Sugar Land's First Colony Commons gets new owner

Dallas-based TriGate Capital has acquired First Colony Commons, a 410,121-square-foot retail center at U.S. 59 and Williams Trace Boulevard in Sugar Land.

The property, on 38 acres, is 99 percent leased to tenants including Home Depot, Babies “R” Us, Office Depot, Michaels, Conn’s and Tuesday Morning. The shopping center is at 15201-15555 Southwest Freeway.

HFF represented the seller, Chicago-based Covington Realty Partners, and arranged financing for the new owner through NexBank SSB. The $38.2 million loan has a five-year term with a five-year extension option.

Rusty Tamlyn and Ryan West of HFF handled the sale, while Jim Curtin led the debt placement team.

 “This power center had a lot of moving parts, which presented challenges for buyers and lenders,” Tamlyn said in an announcement.

“TriGate was able to navigate through the issues and will have potential value add opportunities down the road.”

TriGate Capital focuses on real estate assets that need recapitalizing or repositioning.