LOS ANGELES — Los Angeles-based PCCP LLC has provided $245.8 million in financing for eight industrial buildings in Pennsylvania and Florida. Six of the buildings are located in Central Pennsylvania, and the other two are located along the I-4 corridor in Florida.
PCCP packaged the funds within three senior loans, proceeds of which will be used to refinance existing debt. The eight buildings are concentrated within three industrial developments. The borrower is CBRE Investment Management, and the loans were placed by Scott Lewis, Matt Ballard, Christine Dierker and Brooke Kellam of CBRE.
In the first transaction, PCCP provided a $142.4 million loan for Capital Logistics Center in Middletown, Pa. The development consists of six buildings that were constructed between 1970 and 2018 and range in size from 115,890 to 400,060 square feet. Buildings feature an average clear height of 32 feet and a combined 147 dock doors, 10 drive-in doors, 649 car parking spaces and 129 trailer parking stalls. Capital Logistics Center was 92 percent leased at the time of the loan closing.
In the second deal, PCCP provided a $70 million loan for Centerstate Logistics Center, a 1 million-square-foot development in Lakeland, Fla. Delivered in 2021, Centerstate Logistics Center is a cross-dock building that sits on a 165-acre site and features a clear height of 40 feet, 238 dock-high doors, 254 car parking spaces and 263 trailer parking stalls. The property was 52.5 percent leased at the time of the loan closing.
In the third transaction, PCCP funded $33.4 million in financing for Lakeside Logistics Center in Plant City, Fla. The 505,160-square-foot building was built on a 50-acre site in 2020 and features a clear height of 36 feet, 128 dock-high doors, four drive-in doors, 303 car parking spaces, and 150 trailer stalls. This property was 50 percent leased at the time of the loan closing.
— Taylor Williams