TriGate Capital Completes Sale of the Belfort Office Park
DALLAS, TEXAS - TriGate Property Partners III, LP, sold the Belfort office park in Jacksonville, Florida on September 2nd, 2021. The project was sold off-market to a buyer represented by Jones Lang LaSalle. The park consists of two, four story office buildings, Southpoint and Enterprise Park, containing 223,405 square feet. The buildings are prominently located at the intersection of I-95 and J Turner Butler highway and were 50% occupied. TriGate, in partnership with LRC Properties, was able to achieve attractive pricing, despite the below market occupancy, due to the successful renovation of the vacant Southpoint building that led to a pending full-floor lease to a national credit tenant.
About TriGate Capital
TriGate Capital, LLC (TriGate) is a leading real estate investment manager focused on the recapitalization and repositioning of 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 $1.8 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 four fully discretionary real estate funds, TriGate Property Partners, LP (Fully Realized), TriGate Property Partners II, LP (Fund II), TriGate Property Partners III, L.P. (Fund III), and TriGate Property Partners IV, LP (Fund IV) which are the vehicles through which TriGate conducts its investment strategy. Fund II and Fund III are fully invested, and Fund IV is presently in its investment period.