TriGate Capital Acquires Shopping Center in Plano
TriGate Capital, LLC (“TriGate”) announces the acquisition of Lakeside Market, a 162,645 square foot lifestyle shopping center located on Preston Road near the intersection of Spring Creek Parkway in Plano, Texas. TriGate acquired the property through its investment fund, TriGate Property Partners III, L.P. on June 30, 2016.
“We were attracted by the location in the heart of Plano with some of the best 3 and 5 mile demographics in all of Dallas-Fort Worth,” noted Keith Schneider, Senior Vice President at TriGate. “The center has performed very well over the last few years with all of the economic growth taking place in Plano and Frisco. The intersection of Preston and Spring Creek will continue to improve due to population growth and future development in the immediate area.”
Lakeside Market was constructed in 1999 and benefits from an attractive architectural theme, superior access and a distinguishing lake feature around which several restaurants contain outdoor patios. “The lake and outdoor patios create a sense of place that is hard to replicate. The restaurant concepts that benefit from the lake – Mi Cocina, Taverna Rossa, and Mignon – have unique and complementary menus, drawing repeat customers to the shopping center on a frequent basis,” said Graham Irvine of JAH Realty, L.P., which will manage and lease the property. The shopping center is home to a broad range of concepts, including several high end retailers, neighborhood restaurants, leading fitness concepts and health and beauty uses.
The property was sold by a CMBS special servicer and the deal was brokered by Chris Cozby and Chris Gerard of CBRE.
TriGate is a leading real estate investment manager focused on the recapitalization and repositioning of quality real estate assets and companies. TriGate was founded in 2007 and has approximately $1.3 billion of assets under management across a series of three equity funds. TriGate invests in commercial properties of all types and has purchased over 11 million square feet of properties throughout the United States.
JAH Realty is a fully integrated real estate operating company that focuses on the management, development and ownership of neighborhood and community shopping centers. The company, which has offices in Dallas, Oklahoma City and Phoenix, owns 2 million square feet of retail properties in Texas and Oklahoma and also provides management, leasing and construction services to selected TriGate retail properties.
Source: LLC TriGate Capital