CBRE Arranges the Sale of 52,065-SF Office Building in Salt Lake City Suburb

CBRE has arranged the sale of Gateway Office Tower, a 52,065-square-foot building in Bountiful, Utah. Vectra Management Group purchased the property from White Buffalo for an undisclosed amount.

Eli Mills represented the seller in the transaction and Doug Birrell of CBRE Capital Markets’ Debt and Structured Finance arranged the financing on behalf of the buyer.

Built in 1985 and renovated between 2017 and 2022, the four-story property is located at 563 W. 500 S., within a 10-building business park and proximate to Interstate 15. Capital improvements include remodeling of all common areas, installment of LED lighting throughout the entire building, updates to the building lobby and the replacement of the north roof and an elevator power upgrade. The property was 94% occupied at the time of the sale.

“Gateway Office Tower is a quality asset located just minutes from downtown Salt Lake City and 94% occupied with solid tenants,” said Mills. “News about the economy and the rise in interest rates has dominated the headlines lately, with many assuming that the capital markets segment has all but vanished. However, there are still good opportunities for those looking to capitalize on Utah’s stronger-than-average market conditions, and this transaction is evidence of this.”

“We are thrilled to enter the Bountiful market with our acquisition of the Gateway Office Tower with its financially strong and healthy businesses serving the Davis County community,” said Farran Tozer Brown, Director of Vectra Management Group.

According to CBRE Research, following a strong global economic recovery in 2021 and early 2022, macroeconomic headwinds are raising fears of a broad-based downturn as central banks address persistent high inflation. However, the Salt Lake-Provo region is well positioned geographically and tends to outperform national averages.