Perry & Associates Plans Spring Start for 70 KSF Lehi Office Project

The 70,000-square foot, Class A office construction is scheduled to begin in May 2013, with the development process set to be completed in one year, by March 2014. Set to take shape in the immediate vicinity of Interstate 15, the three-story office building will be located to the east of the State Road 92 exit, the Tribune writes. Its placement next to a TRAX line and proximity to the new Adobe campus and the Outlets at Traverse Mountain retail center make for an attractive location.

By Alex Girda, Associate Editor

Perry & Associates, Inc. is planning a May construction start for Traverse Ridge Center I, a 70,000-square-foot office complex in Lehi, according to the Salt Lake Tribune. Completion is scheduled by March 2014.

Traverse Ridge Center I will take shape east of the State Road 92 exit of Interstate 15, the Tribune reports. Perry & Associates is banking on the property’s location next to the TRAX rail line and its proximity to the new Adobe campus and the Outlets at Traverse Mountain retail center to attract tenants. Eric Smith, James Mecham and Jessmine Kim of CBRE Inc.’s Salt Lake City office are handling leasing.

In hospitality investment news, Brian Head Resort, located near Cedar City in southern Utah, is under new ownership following its sale to Brian Head Acquisition Partner L.LC., the The Standard-Examiner reports.

The resort was placed on the market following the death in 2008 of Jim Trees, its former owner. Brian Head Resort includes two mountains, nine lifts, 640 skiable acres, 53 runs and a snow tubing area.

Terms were not disclosed, but the property’s 2010 price of $34.7 million price was later cut to $29 million. In March 2012, the resort was placed into receivership with Wells Fargo.

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