{"id":1004697997,"date":"2024-01-18T03:10:26","date_gmt":"2024-01-18T11:10:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004697997"},"modified":"2024-01-18T03:10:28","modified_gmt":"2024-01-18T11:10:28","slug":"historic-salt-lake-city-building-trades","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/","title":{"rendered":"Historic Salt Lake City Building Trades"},"content":{"rendered":"
\n
\"The
The Clift Building opened in 1919. Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

A joint venture between Sentry Financial <\/strong>and Newport National Corp. <\/strong>has acquired The Clift Building, a 106,000-square-foot creative office <\/a>asset in Salt Lake City. The seller was Fortress Investment Group <\/strong>and the deal closed at $14.3 million, according to CommercialEdge data. The sale involved a $15 million loan from First Utah Bank<\/strong>, part of which allocated to capital improvements.<\/p>\n\n\n\n

Constructed in 1919 and most recently renovated in 2022, the building rises eight stories and features 15,000-square-foot floor plates. It also includes 12,000 square feet of retail space, as well as a rooftop amenity deck and a fitness center. At the time of the sale, the property was 77 percent occupied, with tenants including DevPoint Labs, Hom Exp Realty and coworking firm Spaces, CommercialEdge information shows.<\/p>\n\n\n\n

Sentry Financial CEO Jonathan Ruga stated in prepared remarks that the company will also relocate its offices to the building\u2019s eighth floor. The transaction closed in December, 2023.<\/p>\n\n\n\n

Located at 10 W. Broadway in an Opportunity Zone, the downtown Salt Lake City building is close to Highway 89 and roughly 7 miles from the Salt Lake City International Airport, as well as less than 3 miles from the University of Utah.<\/p>\n\n\n\n

Throughout 2023, 13 office properties or 1.2 million square feet traded in Salt Lake City, according to CommercialEdge information. The investment volume totaled $161 million at an average price per square foot of $174.3, the same source shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

The deal involved a $15 million loan from First Utah Bank.<\/p>\n","protected":false},"author":3120,"featured_media":1004698000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1606,51973],"tags":[34375,33733],"class_list":["post-1004697997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-salt-lake-city","category-southwest","tag-fortress-investment-group","tag-newport-national-corp"],"acf":[],"yoast_head":"\nHistoric Salt Lake City Building Trades - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Sentry Financial and Newport National Corp. have acquired The Clift Building, a 106,000-square-foot office asset in Salt Lake City.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Historic Salt Lake City Building Trades\" \/>\n<meta property=\"og:description\" content=\"Sentry Financial and Newport National Corp. have acquired The Clift Building, a 106,000-square-foot office asset in Salt Lake City.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-18T11:10:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-18T11:10:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/The-Clift-Building-e1705491877379.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/\",\"name\":\"Historic Salt Lake City Building Trades - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/The-Clift-Building-e1705491877379.jpg\",\"datePublished\":\"2024-01-18T11:10:26+00:00\",\"dateModified\":\"2024-01-18T11:10:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"Sentry Financial and Newport National Corp. have acquired The Clift Building, a 106,000-square-foot office asset in Salt Lake City.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/historic-salt-lake-city-building-trades\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/The-Clift-Building-e1705491877379.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/The-Clift-Building-e1705491877379.jpg\",\"width\":1000,\"height\":750,\"caption\":\"The Clift Building was originally built in 1919. 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