March, 2020 – PCCP, LLC announced today that it has formed a joint venture with Minneapolis-based Capital Partners for the acquisition of a 557,887-square-foot, five-property light industrial portfolio located in the Minneapolis-St. Paul metro. The portfolio is currently 87 percent leased to a diversified tenant base with a weighted average lease term of over 7 years. The seller, Scannell Properties, developed three of the five buildings in the portfolio within the last year. PCCP and Capital Partners will focus on leasing the remaining vacancy and then will actively manage the portfolio over the hold period.
PCCP believes this acquisition is a compelling opportunity to invest in a portfolio of quality, well-located, light industrial product that is well positioned within the market and expected to provide long-term durable cash flow.
Alexandra Schultz, Vice President with PCCP said,
“We are excited to build upon our partnership with Capital Partners, an experienced industrial owner and operator local to the Twin Cities market.”
The five-property portfolio is located across three submarkets in the Minneapolis-St. Paul MSA. The Minneapolis-St. Paul MSA is the country’s 16th largest metropolitan area, the 13th largest by GDP, and the second largest economic center in the Midwest. The stable local economy and a manufacturing base that accounts for 15% of total employment and contributes to a a healthy Twin Cities industrial market
This will be the second joint venture between PCCP and Capital Partners following the purchase of 1.2 million square feet of industrial product in 2017. Capital Partners is a highly experienced local real estate investment firm that focuses on industrial real estate in the Twin Cities. Capital Partner’s current holdings consist of 7.25 million square feet with over 400 tenants.
About PCCP, LLC:
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $10.6 billion
in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $21.8 billion of capital through a series of investment vehicles including private equity funds, separate
accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
MEDIA CONTACT:
Jessica Spaulding Thompson | Darcie Giacchetto
Spaulding Thompson & amp; Associates, Inc.
949-233-8575 | 949-278-6224 (cell)
