JUST SOLD! Farr West Commercial/Industrial Building
Published On: December 24, 2024 Posted by: Jeremy Peterson
We just closed on the sale of this unique commercial/industrial building located at 897 N. 2000 W. in Farr West. In 2020 the owners of the building were referred to us for management services. They were having difficulty with the tenant and wanted to hand the responsibility to a professional company to make things easier.
After several years, the owner’s circumstances changed and they they wanted to reorganize their investment portfolio. That necessitated the sale of the building. We listed the building for sale in June 2024 for $1,200,000.
The building itself is about 12,000 SQFT with 2,700 SQFT of office space and the remaining being garage bays. All of this is on a .87 acre lot which left a lot of room for storage in an open courtyard.
We received an offer and went under contract in July for $1,035,000. The buyer used an SBA loan which took an astonishing six months to underwrite. We required that earnest money be increased several times as time progressed. Finally, after the virtue of patience had been branded into the character of all parties involved, we closed the sale.
Congratulations to our seller! If you have a commercial property, and are thinking of selling or want to know its current value, give me a call. 801-390-1480
