TriGate Capital completes the sale of North Warson Business Center located in St. Louis, MO
TriGate Capital is pleased to announce the sale of North Warson Business Center in St. Louis, MO for $21,000,000, which represents a 6.3% cap rate. TriGate Property Partners III, L.P. acquired the 320,000 sf industrial park for 13,450,000 from a public REIT that was exiting the St. Louis market. During its ownership, TriGate upgraded the tenancy, marked rents to market, and made capital improvements to improve the park’s functionality and marketability. TriGate increased net operating income by 30% in just under four years and sold the asset at a substantial profit.