Midvale, Utah—Beyond Inc. is planning to sell its headquarters here to Salt Lake County for $55 million.
Through its wholly owned subsidiary, Peace Coliseum LLC, Beyond entered into an agreement Sept. 16 with Salt Lake County to sell the former Overstock.com building at 799 W. Coliseum Way and 18.6 acres of land. The sale price of $55 million is inclusive of a $1 million earnest money payment that is to be deposited within five businesses days of the acceptance date.
The sale is expected to close on or about Nov. 30. The headquarters is currently part of a loan from Loancore Capital, the $34.5 million balance of which will be paid through a defeasance process, which allows borrowers to substitute securities for existing collateral on their loan, on or near the closing date.
As part of the agreement, Beyond is negotiating a lease that would allow it to occupy and use the 5,000-square-foot data center within the main building for an initial term of five years. Other terms for the data center lease will be negotiated in the 60 days following the acceptance date.
The sale also is contingent on inspections of the building.
According to reports from Salt Lake City TV station Fox 13, Salt Lake County plans to use the building as its new government headquarters. The county council voted 7-1 on Sept. 11 to purchase the 260,000-square-foot building built in 2016.