Thursday, December 18, 2014

TriGate Closes on $53M Acquisition of National Retail Portfolio

TriGate Capital LLC has acquired a national portfolio of retail properties spread across five states for an aggregate purchase price of $53 million, or an average $86 per square foot, from Project Development Services, Inc. (PDSI)

The seven-property, 619,161-square-foot portfolio was 84.7% leased at the time of sale to 76 tenants. Almost 20% of the portfolio is occupied by grocery stores, with other anchor tenants including Rite Aid, Tractor Supply, and Stein Mart.

Included in the sale is:
Lower Makefield, a 74,953-square-foot shopping center in Yardley, PA;
Ephrata Commons, a 54,810-square-foot shopping center in Ephrata, PA;
Harbison Center, an 187,975-square-foot retail development in Columbia, SC;
Deans Bridge, a 53,016-square-foot shopping center in Augusta, GA;
Regency Square, a 49,155-square-foot retail center in St. Charles, MO;
Independence Corners, a 72,956-square-foot center in Independence, MO;
Gateway Village, a 126,286-square-foot shopping center in Glendale, AZ.

This was an all-cash deal, though the buyer secured a loan from Bank of America in the amount of $39 million that it will apply towards planned improvements and lease-up efforts at the shopping centers, which were reportedly acquired as a value-add play for TriGate.
www.omegare.com

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.