|
|
4/10/26
|
Dallas-based Dart Interests has purchased the Salt Lake Hardware Building, a 210.9k sf, five story Class A office building located in downtown Salt Lake City, UT. The historic asset, which offers multifamily development potential, is located at 155 N 400 West.
The property is listed on the National Register of Historic Places. It was sold by KBS Real Estate Investment Trust III, on behalf of a portfolio of funds and separate accounts. KBS acquired the asset in 2012 for $30.2 mil.
Originally constructed in 1909 to sell hardware to help the growth of the transcontinental railroad network, the Salt Lake Hardware Building is a converted historic industrial property listed on the National Register of Historic Places. The renovated creative office property combines historic character with modern infrastructure and amenities. The site includes an additional 2.45 acres zoned for mixed use, providing future development potential for approximately 340 or more residential units.
The property benefits from strong regional connectivity, including proximity to the airport, downtown core, the University of Utah and public transit serving the broader metropolitan area. Since acquisition, KBS has invested more than $9 million in capital improvements, enhancing tenant and common areas, amenities and building systems to support long term performance and positioning.
According to CBRE, the Salt Lake City office market demonstrated improving fundamentals over the past year, supported by leasing activity, positive net absorption and rent growth. Tenant demand has increasingly concentrated in higher quality assets, with Class A direct vacancy remaining well below the market average. Supply has continued to contract, with approximately 391.4k sf of office space removed from inventory through conversions and demolitions. With new development activity slowing and tenant demand remaining relatively steady, these dynamics are expected to support continued stabilization and positive absorption into 2026.
“This acquisition represents an opportunity to acquire a unique, well-leased historic office asset in downtown Salt Lake City with the added benefit of development potential,” said Jeremy Blickenstaff, senior vice president of Dart Interests.
CBRE’s Charley Will, Phil Brierley, Patrick Bodnar, and Cole Macadaeg represented KBS in the sale of the Salt Lake Hardware Building. In addition, KBS was also represented by attorneys Bruce Fischer and Howard Chu of Greenberg Traurig LLP.
 |
 |
|
|
|
 Return to the previous page
|
|
|
Printer-friendly Version
Email an Associate
