TriGate Capital Recapitalizes East Gateway Centre in Phoenix

DALLAS, TEXAS –  TriGate Capital is pleased to announce the recapitalization of East Gateway Centre, a two-building office complex located at 4646 and 4686 East Van Buren Road in Phoenix, Arizona.  The property is 74% leased and is home to Mobile Mini and iHeart Media as well as ten other tenants from a diverse range of industries.  TriGate provided equity capital to recapitalize the property with the seller, Pacifica Real Estate.  Pacifica will remain as a minority owner and property manager.

TriGate performed in a very tight timeframe in order to close the transaction on September 30, 2019 in order to meet a debt maturity.  “From award until closing, we had 45 days to perform due diligence, negotiate the recapitalization and partnership agreements and close on an all-cash basis,” said Keith Schneider, Senior Vice President at TriGate Capital.  “This deal shows TriGate’s capability to execute as a trusted counterparty when certainty is needed.”  The acquisition marks TriGate’s first office property buy in Phoenix.  The firm has acquired a dozen retail properties in the Phoenix market since 2011.

J. Osbrink and Kevin Shannon of Newmark Knight Frank represented Pacifica on the transaction. Jerry Roberts and Pat Boyle of Cushman and Wakefield will continue to lease the property. “We are excited to have TriGate on board with this project, their expertise in repositioning properties will put East Gateway in a “Best-in-Class” category in the 44th street submarket,” commented Roberts.