TriGate Capital Enters Research Triangle Office Market
- Mar 06, 2020
After recently joining forces with Campanelli to acquire a Boston office portfolio, TriGate Capital has entered the Research Triangle market. The real estate investment manager purchased four office buildings in suburban Raleigh, N.C., totaling 273,554 square feet. According to Yardi Matrix data, Continental Capital Partners sold all the assets after seven years of ownership. The deal included:
- the 66,271-square-foot Lake Plaza East at 900 Ridgefield Drive
- the 73,503-square-foot Centerview III at 5565 Centerview Drive
- the 72,533-square-foot Brook Forest at 1616 Millbrook Road
- the 61,227-square-foot Trinity Corporate Park at 1500 Sunday Drive
The new owner of the Class A assets intends to bring significant improvements to the first two office buildings, which were built in 1985 and 1999, respectively. Plans call for the renovation of the lobbies and common areas and the addition of a fitness center, conference center and tenant lounge. According to Yardi Matrix data, tenants at Lake Plaza East include Whiting-Turner, BtB Marketing, Frazier Home Design and Sysomos, while Edward Jones and Teradata occupy space at Centerview. The firm plans to upgrade both properties by the fall of 2020.
JLL Vice President Patti Autry and Managing Director Dennis Hurley will lead the marketing efforts on behalf of TriGate Capital. Currently, there are 30,000 square feet of contiguous space available for lease at Lake Plaza East and another 20,000 square feet at Centerview III.