Calgary, AB. – Triumph Real Estate Investment Fund I (Triumph), a Canadian investment fund based in Calgary, Alberta, is pleased to announce the sale of its wholly owned Metro Phoenix shopping centre “Triumph Bell West Ranch” for gross sale proceeds of $5,182,000.00 USD on January 21, 2020. Triumph’s investment in this property resulted in an annual cash on cash return, combined from Distributions over the holding period and sale proceeds, of 39.82% to Triumph.
The sale is part of Triumph’s strategy to focus on acquiring and capitalizing on multi-tenant value-add properties in major markets. Triumph Bell West Ranch, a 20,225 square foot shopping centre located in Surprise, AZ, was purchased by Triumph in March of 2016 for $3,985,000 USD. The property, which was 93.2% leased at the time of the sale, has several outstanding tenants, including Pizza Hut, Orange Theory, Musical Surprise and Mule Creek Saloon.
“We are very pleased with this sale as it reflects an excellent return for our Investors,” said David Wallach, President and Founder of Triumph. “the result of the sale, demonstrates the success of Triumph’s strategy, purchasing multi-tenant income producing properties and increase value by increasing rents, lease vacancies and replace tenants with stronger tenants. We are working to acquire additional properties in the U.S.A. through Triumph Real Estate Investment Fund II that fit our fundamentals. Our goal within Triumph Real Estate Investment Fund II is to increase our presence in the Phoenix and Denver markets as well as other states throughout the Central and Western U.S.”
For more information, visit : http://triumphref.com/
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