TriGate and Campanelli Acquire a Two-Building Office Portfolio in Metro Boston, Massachusetts
DALLAS, TEXAS - TriGate Property Partners III, L.P., in partnership with Campanelli, closed on the acquisition of a two-building office portfolio in metro Boston, Massachusetts. The prior owner was liquidating a fund and looking to sell the assets by year-end 2019. Given the prior owner was looking to exit quickly and TriGate had worked with the seller before, the partnership was awarded the deal.
The portfolio, located in Framingham, totals 292,014 square feet. The 118,713 square foot, six-story Meadows Building at 161 Worcester Road was 85% leased at acquisition and includes an adjacent 7,200 square foot stand-alone restaurant. The second building, Framingham Corporate Center located at 492 Old Connecticut Path, is 166,101 square feet and was 94% leased (86% occupied) at acquisition. The buildings feature flexible multi-tenant floor plates to capture demand within the surrounding “small tenant” market. In addition, the buildings are located 1.5 miles from each other and are surrounded by several large corporate headquarters as well as one of New England’s largest retail districts, the “Golden Triangle”, which is located between the two buildings and offers a variety of shopping and dining options.
About TriGate Capital
TriGate Capital, LLC (“TriGate” or the “Company”) is a leading real estate investment manager focused on the recapitalization and repositioning of commercial real estate assets and companies. TriGate is based in Dallas, TX and has completed investments throughout the United States. TriGate’s team has been responsible for acquiring over $11 billion of real estate assets through multiple types of transaction structures. The Company’s professionals have significant expertise in real estate operations, debt restructuring, and asset and company recapitalization.
TriGate manages three fully discretionary real estate funds, TriGate Property Partners, LP (“Fund I”), TriGate Property Partners II, LP (“Fund II”) and TriGate Property Partners III, L.P. (“Fund III”), which are the vehicles through which TriGate conducts its investment strategy. Fund I and Fund II are fully invested, and Fund III is presently in its investment period.