Description

Colliers presents Pierpont, a 51,306-square-foot mixed-use property on 1.30 acres in the heart of Downtown Salt Lake City, combining 18 existing loft apartments with ground-floor retail. Built in 1910 and occupying a full block of Pierpont Avenue, the brick-and-timber warehouse building cannot be replicated. It sits between the Delta Center, the Salt Palace Convention Center and The Gateway, at the center of a district absorbing approximately $7.8 billion of committed public and private investment, one block from light rail.

Alongside them, ownership has completed a comprehensive capital program, modernizing the exterior and interior retail suites, upgrading major building systems and curing deferred maintenance. A buyer inherits an established residential component, long-tenured independent retail tenancy with in-place rents below market, and a building where the heavy lifting is done.

Current ownership has been executing a residential-led business plan. The 18 second-level loft apartments are already in place, establishing the residential product and proving the building's conversion potential and has strategically held the remaining second-floor office space vacant for conversion into 12 additional loft apartments, delivering vacant possession of the full conversion envelope. The remaining limited retail vacancy provides immediate upfit opportunities, creating a clear path to lease-up and approximately 20% in incremental rental income. Upon execution, Pierpont becomes a stabilized multifamily property above a fully leased Pierpont Avenue retail frontage in one of Downtown Salt Lake City's most sought-after submarkets