Developer

Triangle Equities

PROJECT PROFILE

Recapitalization of a 62,000 SF distressed retail asset

PROJECT TEAM

Architect: J. Randy Daniels Architects

COMPLETION

2015

APPROVALS OBTAINED

“Loan to Own” Strategy
Triangle Purchased with Cash & Debt

TOTAL DEVELOPMENT VALUE

$10M


SUMMARY

Located in the densely populated retail corridor of the Freehold Raceway Mall, 200-220 Trotters Way is a 62,000 SF center composed of two roughly 30,000 SF retail spaces. The property had been a distressed retail asset that Triangle Equities recapitalized, enabling not only the financing of site renovations but also tenant improvements for leasing and stabilization. In exchange for recapitalizing the asset, Triangle entered into a joint-venture with the property owners and received a preferred equity agreement and a controlling ownership stake. Triangle has leased 50% of the building to Big Lots! and is completing leasing on the remaining space in order to fully stabilize the property.