FOR IMMEDIATE RELEASE
TRIGILD CLOSES SALE OF 37 PROPERTIES IN RETAIL PORTFOLIO
Five Separate Transactions Exceed $42 Million in Sales Prices
SAN DIEGO, Calif. (July 14, 2014) – Only five months after hitting the market, San Diego-based Trigild – a real estate firm specializing in property/asset management and fiduciary services – has completed the sales of 37 strip centers and two single-story offices totaling 600,000 square feet for more than $42 million.
Judge Harry C. Dees Jr., U.S. Bankruptcy Court, United States Bankruptcy Court Northern District of Indiana, appointed Trigild liquidating trustee of the portfolio – with properties in 17 states throughout the Southeast, West and Midwest in October 2013 – and Trigild took the portfolio to market in February 2014.
According to Josh Hall, Trigild’s chief financial officer, five buyers were involved in five separate transactions, with the overall sales prices representing a 21 percent improvement over the initial bid considered in the borrower’s proposed bankruptcy plan.
“The secured creditor realized that greater value could be recovered for the CMBS trust, which is why they turned to the courts with a liquidation plan,” Hall said. “As liquidating trustee, we were able to carefully position the properties for sale – renewing/extending nearly 120,000 square feet of space within the portfolio – resulting in a smooth and expeditious sales process.”
Trigild worked with Houston, Texas-based brokerage firm Allied Advisors on the dispositions.
The properties – located in 33 cities in states including Iowa, Colorado, Illinois, Michigan, Louisiana, Wisconsin and Indiana — were owned by a single developer, Coldwater Portfolio Partners, LLC. At the time of the sale the portfolio, with properties ranging from 9,000 to 37,000 square feet, was 75 percent leased. Most are shadow anchored by a Walmart Super Store and include such tenants as Dollar Tree, GameStop and Radio Shack. Coldwater had tapped Trigild to take over day-to-day operations – including lease administration and maintenance operations — in June of 2013.
The buyers included Michigan-based Schostak Brothers, a retail-focused investment/development group which acquired 23 properties in 16 states; Indiana-based Great Lakes Capital, which acquired 11 properties across Indiana and Michigan and Jared Enterprises, which acquired two properties in Missouri.
The properties are located at:
1. 224-231 West McCoy St., Tomah, WI
2. 504-503 S. Dunlap Road, Savoy, IL
3. 114 Centerville Rd., Sturgis, MI
4. 1350-1358 Centerville Rd., Sturgis, MI
5. 355 S. Willowbrook Rd., Coldwater, MI
6. 354 E. Chicago St., Coldwater, MI
7. 12547 State Route 143, Highland, IL
8. 1651-1659 Highway 10 West, Detroit Lakes, MN
9. 1151 Ryans Rd., Worthington, MN
10. 200 Production Dr., Lafayette, LA
11. 1867-1896 US Hwy 82, Tifton, GA
12. 621-627 12th Ave., Norman, OK
13. 173 Tovera Rd., Alvin, TX
14. 12950 Willow Centre Dr., Houston, TX
15. 3530 & 3450 W. Sunshine St., Springfield, MO
16. 1212-1314 Independence St., Republic, MO
17. 3202 Belt Highway, St. Joseph, MO
18. 102-106 Peter Pan Rd., Independence, KS
19. 1633 & 1749 Main St., Billings, MT
20. 1322 South Providence Center Dr., Cedar City, UT
21. 1220 N 200 West, Angola, IN
22. 1220 & 1400 North Wayne St., Angola, IN
23. 2020-2040 North Main St., Bluffton, IN
24. 2216-2224 Cassopolis, Elkhart, IN
25. 350-354 Hoke St., Frankfort, IN
26. 2474-2488 E. Wabash, Frankfort, IN
27. 1748-1752 Indianapolis, Greencastle, IN
28. 1110 West Broadway, Monticello, IN
29. 1625-1633 N., Michigan Rd., Plymouth, IN
30. 3697 Portage Rd., Southbend, IN
31. 2520-2572 Walton Blvd., Warsaw, IN
32. 3005 Wiles Blvd., Cedar Rapids, IA
33. 1319 Holton Dr., Le Mars, IA
34. 5615-5623 E. Arrowhead Pkwy. Sioux Falls, SD
35. 3410 & 3506 Ave I, Scottbluff, NE
36. 201 E. Leota St., North Platte, NE
37. 1100 North Barlow Rd., Fort Morgan, CO
Headquartered in San Diego with offices throughout the country, Trigild has nearly 40 years of property management and fiduciary expertise, with a focus on managing and maximizing value for assets in an array of industries, including commercial real estate, multifamily, hospitality and more. Since its inception, Trigild has developed a full service national operating platform providing institutional quality services to private real estate investors and financial institutions. For information, visit www.trigild.com.
Sydnie Moore email@example.com 619-823-8448