Perkins Rowe has a new owner

A Dallas real estate investment management firm has purchased the Perkins Rowe mixed-use development.

TriGate Capital bought the development through TGTPC Perkins Rowe Owner LLC from Crawfish LLC for an undisclosed amount, according to a deal filed last week with the East Baton Rouge Parish Clerk of Court’s office.

TriGate Capital Managing Director Paul Sharp represented the buyer. Kevin Kessinger represented the seller.

Fort Worth, Texas-based Trademark Property Company purchased a minority ownership in the development in 2016 and took over day-to-day management from Stirling Properties.

TriGate retained Trademark Property Company to help oversee leasing and management, according to an announcement on TriGate’s social media page. 

“With new leasing already underway and a targeted capital improvement plan in motion, our goal is simple: elevate the shopping experience and unlock long-term value for this iconic asset,” the announcement reads.

Tommy Spinosa developed Perkins Rowe in the mid-2000s and it opened in 2007. TGP Capital acquired it from KeyBank in late 2013. In mid-2015, the group solicited bids for the property but did not accept any offers, the highest of which approached $150 million.