Salt Lake City-Area Retail Center Lands $69M Refi
Dallas-based TriGate Capital received the financing for the 726,000-square-foot, Harmons-anchored property in Taylorsville, Utah. HFF secured the 3-year, floating-rate loan.
TriGate Capital LLC has refinanced Crossroads of Taylorsville, a 726,306-square-foot retail center in Taylorsville, Utah, thanks to a $69 million loan from NexBank. HFF’s Managing Director Jim Curtin facilitated the deal on behalf of the buyer.
The three-year, floating-rate loan will allow TriGate to pay off its current loan amount, plus provide capital for tenant improvements and leasing commissions to fully stabilize the asset.
Located at the intersection of 5400 South and Redwood Road, and situated on 68.4 acres, Crossroads of Taylorsville is shadow-anchored by Harmons and a Starbucks and has a retail tenant roster that includes Ross Dress for Less, Jo-Ann, FYE, Shopko, PetSmart, Guitar Center, T.J.Maxx and 24-Hour Fitness. There’s also a brand-new Regal Cinemas.
The center, completed in 1979, is less than 10 miles from the Salt Lake City CBD and is on one of the busiest intersections in Utah, with nearly 104,000 vehicles driving by each day. Crossroads of Taylorsville is also adjacent to Interstate 215, adding about another 92,000 vehicles a day. The property is also less than 30 minutes from the Salt Lake International Airport.
TriGate purchased Crossroads of Taylorsville in 2014 and has done extensive renovations since then. Not only has the Regal theater come aboard, but many of its current tenants signed leases in the past four years.
A BURGEONING LOCATION
According to Marcus & Millichap’s most recent Salt Lake City retail market report, the area has seen an influx of more than 20,000 new households in the past three years, which has stimulated development with nearly 3 million square feet of retail space being built over that time.
The report predicts that the remainder of 2018 will see vacancy rates remain on an upward trend and rent gains come in fairly strong as new developments help boost the metro’s average asking rent. TriGate has acquired more than $11 billion in real estate assets through multiple types of transaction structures. In August, a joint venture between TriGate and RSP Partners sold Elliot Plaza, a 147,469-square-foot retail center in Phoenix, to The Niki Group for $26.1 million.
Source: Commercial Property Executive