Salt Lake Hardware Building

Property Overview

Salt Lake Hardware Building is a five-story Class A office property built in 1909. The building was originally constructed as a warehouse facility for the Salt Lake Hardware Company, a wholesale distributor of hardware products. In 1996, the building was completely renovated, seismically upgraded and converted to office use. The original brick and timber design was maintained and is an attractive product type for Salt Lake’s burgeoning tech sector.

The property is currently 93 percent leased to 16 tenants. The property totals 198,324 square feet of net rentable area and sits on two legal parcels totaling 9.04 acres. The amenities on-site include a café located on the ground floor.

The Gateway, a new multi-use development, is located adjacent to the property and offers multiple retail amenities as well as a newly constructed Hyatt Hotel and multifamily housing.

Large floor plates (±45,000 square feet) are ideal for large users and efficiently break down to accommodate smaller tenants as evidenced by the current configuration. With 846 surface parking spaces (4.27 spaces per 1,000 square feet of NRA), the property has above-average parking for a downtown building. The location of the property allows for superior access to the freeway system compared to the majority of other downtown locations.

The new Airport TRAX line will extend from the Salt Lake City Airport to a new station adjacent to the property. This new station will also serve as a transfer point to the FrontRunner Line, Salt Lake’s commuter rail system, significantly enhancing access to the property from the entire Metropolitan Statistical Area.

Investment at a Glance

Location: Salt Lake City, UT

Property Type: Class A Office

Acquisition Date: May 9, 2012

Purchase Price: $30,262,000

No. of Buildings: 1

No. of Stories: 5

Square Footage: 198,565 SF

Year Built: 1909/1996

Leased Percentage (at the time of Acquisition): 92%