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SALT LAKE CITY-When Argus Realty Investors LP found a 24-story steel-framed office tower in the Salt Lake City’s CBD at a price that was 60% of replacement cost, investors knew it was a deal too good to pass up.

Within 30 days, the investment firm had scooped up the former University Club Building from seller, Maier Siebel Baber, for $24 million, taking out a $16-million, fixed-rate, 10-year permanent loan, according to a contact close to the deal.

The classically designed 217,035-sf building, built in 1966, is located at 136 E. South Temple in the city’s bustling CBD. It will be 96% occupied with the addition of a new tenant, a local independent radio station, which is scheduled to move into a portion of the top floor formerly occupied by the University Club. Craig Thomas, first vice president of Investment Properties with CB Richard Ellis in Salt Lake City, was the broker for Argus, which is located in San Juan Capistrano, CA.

Between 1995 and 2002, the building underwent $2.5 million in renovations and telecommunications systems upgrading, including the installation of new fiber optic connections designed to target high technology, new media, broadcasting and advertising companies. The first six floors are devoted to parking with the remaining 18 floors of office space featuring panoramic views of the city, the Capitol dome and the Wasatch Mountain range.

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