TriGate Completes Sale of Industrial Asset in Houston
TriGate Capital, LLC (“TriGate”), a leading middle-market real estate investment manager, completed the sale of Central Park Northwest, a 292,000 square foot light industrial park that sits on 18 acres in the northwest submarket of Houston, TX. The investment represents a core TriGate strategy of acquiring overlooked, infill industrial properties at discounts to replacement cost.
TriGate, with its joint venture partner, executed its value-add business plan and grew earnings by over 60% over five years, through capital investments in tenant spaces, exterior facades and landscaping, and a targeted marketing campaign.
Matt Rooney, TriGate’s Managing Director, commented, “The investment was a success on all fronts. By buying an incredible industrial location and making the appropriate strategic capital investments, we attracted different types of occupiers whose businesses were succeeding and repositioned the asset to become the premier service center in the submarket.”