TriGate Sells Two TX Office Buildings

Dallas-based TriGate Capital has sold two office buildings in Addison, Texas to two separate investors in deals brokered by Colliers International's Dallas office. TriGate originally acquired the properties in 2009 as part of a three building portfolio from GE Capital, which gained ownership of the buildings after an investor that purchased the properties in 2006 defaulted on its loans. Last year, TriGate sold the third building in the portfolio at 14850 Quorum Dr in Addison to Libitzky Property Cos. TriGate nor the purchasing agents or companies did not disclose the sale price for any of the properties.

"TriGate's investment strategy is to implement and complete a full capital improvement program in the buildings and to aggressively lease the vacant space," TriGate had said of the properties in 2009. "TriGate believes that its sponsorship and capital along with the buildings' quality and location will be very attractive to potential tenants in the North Dallas market." The following year, Trigate Capital launched major renovations on all three properties and enlisted Capstar Commercial Real Estate Services to manage the buildings.

The Landmark, a 158,650 square foot office property located in the Quorum micro market in Addison, was sold to a joint venture between Libitzky Property Company and Sunwest Real Estate Group; the companies were self-represented in the transaction, and terms were not disclosed. Located at 14800 Landmark Drive, the eight story building was originally constructed in 1985 inside the Quorum office park, which is convenient to Addison, the Dallas North Tollway and the greater Far North Dallas submarket. The building features an open, two-level atrium lobby comprised of polished granite walls and stainless steel finishes.

Emerald Plaza, a 74,182-square-foot office building at 14900 Landmark Boulevard, was sold to Grander Capital Partners, which represented itself in the transaction. Also built in 1985, the six story property features an efficient and elegant building design and 100% underground parking with direct elevator access. Collier's promotional materials indicate that the property was 85% leased at the time of sale.

For more news and information visit Blumberg Partners.

13 Building Westchase Corporate Park Sold in Houston

PS Business Parks, Inc., a self-advised and self-managed equity REIT, sold Westchase Corporate Park in Houston, Texas for $9.8 million to a joint venture according to a Houston Business Journal article. The JV, AF Westchase LLC, is led by Adler Real Estate Fund and TriGate Capital. Adler Real Estate Fund is a discretionary fund managed by Adler Group, a Florida-based commercial real estate firm, and TriGate Capital is a national real estate private equity firm based in Dallas. PS Business Parks was represented by the Houston and Dallas offices of CB Richard Ellis in the transaction while the AF Westchase was represented by Matthew L. Adler, Chief Investment Officer of Adler Group and Jeffrey Yarckin, Managing Member of TriGate Capital.

Westchase Corporate Park, located at 11201 Richmond Ave. in the Westchase District, is a 176,977 square-foot business complex comprised of small bay offices and flex buildings. The district is home to the global headquarters for Honeywell and Western Geophysical, and other high-profile tenants including Men's Warehouse, MI Swaco, BMC Software, American Express, GE Capital and JP Morgan Chase.

For more news and information visit Blumberg Capital Partners.