Vestar and Oaktree Acquire The Gateway Retail and Entertainment Center in Salt Lake City
Vestar, in a joint venture with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), announced today that it has acquired a 623,205 square foot open-air retail and entertainment center within The Gateway in the heart of downtown Salt Lake City.
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.
“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.”
“Salt Lake City is one of the leading areas for educated urban professionals,” said Mark Jacobs, Managing Director of Oaktree. “Our goal is to create a social hub that offers an unbeatable retail mix, full range of dining options and broad array of entertainment.”
Larcher noted that Vestar has a strategic plan in place to invest $30 million 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. Vestar is focused on enhancing the property’s food and beverage offerings to incorporate unique chef-driven concepts, and presenting over 300 property events annually.