TriGate Capital, LLC Acquires Family Center at Taylorsville
October 7th, 2014 – TriGate Capital, LLC through a subsidiary of TriGate Property Partners II, L.P., purchased the Family Center at Taylorsville, an approximately 779,000 sf shopping center located in Salt Lake City, Utah. The acquisition was a part of a three-property sale by DDR to Excel Trust and TriGate. The other two power centers involved in the transaction and purchased by Excel were The Family Center at Fort Union and The Family Center at Orem.
Located at the intersection of Redwood Road and W 5400 S, the Family Center at Taylorsville is situated at the most trafficked intersection in the state, with traffic counts of nearly 100,000 vehicles per day. Tenancy includes Shopko, Jo-Ann Fabric and Craft, Sports Authority, 24 Hour Fitness, Guitar Center, Petsmart, Ross, FYE, and numerous other nationally recognized tenants. The property is shadow anchored by Harmon’s grocery store, which helps facilitate demand and generate additional traffic to the center.
TriGate, together with S Squared Development, is formulating plans to redevelop the shopping center. Initial plans include demolishing certain buildings on the northern half of the property to open up view corridors and allow further redevelopment. According to S Squared’s Bill Stone, “The plan is to identify one or two new anchor tenants, and work with the tenants and our architect to reconfigure the northern half of the site”. “Additional plans in the works could include rebranding the center, installing new signage, and improving circulation for both vehicles and pedestrians.”
TriGate tapped market leading brokerage firm Coldwell Banker Intermountain to handle leasing, and Newmark Grubb Knight Frank for property management. “TriGate assembled a veteran team of developers, leasing pros, and property managers to aid ownership in repositioning the Family Center at Taylorsville,” said TriGate Capital’s Jason Obenhaus. “TriGate’s favorable investment basis, combined with the outstanding location and large blocks of vacancy, gives ownership the unique opportunity to reestablish the center among Salt Lake City’s premier retail destinations.” The Property was initially constructed in 1979 and added on through the years with the most recent building having been completed in 2014.
“The Family Center at Taylorsville fits TriGate’s strategy of buying quality assets that are in need of capital and management” said TriGate Managing Member Jay Henry. “We believe that TriGate’s capital plus the extensive management and development capabilities of TriGate and S Squared should create a very successful asset at this location.”
A team of Colliers brokers represented the TriGate/S Squared partnership in the transaction. They were San Diego-based Mark McEwen, director, Capital Markets; and retail property specialists Executive Vice President Tom Lagos and Associate El Warner, both based in the brokerage firm’s Los Angeles offices. Cushman & Wakefield represented DDR. “TriGate and S Squared see the opportunity to create a significant value by repositioning and redeveloping the Taylorsville center,” McEwen said.
About TriGate Capital, LLC
TriGate Capital, LLC is a market leading real estate private equity firm focused on the recapitalization and repositioning of real estate assets and companies. TriGate seeks to identify and invest in opportunities that require new capital to solve capital structure issues or to further an asset or company business plan. The firm manages two fully discretionary real estate funds, TriGate Property Partners, LP (Fund I) and TriGate Property Partners II, LP (Fund II), which are the vehicles through which TriGate conducts its investment strategy. Fund I is fully invested and Fund II is presently in its investment period. For further information, please visit www.trigatecapital.com.
About S Squared Development
S Squared Development is a seasoned development firm led by principals Bill Stone & Geoff Sherman who combined have developed real estate in excess of 40 Million square feet in the United States and Mexico. Bill Stone stated that “the Taylorsville property fits right in our sweet spot of redeveloping shopping centers in strong markets.”
About Coldwell Banker Commercial Intermountain
Coldwell Banker Commercial Intermountain operates as an independently owned affiliate member of Coldwell Banker Commercial and a subsidiary of the world’s largest real estate franchisor, Realogy Holdings Corporation (NYSE: RLGY). The Coldwell Banker network of commercial brokers comprises 500 offices in 41 countries. Each office is independently owned and operated. For more information about opportunities at this location, contact the Salt Lake City office at (801) 947-8300 or visit https://www.coldwellutah.com.
Bryan Welch, Coldwell Banker Commercial Intermountain, (801) 453-6819, firstname.lastname@example.org
Source: Coldwell Banker Commercial Intermountain