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TriGate Buys Major Retail Center in Fort Bend County

First Colony Commons has been purchased by TriGate Capital of Dallas.

First Colony Commons has been purchased by TriGate Capital of Dallas.

HOUSTON – Holliday Fenoglio Fowler, L.P. has closed the sale of First Colony Commons, a 410,121-SF retail center with multiple big box tenants in the Houston suburb of Sugar Land.

HFF represented the seller, Chicago-based Covington Realty Partners.

Dallas-based TriGate Capital purchased the property for an undisclosed price.  Additionally, working on behalf of the new owner, HFF placed the five-year, floating-rate, non-recourse loan with a five-year extension option with NexBank SSB. Acquisition financing totaled $38.2 million.

First Colony Commons is 99 percent leased to a variety of big box and national retailers, including The Home Depot, Babies”R”Us, Office Depot, Michaels, Conn’s and Tuesday Morning.  Situated on 37.85 acres at 15201-15555 Southwest Freeway, the center is at the intersection of Highway 59/Interstate 69 and Williams Trace Boulevard, which is accessible to approximately 239,321 vehicles per day.

The property is just north of the intersection of Highways 59 and 6, the two main transportation corridors that link Houston to Sugar Land.  Sugar Land is 20 miles southwest of downtown Houston and in the heart of Fort Bend County, the sixth fastest-growing county in the country.  More than 85,000 residents earning an average annual household income of more than $134,000 live within a three-mile radius of First Colony Commons.

Rusty Tamlyn of HFF.

Rusty Tamlyn of HFF.

HFF’s investment sales team was led by senior managing directors Rusty Tamlyn and Ryan West.

“This power center had a lot of moving parts, which presented challenges for buyers and lenders,” Tamlyn said. “TriGate was able to navigate through the issues and will have potential value add opportunities down the road.”

HFF’s debt placement team was led by director Jim Curtin.

April 17, 2017 Realty News Report Copyright 2017

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