Canyon Trails Towne Center Just Received Zoning Approval for Important Revitalization Elements; Speaks to Economic Development Momentum in West Valley
The year was 2013 and Canyon Trails Towne Center, a 90-acre shopping center located at Yuma Road and Cotton Lane in Goodyear was struggling to attract new tenants after the Great Recession. Two key retailers had left the center and the project was facing an uncertain future.
Then came TriGate Capital, a leading Texas based real estate investment manager with more than $2 Billion in assets focused on the recapitalization and repositioning of real estate across the country. TriGate recognized the center’s inherent long-term value in a growing market and was willing to take a chance on the Canyon Trails Towne Center, and that they did.
First, TriGate purchased the property in 2013 when few other players had interest in the West Valley. They would step in and take on the challenge of nurturing the center to grow along with the community of Goodyear and become a key property in the West Valley. The company was patient and began improving the tenancy, filling vacant spaces and attracting out-parcel users to improve the vibrancy and overall tenant mix of the center. Once momentum developed, TriGate made a strategic decision and began repositioning Canyon Trails into a multi-faceted center that would not only be great for retail but also provide mixed-use opportunities with much-needed housing to the area.
Fast forward to today and TriGate Capital is pleased to announce on September 27th, 2021, the City of Goodyear approved zoning for a 284-unit garden style apartment community that will serve as a multi-housing opportunity for Goodyear’s growing needs. This residential component will be developed by Embrey Partners, based in San Antonio, Texas. This development within Canyon Trails Towne Center is situated on 13 acres that was originally planned for a Home Depot store. After Home Depot decided not to build its store during the Great Recession, eventually, TriGate purchased the property from Home Depot, and set the wheels in motion to create a mixed-use project.
“Working with the City of Goodyear in repurposing and transforming Canyon Trails Towne Center has been a team effort. The addition of multi-family by Embrey Partners is another milestone and TriGate Capital will continue to work with the City of Goodyear to cement Canyon Trails Towne Center as a destination in the West Valley,” says Paul Sharp, Senior Vice President at TriGate Capital.
Leasing activity at the center has been robust in recent months. Among the center’s impressive list of current tenants are Target, Pottery Barn Outlet, Ross, PetSmart, Orange Theory, Club Pilates, and Planet Fitness to name a few. Some recent lease signings include Wingstop and Tropical Smoothie. And there are more than half a dozen new restaurants, all national brands in the planning stages with City of Goodyear that will open in 2022. David Malin, former Vice President of Development and Acquisitions with Vestar and now CEO of Scottsdale Development Partners, has been a development consultant on the project since 2019.
He says the 90-acre center is now repositioned for the massive influx of new residents and opportunities coming to Goodyear and the West Valley.
“Canyon Trails is one of the great retail comeback stories of the past few years. Before TriGate stepped in, there were major issues. The center needed an experienced owner with a long term business plan that would attract new tenants. What TriGate has been able to accomplish, having the staying power to weather the storm, adding so many new retailers, and now creating a mixed-use project with the addition of the multifamily component speaks volumes and we are so happy to give this community the type of project it deserves. The comeback is not only a story for this property and Goodyear but it speaks to great momentum in the entire West Valley,” said Malin.
For more information about Canyon Trails Towne Center visit http://sdpretail.com/wp-content/uploads/2020/03/sdp-retail-canyon-trails-brochure.pdf.
For media inquiries please contact Jennifer Sturgeon at (480) 495-3806 or email JSturgeon@RoseMoserAllynpr.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 $1.8 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 (Fully Realized), TriGate Property Partners II, LP (Fund II), TriGate Property Partners III, L.P. (Fund III), and TriGate Property Partners IV, LP (Fund IV) which are the vehicles through which TriGate conducts its investment strategy. Fund II and Fund III are fully invested, and Fund IV is presently in its investment period.