(HOUSTON, TX) – Rycore Capital, in partnership with TriGate Property Partners IV, LP, a real estate private equity and advisory firm with approximately $2.0 billion AUM, acquired an off-market ~300,000 square foot Class B multi-tenant flex industrial property in Houston, Texas. Rycore has a strong relationship with the seller’s representation, therefore was awarded the deal. The acquisition is the first for the partnership, which was formed to buy the property. Rycore will provide asset management and construction management services to the partnership.
The Property consists of eight (1) story buildings that were built in 1979-1981 and is leased by over 60 current tenants. The buildings feature tilt-wall construction, between 6 to 17 dock doors, and several roof top HVAC Units. In addition, each of the buildings has a gravel built-up roofing system. The Property is leased to a diverse group of reputable office and industrial users that include engineering consultants, architecture firms, interior designers and product manufacturers. Mike Navarro of Kane, Russell, Coleman, Logan PC represented the buyer as legal counsel.
“We are pleased to have executed on this acquisition with TriGate, offering access to an off-market industrial property that has upside through leasing, professional management and capital improvement program. Adding TriGate as a partner was instrumental in acquiring this property and we look forward to more opportunities to work together”, said Ryan Urech, Founder and CEO.
About Rycore Capital LP
Rycore Capital LP (the “Firm”) is a Houston-based real estate investment manager, focused on acquiring, leasing and managing income producing properties that deliver superior real estate solutions to our tenants while providing our investment partners with some of the most consistent value-add, core-plus and core returns. The Firm offers two investment platforms to investors: Fund Management and Direct Investment Advisory. The Firm aims to provide a solution with its institutional quality real estate investment management process to high net worth, family office and institutional investors. For more information regarding Rycore, visit the Company’s website at www.rycorecapital.com.
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’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. TriGate manages four fully discretionary real estate funds, TriGate Property Partners, LP (Fund I), TriGate Property Partners II, LP (Fund II), TriGate Property Partners III, L.P. (Fund III) and TriGate Property Fund IV, L.P. (Fund IV), which are the vehicles through which TriGate conducts its investment strategy.