pierpont building

INVESTMENT OFFERING
OVERVIEW
PIERPONT BUILDING
This Investment Offering provides an Investor the ability to acquire The Pierpont
Building, a 53,187 square foot historic office and restaurant building located in the
central business district of Salt Lake City, Utah. The building was originally constructed
as the Salt Lake City High School in 1910. In 1986 the property was renovated by
Gastronomy, a local high end restaurateur, into its current configuration of restaurant
space on the main level and office space on all upper and garden levels. The property,
which is 75% occupied, is currently home to two restaurants and four office tenants.
The project also includes two parking lots which are presently operated by a third
party.
PROPERTY INFORMATION
Building Size:
Site Size:
Age:
Zoning:
Parking:
Sales Price:
Current Occupancy:
Cap Rate - In Place:
Cap Rate - Proforma:
10 yr. - IRR Unleveraged:
10 yr. - IRR Leveraged:
Discount Rate:
Terminal Cap Rate:
122-132 West Pierpont Avenue
Salt Lake City, Utah
53,187 sq. ft.
1.16 acres
1910/1986
D-2, Downtown Support District
82 spaces, 1.54/1,000 sq. ft. parking ratio
$4,500,000 ($84.61 psf )
76%
9.82%
10.4% (see detail page 8)
9.28%
14.66%
10.0%
8.5%
THE OPPORTUNITY
The Pierpont Building was foreclosed upon by the lender in February of 2012. The
ability to acquire any property in the central business district is a rare opportunity,
particularly given the project includes two parking lots which are presently operated
by a third party parking lot operator. The immediate area includes hotels, restaurants
and is ½ block from the Salt Lake City Convention Center, a 515,000 square foot
facility which hosts an average of 200 events each year. The building boasts unique
character and charm including high ceilings, stone walls and oversized interior doors
and windows. The project is being offered well below replacement cost. The Pierpont
Building is a true value add opportunity in an irreplaceable location in a highly
desirable market.
Marketed by
Kip Paul
801-303-5555
kpaul@comre.com
John Holt
170 South Main Street, Suite 1600 • Salt Lake City, Utah 84101
Tel 801-322-2000 Fax 801-322-2040 • comre.com
972-868-5296
jholt@c3cp.com
5221 North O’Connor Boulevard, Suite 600
Irving, Texas 75039
122-132 West Pierpont Avenue
Salt Lake City, Utah
PIERPONT BUILDING
Marketed by
Kip Paul
801-303-5555
kpaul@comre.com
John Holt
170 South Main Street, Suite 1600 • Salt Lake City, Utah 84101
Tel 801-322-2000 Fax 801-322-2040 • comre.com
972-868-5296
jholt@c3cp.com
5221 North O’Connor Boulevard, Suite 600
Irving, Texas 75039
©2013, Commerce Real Estate Solutions. Disclaimer: The above information is given with the obligation that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through Commerce Real Estate Solutions and C-III Realty Services, LLC. The
asset owner(s), their servicers, representatives and/or brokers, including but not limited to C-III Realty Services LLC, C-III Asset Management LLC, and their respective agents, representatives, affiliates and employees make no warranty or representation, express or implied, as to the accuracy of the information
contained herein, and same is submitted subject to errors, omissions, change of price, rental or other encumbrances, withdrawal without notice, and to any special listing conditions imposed by the seller. Prospective buyers should conduct their own due diligence. Some aerial photography by DigitalGlobe
or Aerials Express. path: 1- Projects/Paul, K/1 - Flyers/122-132wPierpontAve