TriGate Capital Sells Transformed Retail Hub in Salt Lake City MSA

TriGate Capital is pleased to announce the sale of The Crossroads at Taylorsville in the Salt Lake City, Utah, MSA. TriGate Property Partners II, LP acquired the shopping center in 2014 from DDR REIT (now SITE Centers), with significant vacancy yet a lot of opportunity. The property is located at the highest trafficked intersection in the state and was well positioned to benefit from both upgrading tenancy and capital upgrades.

Since acquisition, TriGate has achieved significant improvements:

• Increased occupancy from 70% to 93%
• Replaced Shopko with Target on a new long-term lease
• Replaced Sports Authority and Bed Bath & Beyond with three TJX concepts: TJ-Maxx, HomeGoods, and Sierra Trading
• Replaced FYE with EOS Fitness on a new long-term lease
• Constructed a new Regal movie theater
• Signed leases with various new shop tenants and restaurants
• Increased NOI by over 50%

There have been many people and companies that have helped along the way. A big thank you to JAH Realty - Jeff Norman, Peter Conran & Jim Martin, NexBank - Wayne Spencer & Rob Delph, Newmark - Amy Fielding, Legend Partners - Joe Mills. Also to Eastdil Secured - Chris Hoffman, Mark A. Damiani, Chase Levra & Izzy Ahn for a great disposition process and buyer Continental Realty Corporation - Josh Dinstein for a seamless transaction.