TriGate Capital, LLC (TriGate) announced the acquisition of a four-property retail portfolio in the Metropolitan Phoenix area by TriGate Property Partners II, L.P (TPP II). TPP II is a fully discretionary real estate fund managed by TriGate. TPP II completed the acquisition of the ±306,959 square foot portfolio from C-III Realty Services on October 31. The individual properties range in size from 20,000 square feet to 150,000 square feet and are located throughout the metro area including Tempe, Ahwatukee, Peoria, and Fountain Hills.
The portfolio of properties includes:
• Elliot Plaza – SWC of Elliot Road and Priest Drive
• Ahwatukee Mercado – SWC 48th St and Elliot Road
• Ventana Lakes Village Center – NEC Lake Pleasant and Beardsley Road
• Fountain Hills Crossing – 16650 East Palisades Boulevard
“We are pleased to announce the addition of four more retail properties to our Phoenix portfolio,” said Keith Schneider, vice president with TriGate. “With this acquisition, we now control ten retail properties representing over 650,000 square feet in the Phoenix area. We have witnessed strong absorption within the portfolio we acquired last year, and this was a great opportunity to expand our footprint in Phoenix.” The new four-property portfolio is approximately 70% occupied today.
This acquisition is TriGate’s second in the Phoenix metro area and it intends to pursue additional value add opportunities in the market. In January 2012, they acquired a six-property, ±353,823-square-foot retail portfolio that included properties in Scottsdale, Gilbert, Chandler, Tolleson and Avondale.
In addition to retail, TriGate is active in purchasing office and industrial assets across the country, but is primarily focused on high-growth Sunbelt markets. TriGate also purchases notes on commercial real estate assets and provides joint venture capital to partners wishing to recapitalize their assets.
TriGate hired Cassidy Turley Arizona, a leading commercial real estate services provider in the U.S., as its leasing and property management agent for the new four-property portfolio. Cassidy Turley was previously awarded the leasing and property management assignment for the six properties TriGate purchased at the beginning of the year. “We are excited to continue our relationship with TriGate to lease and manage this portfolio of retail properties. This new purchase expresses TriGate’s commitment to the Phoenix commercial real estate market. We have had success bringing their occupancy up with the first group of properties and are motivated to do it again.” according to Chris Hollenbeck, associate vice president with Cassidy Turley’s Retail Group.
Brad Douglass, Chris Hollenbeck, Cliff Johnston and John Appelbe with Cassidy Turley Arizona’s Retail Group are the leasing agents for the ten properties. Alisa Timm with Cassidy Turley Property Management is leading the management team for the portfolio. For more information on any of the TriGate properties contact Cassidy Turley at 602.954.9000 or visit www.ctarizona.com.