to pursue and complete more real estate development and acquisition projects. Woodbury Corporation hosts an investor meeting annually for all of its fund investors.
- TopAd Media—In 2013, Woodbury Corporation partnered with Dave Goldberg to form TopAd Media to create a full-service outdoor advertising company. TopAd Media is the parent company of Compass Outdoor which has approximately 250 billboard faces it sells, owns, or manages from Boise, Idaho to Mesquite, Nevada, and is the number one digital billboard provider in Utah County. Compass Billboards also offers internet and mobile exposure opportunities, and recently signed an agreement to sell advertising on the check stand screens at Associated Food Stores throughout Utah.
Throughout the year, Woodbury Corporation has celebrated its centennial with employees, tenants and the community in a number of ways, including distributing a monthly newsletter focusing on the company’s storied history, monthly employee lunches and games, giveaways and more. Woodbury will continue these celebrations through the end of the year with planned activities including sponsoring the Construction Versus Cancer Utah Big Dig with the American Cancer Society and participating in multiple community service projects.
About Woodbury Corporation
Founded in 1919, privately-held Woodbury Corporation is one of the oldest and most respected full-service real estate development companies in the Intermountain West. Headquartered in Salt Lake City, Woodbury Corporation owns and manages over 14 million square feet of retail, industrial, hotel, residential, and office buildings across 15 states. Some of these properties include University Place in Orem, Utah, Magic Valley Mall in Twin Falls, Idaho, and eight office buildings in the University of Utah Research Park. For more information on Woodbury Corporation’s properties and projects, visit http://www.woodburycorp.com.
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