(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 ~350,000 square foot Class B multi-tenant light industrial properties in Houston, Texas. The acquisition is the second for the partnership. Rycore will provide operational, asset and construction management services to the partnership. Mike Navarro of Kane, Russell, Coleman, Logan PC represented the buyer as acquisition legal counsel.
The Portfolio consists of two, one (1) story buildings that were built between 1977-1982 and provide 29 units for lease. Both buildings have up to 18’ in clear height, dock high and drive-in doors, reinforced slab foundation, and a tilt wall structure. The Portfolio is leased to a diverse group of national, regional, and local manufacturing, distribution, and service orientated users.
“We are pleased to have executed on our second acquisition with TriGate, offering access to an off-market industrial property that has upside through leasing, professional management and a capital improvement program. We have closed over 650,000 sf of industrial with TriGate in the northwest Houston industrial market and plan to continue acquiring assets to build scale to the portfolio”, said Ryan Urech, Founder and CEO.
About Rycore Capital LP
Rycore Capital LP (the “Firm”) is a Houston-based real estate investment manager with approximately $300 million AUM, 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.