United Properties, PCCP Form Joint Venture to Develop 11-Building Industrial Portfolio

MINNEAPOLIS — CBRE has arranged a $165 million joint venture partnership between United Properties and PCCP for the development of an 11-building industrial portfolio. The properties will total 1.4 million square feet across the Minneapolis, Denver and Austin markets. The joint venture has the potential to carry into a second phase of development with an additional 18 buildings totaling 2.3 million square feet, according to CBRE. Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith and Tom Holtz of CBRE Minneapolis led the team that arranged the partnership on behalf of United Properties, which is based in Minneapolis. PCCP, formerly known as Pacific Coast Capital Partners, is an investment manager with offices in New York, San Francisco, Atlanta and Los Angeles.