TriGate Capital enters Phoenix market with $27M retail purchase
TriGate Capital LLC, a Dallas-based real estate investment firm, purchased a six-property retail portfolio in the Phoenix area for an estimated $26.8 million.
This is TriGate’s first acquisition in the Phoenix area, according to representatives at Cassidy Turley BRE Commercial in Phoenix, which has the exclusive leasing assignment for the portfolio.
TriGate did not release sales information, but David Wetta, managing director of Faris Lee Investments in Phoenix, provided background information about the transaction. The seller of the distressed portfolio was C-III Realty Services, a special servicer.
“I think TriGate did very well with this acquisition,” Wetta said. “I’m sure there are a lot of buyers wishing they had executed on that portfolio transaction.”
The properties included are: Scottsdale Crossing, 7077 E. Bell Road in Scottsdale; Lindsay Square, northeast corner of Lindsay and Williams Field roads in Gilbert; Gilbert Crossing on the northeast corner of Gilbert and Guadalupe roads in Gilbert; Alma Elliot Square on the southeast corner of Alma School and Elliot roads in Chandler and two neighborhood retail centers in the Southwest Valley. They are Crossroads at Tolleson at the southwest corner of 99th Avenue and McDowell Road in Tolleson and an unnamed property just east of the southeast corner of Dysart and Van Buren roads in Avondale.
Collectively, the 353,823-square-foot portfolio sold for an estimated $75 per square foot. Wetta said the average price per square foot for distressed properties in 2011 that were larger than 10,000 square feet was $87 per square foot.
“Now the hard work starts: Stabilizing the portfolio,” Wetta said.
Brad Douglass, Chris Hollenbeck, Cliff Johnston and John Appelbe with Cassidy Turley are the leasing agents for the properties. Alisa Timm with Cassidy Turley Property Management is leading the management team of the portfolio.
TriGate is expected to make additional purchases in the Valley.
Source: Phoenix Business Journal