SALT LAKE CITY-KBS Real Estate Investment Trust III, based in Newport Beach, CA, has added an office to its portfolio with the acquisition of Gateway Tech Center. The 198,565-square foot converted warehouse here in Downtown, marks the REIT’s fifth equity asset for a total of more than 1.2 million square feet.
Although KBS could not disclose the price to GlobeSt.com at this time, we learned from an 8-K filing that the trade price was approximately $30.3 million, plus closing costs. The filing also noted that the seller was SLHNet Investments LC.
“Gateway Tech Center is a solid addition to the REIT III portfolio,” explains Peter Mette, KBS Northwest region senior vice president and director of acquisitions and dispositions. “The building’s brick and timber construction is the preferred product type for the vibrant Salt Lake City technology sector. Furthermore, the new multimodal transit center adjacent to Gateway Tech Center is scheduled to open in 2013, which will materially enhance access to the property and attract tenants.”
Gateway Tech Center is a five-story class-A office building situated on nine acres near the Gateway District, a 40-acre mixed-use development. Originally constructed as a warehouse facility in 1909 for the Salt Lake City Hardware Co., the building was renovated and converted into modern office space in 1996, according to a prepared statement.
The property, at 155 N. 400 W. St., is 92% leased to 16 tenants, including Western Electricity Coordinating Council, Supervalu Inc., and Utah Associated Municipal Power Systems.
KBS-affiliated companies also own Parkside Tower in downtown Salt Lake City and South Towne Corporate Center in Sandy, UT, for a total of 636,993 square feet in Utah.
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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.
