SALT LAKE CITY—August XX, 2015—The Salt Lake office of CBRE today announced that it has been awarded the exclusive leasing assignment of Gateway Mall in Salt Lake City. Russ Harris, JR Moore and Stephanie Buranek of the Salt Lake City office, and Scott Kaplan and Erik Westedt of CBRE’s national retail team are overseeing the project.
Consisting of 650,000 square feet of open-air shopping, dining and entertainment destinations, The Gateway is a retail establishment on the perimeter of downtown Salt Lake City. The center spans a two-block area between 50 North to 200 South and 400 West to 500 West. Given its strategic location near major transportation arterials and the periphery of the Central Business District, the center is a figurative gateway to downtown.
“Since its inception, The Gateway has been a premiere downtown destination,” stated Russ Harris, vice president. “In recent years, the motivations for visiting shopping centers have begun to shift. Retail Properties of American, Inc. (RPAI)—the center’s owner—is aware of this shift and is focused on enhancing the overall experience of those who visit The Gateway.”
RPAI is conducting an improvement project targeting three areas: ambiance, community and sustainability. The Olympic Fountain technology is being upgraded, to add more variety and effects; seating, fire pits and upgraded landscaping have been installed to create more comfortable and beautiful gathering areas; and energy-efficient lighting, a new glass recycling program, and a GreenBike bike-share kiosk have all been added to the site, among a number of other improvements. Enhancements are scheduled to be completed by the end of this year.
Harris further stated, “The Gateway is a landmark destination in Salt Lake, and these enhancements will help ensure that demand for leasing space in the center remains steady. They will also assist in maintaining an elevated shopping experience for those who visit. In essence, these improvements will help keep The Gateway on the map for years to come.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
Retail Properties of America, Inc. is a REIT and is one of the largest owners and operators of high quality, strategically located shopping centers in the United States. As of March 31, 2015, the Company owned 212 retail operating properties representing 31.3 million square feet. The Company is publicly traded on the New York Stock Exchange under the ticker symbol RPAI. Additional information about the Company is available at www.rpai.com.