Industrial Portfolio Acquisition in Houston, TX
Dallas, TEXAS - TriGate Property Partners IV, L.P. recently closed on the acquisition of Brookhollow West, a 347,000 square foot light industrial park located on 29 acres in the northwest submarket of Houston, TX. The purchase reflects TriGate’s appetite for infill industrial properties at discounts to replacement cost within markets exhibiting strong population and job growth fundamentals.
The investment was acquired in a partnership with Rycore Capital and represents the partnership’s second industrial acquisition in the last nine months. The partnership expects the buildings to appeal to tenants seeking functional industrial office space in a highly accessible location in the heart of Houston, near the intersection of Beltway 8 and I-290.
Matt Rooney, Senior Vice President on TriGate’s investment team added, “Houston’s economic resiliency - only DFW and Phoenix added more population than Houston last year - lends itself to this product type. The thesis on the investments with Rycore was to buy quality real estate that can service this population growth for years to come.” TriGate is focused on investments exhibiting similar fundamentals primarily across the sunbelt, but has made investments in 24 states since 2008.
TriGate is excited to be working with Rycore Capital on the transaction and is looking to further grow its industrial portfolio through both acquisition and development opportunities. TriGate and Rycore would like to thank Tom Lynch with CBRE, who acted as agent on behalf of the Seller.
About TriGate Capital
TriGate Capital, LLC (“TriGate”) is a market leading real estate private equity firm founded in Dallas, TX in 2007, focused on recapitalizing and repositioning real estate assets and companies. TriGate: i) acquires real estate assets that are in need of capital or management focus; ii) provides capital for the recapitalization of real estate assets and companies; iii) acquires non-performing commercial real estate loans; and iv) capitalizes platforms with quality operators that are focused on a specific investment strategy.
TriGate has purchased over 21 million square feet of commercial properties, 1,185 hotel rooms, and over 5,600 residential units/lots/homes in its history. TriGate has approximately $2.1 billion of capital under management, and the firm is actively seeking new investment opportunities for its fourth fully discretionary real estate fund with equity commitments totaling $561 million.
For more information about TriGate’s investment criteria and this transaction, please contact Matt Rooney (214.294.5910; mrooney@trigatecapital.com) or Tom Andrews (214.294.5917; tandrews@trigatecapital.com).
About Rycore Capital
Rycore Capital LP is a Houston-based real estate investment manager, focused on acquiring, leasing and managing income producing properties that deliver superior real estate solutions to our tenants while providing our investment partners with some of the most consistent value-add, core-plus and core returns. The Firm offers two investment platforms to investors: Fund Management and Direct Investment Advisory. The Firm aims to provide a solution with its institutional quality real estate investment management process to high net worth, family office and institutional investors. For more information regarding Rycore, visit the Company’s website at www.rycorecapital.com.