North Little Rock, Arkansas (PRWEB) June 16, 2016
The shopping center was sold by a public REIT, who had owned McCain Plaza since acquiring it in 1994 from the developer, Folmar and Associates.
Located at the intersection of Highway 67 and McCain Blvd, McCain Plaza is situated in North Little Rock’s major retail node with excellent access and visibility to more than 96,000 vehicles per day. Tenancy includes Burlington, T.J. Maxx, Ross, Bed Bath & Beyond, Petsmart, Michaels, and numerous other nationally and regionally recognized tenants. Other major retailers at the intersection include the Simon owned McCain Mall and Walmart Supercenter, Target, Lowe’s Home Improvement, Home Depot, Best Buy, and Big Lots.
TriGate is formulating plans to reposition the shopping center. Initial plans include renovating the facades, resurfacing the parking lot, upgrading signage and landscaping, refurbishing existing vacant tenant suites, and demolishing the vacant movie theater in order to create a developable pad site and attract new tenancy. Once complete, North Little Rock will have a completely renovated shopping center that will be well positioned to attract new retailers to the market.
TriGate’s purchase is consistent with its strategy of purchasing high-quality properties where it can add value through active management and strategic capital. “We have been looking at multiple opportunities in Little Rock over the past few years,” said TriGate Vice President Adam Aultz, “and are really attracted to the strength of the retail market. The acquisition of McCain Plaza fits very well with TriGate’s strategy and we believe we will be able to add significant value by upgrading the property and hopefully bringing some new retailers to the submarket that will be synergistic to the already great tenant roster.”
Sage Partners, a private real estate company headquartered in Fayetteville with local offices in Little Rock, has been hired for third party leasing and management.
About TriGate Capital, LLC
TriGate Capital, LLC is a market leading real estate private equity firm focused on the recapitalization and repositioning of real estate assets and companies. TriGate seeks to identify and invest in opportunities that require new capital to solve capital structure issues or to further an asset or company business plan. The firm 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, LP (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. For further information, please visit http://www.trigatecapital.com.