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SALT LAKE CITY — A major downtown retail center is under new ownership.
Arizona-based real estate firm Vestar announced Tuesday it has acquired The Gateway.
Built in 2001, the 623,205-square-foot, open-air shopping and entertainment center is located at 400 West and South Temple. The center is leased to more than 100 regional and national retailers and also contains a residential and office complex.
"Salt Lake City is undergoing a dramatic transformation, rapidly attracting millennials and entrepreneurial firms in the private sector, including technology and finance," said Vestar President David Larcher. "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."
Larcher said the company has a strategic plan to invest $30 million in upgrading and rebranding the property. The investment is aimed at attracting an eclectic mix of national and regional retailers catering to the vibrant, multicultural landscape of the Salt Lake Valley, he said.
Vestar is focused on enhancing the property's food and beverage offerings to incorporate unique chef-driven concepts and presenting more than 300 property events annually, Larcher added.
Headquartered in Phoenix, Vestar "specializes in the acquisition, management and development of commercial real estate, including entertainment-retail complexes, power and lifestyle centers, and neighborhood centers of varying size and scale that serve as community shopping destinations with a unique sense of place," the company said in a statement.
The company currently owns and manages more than 25 million square feet of retail assets in the Western U.S.
