TriGate Capital Joint Venture to Acquire Land for Industrial Development in Jacksonville, FL

TriGate’s VP Adam Aultz commented, “TriGate is excited to further grow its industrial portfolio in Florida and the southeast and is currently seeking more acquisition and development opportunities.”

DALLAS August 12, 2018

TriGate Capital, in a joint venture with Miles River Partners, has acquired the remaining vacant land comprising the Crossroads Distribution Center in Jacksonville, Florida with an eye toward industrial development. The nearly 106 acres is located in Jacksonville’s Westside industrial submarket at the intersection of Interstate 295 and Pritchard Road. The project is currently entitled for 676,000 square feet of industrial distribution with only 126,000 currently built to date.

Michael Bradley, principal of Miles River Partners stated, “The land represents the most well located developable site in the Westside submarket, and we are looking forward to delivering new distribution space to meet the market’s current use requirements.”

TriGate’s Vice President Adam Aultz further commented, “TriGate is excited to further grow its industrial portfolio in Florida and the southeast and is currently seeking more acquisition and development opportunities. We are looking forward to partnering with Miles River and hope Crossroads is just the beginning of a great partnership.”

The Partnership would like to thank JLL who acted as agent on behalf of the seller.

About TriGate Capital

TriGate Capital, LLC (TriGate) is a leading real estate investment manager focused on the recapitalization and repositioning of real estate assets and companies. TriGate is based in Dallas, TX and has completed investments throughout the United States.

TriGate manages three fully discretionary real estate funds, TriGate Property Partners, LP (Fund I), TriGate Property Partners II, LP (Fund II) and TriGate Property Partners III, L.P. (Fund III), which are the vehicles through which TriGate conducts its investment strategy. Fund I and Fund II are fully invested and Fund III is presently in its investment period. TriGate purchased this asset through its current investment vehicle – TriGate Property Partners III, LLC – which closed fundraising in 2016 with $340 million of equity commitments.

TriGate’s team has been responsible for acquiring over $11 billion of real estate assets through multiple types of transaction structures. The Company’s professionals have significant expertise in real estate operations, debt restructuring, and asset and company recapitalization. Additionally, the team has extensive expertise in real estate asset selection and structuring transactions to weather different stages in the real estate investment cycle.

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About the Author: Bob Cooper

Bob Cooper is Canadian Business Tribune''s senior editor. He is also a nationally syndicated newspaper columnist and a bestselling author. He lives in London Ontario and covers the intersection of money, politics and finance. He appears periodically on national television shows and has been published in (among others) The National Post, Politico, The Atlantic, Harper’s, Wired.com, Vice and Salon.com. He also has served as a journalist and consultant on documentaries for CBC and Global News . In 2014, he was the winner of the Society of American Business Editors and Writers' investigative journalism award, and the winner of the Izzy Award for Journalism from Ithaca College's Park Center for Independent Media. He was also a finalist for UCLA's Gerald R. Loeb Award and Syracuse University's Mirror Award. Before becoming a journalist in 2006, Sirota worked in Washington for, among others, U.S. Rep. Bernie Sanders, the U.S. House Appropriations Committee Minority Staff and the Center for American Progress.

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