TriGate buys 3 Addison buildings
Dallas investment group TriGate Capital LLC has bought three Addison office buildings from investor GE Capital.
The properties have almost 320,000 square feet of space, and the sale is one of the largest along the Dallas North Tollway this year.
TriGate Capital bought the eight-story Landmark building at 14800 Landmark Blvd., the six-story Emerald Plaza at 14900 Landmark Blvd. and the five-story 14850 Quorum Drive building. All three were built in 1985 and are in the Quorum office park.
“TriGate’s investment strategy is to implement and complete a full capital improvement program in the buildings and to aggressively lease the vacant space,” the buyer said in a prepared statement. “TriGate believes that its sponsorship and capital along with the buildings’ quality and location will be very attractive to potential tenants in the North Dallas market.”
Terms of the transaction were not disclosed.
Gary Carr, Russell Ingrum and Eric Mackey of CB Richard Ellis negotiated the sale.
GE Capital gained ownership of the buildings after an investor that purchased the properties in 2006 defaulted on its loans.
Capstar Commercial Real Estate Services has been hired to manage the buildings for the new owner.
TriGate also recently acquired the 2350 Lakeside office tower in the Telecom Corridor. That Richardson building was also bought out of foreclosure.
TriGate said it hopes to do additional transactions with GE Capital.
Source: The Dallas Morning News