SALT LAKE CITY-San Francisco-based real estate investment advisor Maier Siebel Baber has acquired Lone Peak Center, located at 11747 Lone Peak Pkwy. in Draper, UT. The 88,000-square-foot office building is located in the South Valley submarket of Salt Lake City and was purchased from M & I Regional Properties LLC.
Neither party elected to disclose the purchase price or terms, but Kenneth Baber, MSB’s CEO and president says, “I can assure you, we certainly wouldn’t have negotiated for almost a full year if the price wasn’t extremely motivating. We feel good about the number.”
Baber continues that the company’s plan is to reposition the property. “We will follow the successful repositioning and leasing plans used at McAllister Plaza in San Antonio, Texas and Glendale Palms in Phoenix, Arizona,” he adds.
The property is located one quarter mile north of the recently constructed 114th South exit on Interstate 15. Its convenient location provides easy access to all major regional thoroughfares, the Central Business District, as well as access to Bangerter Highway which makes for a short commute to the Salt Lake City International Airport. MSB plans to reposition the property and will follow the successful repositioning and leasing plans used at McAllister Plaza in San Antonio, Texas and Glendale Palms in Phoenix, Arizona.
Transwestern has been selected to manage the project. The team responsible for the management includes Lyla Gambow, managing senior vice president of management services, and Mark Bowers, senior property manager of management services. Bowers is familiar with MSB’s first-class quality service and previously worked with the company when he managed the renovation of HK Tower in Salt Lake City, according to a prepared statement.
Commenting on the deal, Bowers says, “I’m familiar with MSB’s pace and focus on quality from my experience with HK Tower. We completely changed the property in less than one year. I’ll be extremely busy with two large tenant construction jobs and enhancing the image to full ‘class-A’ status. We have already announced the first two leases—a full floor to O'Currance Teleservices Inc. and a 9,000-square-foot lease with Xennsoft who is moving here from Riverpark. Both companies will be taking occupancy in early 2011.”
According to Gambow, “We are thrilled to expand our relationship with Maier Siebel Baber and to be associated with an asset of such prestige. We are pursuing many exciting initiatives and we have assembled an exceptional team to represent this property and the firm as they rebuild their large presence in town.”
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Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
