Kimco, TriGate Capital Buy Retail Assets
- Jan 24, 2012
Making its initial foray into the Phoenix metropolitan market, TriGate Capital has recently completed the $26.8 million acquisition of a six-property retail portfolio, a Cassidy Turley BRE Commercial press statement shows. Ranging in size from 40,000 to 100,000 square feet, the assets were acquired by TriGate Property Partners, L.P., a real estate fund managed by TriGate.
Median occupancy for the properties stands at about 50 percent, but their locations persuaded TriGate that the portfolio offers a significant upside. The properties that were part of the transaction are in locations such as Scottsdale Crossing, 7077 E. Bell Road, Lindsay Square in Gilbert, Alma Elliot Square in Chandler as well two neighborhood retail centers in Tolleson and Avondale.
In Tempe, Kimco Realty Corp. paid $10.5 milllion for College Park Center, 62,000-square-foot grocery-anchored retail center anchored by a Whole Foods store, the Phoenix Business Journal reported. Other national brands represented at the property are McDonald’s, H&R Block, Verizon and Jimmy John’s Gourmet Sandwiches, The property was built in phases across a 40-year span and was most recently renovated in 2007. Cassidy Turley BRE arranged both the TriGate and Kimco acquisitions.