For $55 million, Beyond Inc. intends to sell Salt Lake County its headquarters.
Beyond and Salt Lake County reached an agreement on September 16 for the sale of the former Overstock.com facility at 799 W. Coliseum Way and 18.6 acres of land. Beyond will sell the property through its fully owned subsidiary, Peace Coliseum LLC. A $1 million earnest money payment is included in the $55 million sale price and is due five business days after the acceptance date.
Closing of the sale is scheduled for Nov. 30 at the latest. The headquarters is currently a component of a loan from Loancore Capital, the remaining $34.5 million of which will be paid on or around the closing date through a defeasance process that enables debtors to replace collateral that is currently on their loan with other securities.
Beyond is negotiating a lease as part of the transaction, which would give it the right to inhabit and utilize the main building’s 5,000 square foot data center for a five-year initial period. In the sixty days that follow the acceptance date, further conditions of the data center lease will be worked out.
Inspections of the building are another condition of the selling.
The structure will house Salt Lake County’s new government offices, according to sources from Fox 13 in Salt Lake City. On September 11, the county council decided 7–1 to buy the 260,000–square–foot structure that was constructed in 2016.
