TAYLORSVILLE, UT—HFF has arranged $45 million in post-closing acquisition financing for The Family Center at Taylorsville, a regional retail power center. The center is approximately 779,000-square-feet, and located in Taylorsville, a Salt Lake City suburb.
Working on behalf of TriGate Capital, HFF placed the three-year, floating-rate loan with Wells Fargo Bank. Loan proceeds were used to facilitate the acquisition of the shopping center.
The Family Center at Taylorsville is situated on 68.36 acres at 5400 South and Redwood less than nine miles south of downtown Salt Lake City. The center is leased to Jo-Ann Fabrics & Craft, Ross Dress for Less, Pet Smart, 24-Hour Fitness, Shopko, Guitar Center, Texas Roadhouse, Jamba Juice and Chick-fil-A, among other tenants.
The HFF team representing the borrower was led by associate director Jim Curtin. TriGate Capital, LLC is a 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 two fully discretionary real estate funds, TriGate Property Partners, LP (Fund I) and TriGate Property Partners II, LP, (Fund II) which are the vehicles through which TriGate conducts its investment strategy. Fund I is fully invested and Fund II is presently in its investment period.