LOS ANGELES, Calif., Sept. 26, 2018 (GLOBE NEWSWIRE) -- A joint venture between Tryperion Partners and Cole Valley Partners has sold Laguna Village, a 102,000-square-foot, neighborhood center located in Chandler, AZ. The joint venture successfully executed the renovation and lease-up to activate the center and bring the property to a stabilized occupancy ahead of its projected schedule, having only acquired the asset in 2016.
“The team took an underperforming center and filled it with new amenities, stores and gathering places for the benefit of the local community and the existing tenants,” said Eliot Bencuya, a partner at Tryperion and CEO of stREITwise, a Tryperion sponsored core-plus REIT. “Our objectives for any property are first and foremost to modernize and create a desirable place for the community to congregate. We will bring a similar philosophy for our most recently raised third value-add fund as well as in our core-plus stREITwise platform. Cole Valley Partners has been a great JV partner and we look forward to continuing our relationship.”
“In a short period of time, we took a shopping center suffering from vacancy and uncertainty and re-positioned it into a busy community center with an appealing array of tenants. The property upgrades and active management generated a lot of leasing activity. We are proud of what we were able to accomplish,” said Zach Bonsall, CEO of Cole Valley Partners. “Eliot and his team were with us every step of the way and supported the partnership with its operational and capital market expertise.”
Conveniently located at the intersection of Ray Road and Kyrene Road, Laguna Village is supported by strong local demographics. The center boasts a diverse roster of users including Walgreens, Natural Grocers, and Christ’s Church of the Valley, and a variety of restaurants and personal care tenants.
About Tryperion Partners
Tryperion Partners, LLC is a Los Angeles-based real estate investment manager focused on value-add office, retail, hospitality, and multifamily investments in Midwestern and Western U.S. markets, currently on its third fully discretionary value-add real estate fund. Tryperion is also the sponsor of stREITwise, a core-plus office REIT focused on stabilized office properties in secondary markets. The founders have acquired and managed assets valued in excess of $5.4 billion across all major commercial property types. For more information, visit www.tryperion.com and www.stREITwise.com.
About Cole Valley Partners
Cole Valley Partners (“CVP”) is a boutique real estate development firm based in Portland, Oregon. With its founders’ collective expertise in urban development and investment, CVP works to transform under-managed, well-located commercial properties into successful neighborhood retail centers. In addition, CVP develops single-tenant retail locations for a variety of national and local tenants. As a certified B Corporation, CVP emphasizes a sustainable, community-based approach for all its acquisitions as well as firm operations. For more information, visit www.cvpre.com.