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.
About TriGate Capital
TriGate Capital, LLC is a leading real estate investment manager focused on the recapitalization and repositioning of real estate assets and companies. TriGate is based in Dallas, Texas and has completed investments throughout the United States.
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.
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. Additionally, the team has extensive expertise in real estate asset selection and structuring transactions to weather different stages in the real estate investment cycle.
Pacifica Real Estate Group, LLC is a full-service real estate investment and management firm that acquires and manages industrial, office, medical-office, and multi-family residential properties in several western states on behalf of its investors and clients. Pacifica was established in 2000 with offices in Santa Barbara and Newport Beach, California. Pacifica’s principal partners, Bob Gibbs and Russ Fraser, have broad real estate investment and management experience and are active in the ownership and management of each property, working with a proven team of dedicated asset and property managers, accountants, and analysts.