Transwestern's Salt Lake City office today announced that Maier Siebel Baber (MSB) has acquired Lone Peak Center, located at 11747 Lone Peak Parkway in Draper, Utah. The 88,000 square foot office building is located in the South Valley submarket of Salt Lake City and was purchased from the bank owner/seller, M & I Regional Properties LLC.
Neither party elected to disclose the purchase price or terms, but when asked, Kenneth Baber, MSB’s CEO and president did opt to state, “We agreed that we would not share the price; but 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. Our plan is to reposition the property, and we will follow the successful repositioning and leasing plans used at McAllister Plaza in San Antonio and Glendale Palms in Phoenix.”
Lone Peak Center is on the border of Draper and South Jordan and is in the center of the rapidly growing concentration of tech firms and banking support centers. Recently Twitter, Oracle and Royal Bank of Canada have announced plans to either build new campus facilities or expand their presence in the active South Valley submarket. Draper is currently the home of EBay, Musician’s Friend and Evergreen International. The property is located one quarter mile north of the recently constructed 114th South exit on Interstate 15. The 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.
Transwestern has been selected to manage the project. The team responsible for the management includes Lyla Gambow, managing senior vice president and Mark Bowers, senior property manager. 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.
The team is in the process of enhancing the building’s image to full Class “A” status and the property is undergoing two large tenant construction jobs. The first two leases are complete - a full floor to O'Currance Teleservices Inc. and a 9,000 square foot lease with Xennsoft, which is moving from Riverpark. Both tenants take 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.”
About Maier Siebel Baber
Maier Siebel Baber is a San Francisco-based real estate investment advisor and has invested in the Salt Lake City region since 1993. The Firm’s principals have established an impressive 20+ year track record of performance investing in well located, but challenged investments throughout the Western United States. Maier Siebel Baber has owned such noteworthy local properties as Triad Center, HK Tower, 136 East South Temple and Mountain View Corporate Center. Additional information regarding Maier Siebel Baber is available at http://www.msbrealestate.com
Transwestern is one of the largest privately-held commercial real estate firms in the United States. A diversified operating company, Transwestern is active in the real estate service, development and investment management businesses. Transwestern creates value for clients through innovation, penetrating market intelligence and legendary service delivered by teams of local market experts. The firm has product specialties including office, industrial, retail, multifamily and healthcare, as well as a wholly-owned research affiliate, Delta Associates. Transwestern leads the industry in sustainability and has received multiple ENERGY STAR® awards from the Environmental Protection Agency (EPA).