LATHROP, CALIF. — PCCP has provided a $42 million senior loan to a joint venture between Phelan Development and LaSalle Investment Management. The transaction will refinance debt on an industrial building in the San Joaquin Valley city of Lathrop.
Situated on 26.3 acres at 18755 Business Park Court, the 610,025-square-foot, cross-dock distribution building was built in December 2021. The facility features 36-foot clear height, excess trailer parking (130 stalls), truck court depths of 175 feet to 180 feet and finished office space. The property is currently 50 percent leased to a third-party logistics company.
The asset is part of Lathrop Gateway, a 10-building, 175-acre site that the borrower is building across three phases, with the first two phases already complete.