New owners of iconic Gateway building talk about its future in Siouxland
JANUARY 11, 2018: South Dakota's largest building and former home of Gateway computers has sold.
Investor Gerard Keating, CEO of Keating Resources, which invests in industrial buildings around the United States, bought the iconic building for $5.75 million dollars from Acer Incorporated.
Keating said there were not many better locations that have access to skilled labor, livability, and a low tax burden like that of North Sioux City.
"When I studied the facts this is just a great place to invest. And to find this property sitting here was really a gift," said Keating.
Plans for the building are to break it up into multiple companies, with Keating already selling off some of the property to local businesses.
"We had a bunch of transactions ready to go before he even owned it. So we had simultaneous closings yesterday, they call it a New York style closing where the deed doesn't even go to Gerard it goes right to the third party and they all closed at once," said Chad Bogenrief, President of NAI United.
And when asked if the iconic paint job will stick around, Keating said the South building will keep the cow spots but depending on what the customers want, the spots could be going away on the remainder of the building.
JANUARY 10, 2018: North Sioux City's iconic cow spotted building complex officially has a new owner.
Atkinson, Nebraska native Gerard Keating and his Keating Resources company closed on the former Gateway building today (1/10/2017) for a price of just under 6 million dollars.
Keating says he's already sold the southern most building to a local investment group and arranged a long term lease for another 101,000 square feet in the remaining building.
Keating says immediate plans for the building including redoing the iconic cow spotted paint job this summer and re branding the complex the Gateway Business Center.