CBRE has arranged the sale of 515 Tower, a 171,193 square-foot office building that will be converted to multifamily housing at 515 East 100 South in Salt Lake City. Nearon Enterprises sold the building which lost a tenant occupying half the building.
“When a tenant occupying nearly 50% of the building vacated in 2022, and the office market conditions deteriorating, Nearon directed it efforts at an adaptive reuse conversion of 515 Tower to a multifamily asset,” said CBRE’s Patrick Bodnar. “Fortunately, the building possessed several key attributes that are favorable to resident, mixed-use conversion. As a result, there was considerable interest by several well-qualified bidders.”
The Perpetual Housing Fund of Utah purchased the property in partnership with Rocky Mountain Homes Fund. The buyer plans to convert this office building to a variety of uses including 100 units comprised of low-income housing tax credit (LIHTC) affordable housing and moderate-income condos, impact-focused co-working space, and street-activating uses such as a locally operated coffee shop or a boutique restaurant.
The post Deserted SLC Office Building to Make Way for Apartments appeared first on Connect CRE.
CBRE has arranged the sale of 515 Tower, a 171,193 square-foot office building that will be converted to multifamily housing at 515 East 100 South in Salt Lake City. Nearon Enterprises sold the building which lost a tenant occupying half the building. “When a tenant occupying nearly 50% of the building vacated in 2022, and the …
The post Deserted SLC Office Building to Make Way for Apartments appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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