TriGate Capital announced the acquisition of a four-property retail portfolio in Metro Phoenix by TriGate Property Partners II, L.P (TPP II).
TPP II completed the acquisition of the ±306,959 SF portfolio from C-III Realty Services on October 31. The individual properties range in size from 20,000 SF to 150,000 SF 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 (above photo)
>> 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 Metro Phoenix and it intends to pursue additional value add opportunities in the market. In January 2012, it acquired a six-property, ±353,823 SF 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 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.” said 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.