TriGate signs lease with Target Corporation at Crossroads of Taylorsville
SALT LAKE CITY, UTAH – TriGate Capital, LLC (“TriGate”) announces the signing of a new lease with Target Corporation at the Crossroads of Taylorsville (“Crossroads”) in Taylorsville, Utah.
“We are thrilled to add Target to our already strong tenant mix at Crossroads.” said John Mearns, Senior Vice President for TriGate. “The addition of Target solidifies the shopping center’s reputation as a leading regional retail and entertainment hub.”
Crossroads is situated across 61 acres, comprising over 767,338 square feet of buildings fronting Redwood Road, and bounded by Interstate-215 to the south and 5400 to the north. Major tenants include Regal Cinemas, T.J. Maxx, JoAnn Fabrics, Ross Dress For Less, Harmons Grocery, 24 Hour Fitness, PetSmart, Guitar Center and many restaurants and other local and national retail and service tenants.
Over the past four years, TriGate has made significant investments that have improved the tenancy and quality of the property. In addition to Target, TriGate has brought TJ Maxx, Regal Cinemas, Café Rio, Blaze Pizza and a number of other complementary businesses to the center. With Target as the new primary anchor, TriGate believes that other high-quality retailers and entertainment uses will be further attracted to the property.
Target will operate in the building formerly occupied by Shopko. In conjunction with the new lease, TriGate will begin work immediately on interior demolition and façade enhancements. JAH Realty, L.P. (“JAH Realty”) will oversee this work for TriGate.
Joren Peterson of Landmark Property and Development LLC represented Target on the transaction. Jeff Norman of JAH Realty and Rich Robins of Colliers represented TriGate.
Crossroads is managed by Newmark Grubb ACRES and leased by the team of Joe Mills, Heather Bogden and Tanner Olson of Legend Partners.
About TriGate Capital
TriGate is a Dallas, Texas based real estate investment manager focused on the recapitalization and repositioning of real estate assets and companies. TriGate brings intellectual capital, financial sophistication and operating capability to middle-market real estate investments. TriGate manages its business predominantly through fully discretionary funds which it believes provide a competitive advantage in the execution of its business given the need to move quickly and with certainty.
TriGate’s team has been responsible for acquiring over $11 billion of real estate assets through multiple types of transaction structures including real estate ownership, the acquisition of sub-performing and non-performing loans, investments in operating companies and equity investments to recapitalize real estate partnerships.
The company’s professionals have significant expertise in real estate operations, debt restructuring and recapitalizations. Additionally, the team has extensive expertise in real estate asset selection and in capitalizing transactions to weather different stages of the real estate investment cycle. TriGate invests in office, retail, industrial, hotel and multi-family and single-family residential real estate assets in growth markets throughout the United States.
About JAH Realty, L.P.
JAH Realty is a leading retail real estate operating company focused on the acquisition, development, leasing and management of real estate with an emphasis on neighborhood and community shopping centers. The company owns shopping centers in Texas and Oklahoma totaling approximately 2.3 million square feet and manages another 2.4 million square feet in 5 different states for its affiliate, TriGate Capital. JAH Realty is a vertically integrated company with five core businesses – investments, development, leasing, management and construction.