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5/15/12
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Newport Beach-based KBS Real Estate Investment Trust III (KBS REIT III) has added another signature office building to its portfolio with the acquisition of Gateway Tech Center, a 198.6k sf converted warehouse property in downtown Salt Lake City. The acquisition marks the REIT’s fifth equity asset, for a total of more than 1.2 msf.
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 Company, the building was renovated and converted into modern office space in 1996. The property, located at 155 North 400 West St, is 92 percent leased to 16 tenants, including Western Electricity Coordinating Council, SUPERVALU INC, and Utah Associated Municipal Power Systems.
“Gateway Tech Center is a solid addition to the REIT III portfolio,” commented 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.”
KBS-affiliated companies also own Parkside Tower in downtown Salt Lake City and South Towne Corporate Center in Sandy, Utah, for a total of 637k sf in Utah.
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