TriGate Capital Provides Preferred Equity for Acquisition of Two Target Shadow-Anchored Retail Centers in Texas

DALLAS, TEXAS – December 18, 2024 – TriGate Capital, a real estate investment manager, has completed a preferred equity investment to support the acquisition of a two-property retail portfolio in Texas totaling 288,063 square feet. The portfolio includes Target shadow-anchored shopping centers located in McKinney, Texas and Longview, Texas.

Built in 2007 and 2008, the centers feature a strong lineup of national retailers, including PetSmart, Ulta, Five Below, and Old Navy. The assets were acquired by Younger Partners at an attractive yield with below-market rents, providing an opportunity to drive future value through rent growth. The properties benefit from high-traffic locations and established retail co-tenancy anchored by Target, Lowes and Kohls.

The transaction aligns with the strategy for TriGate Income Partners, which targets high-quality, income-generating assets with value-add return profile. The portfolio’s in-place cash flow, credit tenancy, and favorable basis made it a compelling fit for the fund’s investment objectives.

“This investment reflects our confidence in necessity-based retail and our ability to partner with experienced operators like Younger Partners,” said Tom Andrews, Senior Vice President at TriGate Capital. “We are excited to expand our presence in Texas through assets that offer both durable cash flow and future growth potential.”