DRAPER, UT-Inland Real Estate Acquisitions Inc. has acquired Draper Peaks, a 229,796-square-foot shopping center here for approximately $41.5 million.The center is anchored by Ross Dress for Less.
The property was purchased on behalf of Inland Diversified Real Estate Trust Inc. The transaction was facilitated by Lou Quilici, senior vice president of Inland Real Estate Acquisitions. “This recently-constructed shopping center is located in a well-established community, against the stunning backdrop of the Wasatch Mountains,” Quilici says.
“Particularly strong demographics in Draper, including a three-mile population of 83,800 people and average household incomes of nearly $100,000, make the area attractive,” he adds. “In 2010, we purchased Draper Crossing, a grocery-anchored property located across the street from Draper Peaks, from the same seller, also on behalf of Inland Diversified.”
Construction of Draper Peaks was completed in 2007. In addition to Ross, the tenant line-up includes PETCO, Michaels and Office Depot. The property is shadow-anchored by Kohl’s, which was not purchased as part of this transaction.
Inland Real Estate Acquisitions purchased the property from an affiliate of the Boyer Co. LC. “Due to unforeseen circumstances, the closing took longer and was more complex than we anticipated,” says Devon Glen, chief operating officer of the Boyer Co. “Both the seller group and Inland Real Estate Acquisitions showed great patience and perseverance throughout the process. We appreciate their willingness to work through all obstacles to complete the transaction.”
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Natalie Dolce
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.
