PCCP Announces $72M Loan for Houston Portfolio Buy

1 min read

Fort Capital used the financing to acquire a 23-building collection of light industrial assets.

Corporate Park West.
Corporate Park West

PCCP has provided a $72 million senior loan to Fort Capital for the purchase and lease-up of a collection of 23 light industrial buildings totaling 711,399 square feet in Greater Houston.

The portfolio includes the following Class B multi-tenant properties:

  • Westbelt Plaza, a three-building property built in 1978
  • Corporate Park West, a four-building property built in 1999
  • Brooklet Business Park, a three-building property built in 1986 and renovated in 2018
  • Plaza Park, a one-building property built in 1982
  • Stonecrest Business Center, a five-building property built in 1979 and 1980 and renovated in 2005 to 2022
  • Main Park, a three-building property built in 1986
  • Corporate Park Woodland, a four-building property building in 2000

The buildings range from 883 to 24,439 square feet of space and were designed for a variety of uses, including office, warehousing, storage and retail. The portfolio is 76 percent leased to 125 tenants. The buildings themselves feature dock-high and semi-capable doors, in addition to deep truck courts and parking spaces. Most of the portfolio’s properties are situated within 15 miles of the I-610 and the Greater Houston metro, giving them convenient access to most of city’s workforce, as well as its central trucking nodes.

READ ALSO: What’s Driving Industrial Property Management Today

Putting the acquisition in context, PCCP Acquisitions Associate Sarina Strickland said in prepared remarks, this portfolio’s infill locations are highly sought after by tenants and are within a strong industrial market that has been experiencing low vacancy and limited new infill supply.

Houston’s industrial market continues along its path of high-level construction and investment, with 18.5 million square feet of space in its pipeline, as well as $3 billion in total transactions, according to an August 2022 report from CommercialEdge.

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