Special Assets Team Sells Four Retail Buildings in Phoenix Metro

Published: November 16, 2012
Volume: XVIII Number: 43


Tempe/Phoenix/Peoria/Fountain Hills – Companies formed by TriGate Capital LLC in Dallas, Tex. (Jay Henry, managing member) paid a combined $28.3 million ($92.19 per foot) to acquire retail properties in the Valley totaling a combined 306,959 sq. ft. The portfolio of retail properties, located in four plazas spread across the Valley, were sold through C-III Asset Management LLC in Irving, Tex. The sellers in four separate cash sales were commercial mortgage backed securities (CMBS). The deal was brokered by Lane Neville, Brad Ranly, Barbara Lloyd and Hunter Null of NAI Horizon Commercial Real Estate Services in Phoenix. At the beginning of the year, BREW reported TriGate Capital entering the Valley market with the purchase of 353,823 sq. ft. of retail space in a portfolio of six plazas located across the Valley in a deal totaling $26.8 million. C-III Asset Management also served as the special servicer in disposing of those assets, which were also all CMBS. Between the two portfolios, TriGate Capital has now invested $55.1 million in buying 10 Valley retail properties totaling 660,782 sq. ft. In the recent portfolio acquisition, the buyer in all four sales was TPP JV Maricopa LLC. Here is the description, location and purchase price of the four assets that were sold to TriGate Capital: Ventana Lakes Village Center, a 83,436-square-foot plaza built in 2003 and 2004 at 20283 N. Lake Pleasant Road in Peoria, $6.5 million ($77.90 per foot); Elliot Plaza, a 148,797-square-foot center built from 1994 to 1997 at 4623 E. Elliot Road in Phoenix, $7 million ($469.89 per foot); Ahwatukee Mercado, a 54,065-square-foot plaza built in 1986 at 7760 S. Priest Drive in Tempe, $12.95 million ($239,53 per foot), and The Crossing at Fountain Hills, a 20,661-square-foot center built in 2001 that is located at 16650 E. Palisades Boulevard in Fountain Hills, $1.85 million ($89.54 per foot). Keith Schneider, v.p. at TriGate, is the contact for the company . . . call him at (214) 220-2274. Dan Littauer is the contact at C-III . . . reach him at (972) 868-5426. Talk to the NAI Horizon agents at (602) 955-4000.