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Show IBIG.BEALESTATE DEAL A reaf estate deal of much local interest in-terest was consummated yesterday, by which a valuable piece of business property was leased for ninety-nine years, the longest term possible under the law. The rental, together with the taxes for that time, will amount to over $200,000. The property is situated on the east eide of Main street, half way between Second and. Third South. It is owned by W. H. H. Spafford, who purchased it recently from the S. S. Walker estate for $30,000. The ground has forty-six feet and two inches frontage on Main street, and is 330 feet deep, and includes a half interest in the alley adjoining on the south. There are two inferior wooden buildings on the property now, one of them occupied by F. E. Schoppe & Co., the other by a notion store. The lessee is J. W. Houston,, the real estate man. By the terms of the lease, which was filed for record vesrerdav, Mr. Houston is to pay $1,650 a year rental ren-tal and all the taxes, the wfaole amounting, if paid the full term, to over $200,000. He must , also erect on the property within a year a building to cost not less than $3,000. Option For Purchase, The improvements, when made, are to be part of the property. Mr. Houston has the privilege of assigning his lease to the Houston Real Estate & Insurance Insur-ance company within' a year. He has also an option to purchase the property j at anv' time within 'ten Years for $40,- i 000. Mr. Ifrmstfm will harln Kn;iJin at once. The occuDantsvof the old buildings build-ings are notified to vAcate. and as soon as t'hev do the "old Vuildinsa will be pulled down. As.tothe nr. cure of the new building to go up, llv. Horston is not vet prepared to say. , It will be a modern business blocl;, but the number of stories is not yet decided upon. The Houston Real Estate & Insurance company com-pany will occupy part of the buildinc for offices. This deal demonstrates a confidence in the permanent value of business property in Salt Lake that is most encouraging. |