SOURCE: Harbert Management Corporation

HMC

April 23, 2015 15:16 ET

Harbert United States Real Estate Fund V Closes on Salt Lake City Office Portfolio

HUSREF V Completes Acquisition of Salt Lake City Office Portfolio With Maier Siebel Baber

BIRMINGHAM, AL--(Marketwired - April 23, 2015) - Harbert United States Real Estate Fund V, L.P. ("HUSREF V"), in conjunction with Maier Siebel Baber ("MSB" or together with HUSREF V, the "JV") recently acquired Draper North and Wasatch Corporate Center, (together "Lone Peak Center"), two adjacent but separately owned Class-B office parks totalling 447,000 square feet in Salt Lake City, Utah. 

HUSREF V and MSB negotiated a simultaneous close on April 15, 2015 with the owners of Draper North and Wasatch Corporate Center, which were built by the same developer from 1995 to 2001. The JV intends to undertake a $16.1 million redevelopment and integration of the portfolio into a single Class-A office campus and rebrand the combined property as Lone Peak Center. The repositioned Lone Peak Center campus will offer increased parking ratios, a cohesive modern aesthetic, and on-site amenities. The acquisition is the first joint venture between the HUSRE Investment Team and Maier Siebel Baber. 

About Maier Siebel Baber
Maier Siebel Baber is a San Francisco based real estate investment firm focused on key markets in the western United States, where its Principals have been investing for over 20 years. Drawing upon years of experience, MSB provides its clients with expertise in a variety of real estate disciplines. The firm utilizes proven procedures in its core investment and advisory practices to maximize each investment opportunity's long-term value. 

About Harbert Management Corporation
HUSREF V is sponsored by Harbert Management Corporation ("HMC"). HMC, together with its sponsored funds, has owned, developed and managed multi-family, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. HUSREF V's approach is hands-on, targeting properties that the HUSREF V Investment Team believes are undervalued, and where value can be created through focused operational management. Additional information about HMC can be found at www.harbert.net.

Contact Information

  • Contact Information:
    Harbert Management Corporation
    2100 Third Avenue North
    Birmingham, AL 35203
    Contact: Bill Wos
    Tel: 205 987 5589
    Email: Email contact