JP Morgan Chase Bank Building
The 48,000 S.F., three-story JP Morgan Chase Bank office building in downtown Salt Lake City, Utah, was part of a $1 billion portfolio of former Washington Mutual Bank assets. It was sold by Brookfield Properties, who acquired the property as part of this portfolio.
- Nearon Enterprises purchased the building in May 2009.
- Building was at 50% occupancy (Seller was an owner-user and had vacated a portion of the space).
- Completed value-add rehab to include common area upgrades, painting, landscaping and parking lot improvements.
- Building achieved 98% occupancy within 15 months of acquisition.
- Sold in April, 2012.