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2/03/16
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A joint venture of Vestar and an Oaktree Capital Management LP-managed fund has acquired a 623.2k sf, open-air retail and entertainment center within The Gateway, in the heart of downtown Salt Lake City. The price was not disclosed.
Built in 2001 and situated on 21 acres, The Gateway, a retail, residential and office complex, is located at the intersection of 400 West and South Temple. The center is leased to more than 100 regional and national retailers.
Vestar plans to invest $30 mil in revitalizing and rebranding the center. This investment is aimed at attracting an eclectic mix of national and regional retailers catering to the vibrant, multi-cultural landscape of the Salt Lake Valley. Renovations will be focused on enhancing the property’s food and beverage offerings to incorporate unique chef-driven concepts, and presenting over 300 property events annually.
"Salt Lake City is undergoing a dramatic transformation, rapidly attracting millennials and entrepreneurial firms in the private sector including technology and finance," said David Larcher, President of Vestar. "We are confident in our vision to create a landmark destination where visitors, residents and employees will be excited to shop, dine, celebrate and engage."
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