{"id":1004202930,"date":"2018-01-09T05:44:38","date_gmt":"2018-01-09T13:44:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004202930"},"modified":"2022-12-08T10:51:34","modified_gmt":"2022-12-08T18:51:34","slug":"pccp-capital-partners-acquire-minnesota-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pccp-capital-partners-acquire-minnesota-industrial-portfolio\/","title":{"rendered":"PCCP, Capital Partners Acquire Minnesota Industrial Portfolio"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004202952\" style=\"width: 371px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004202952\" data-attachment-id=\"1004202952\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pccp-capital-partners-acquire-minnesota-industrial-portfolio\/industrial-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial.jpg\" data-orig-size=\"500,388\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial.jpg?w=500\" class=\"wp-image-1004202952 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial.jpg\" alt=\"5730 Warehouse\" width=\"361\" height=\"280\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/industrial.jpg?resize=300,233 300w\" sizes=\"auto, (max-width: 361px) 100vw, 361px\" \/><\/a><p id=\"caption-attachment-1004202952\" class=\"wp-caption-text\">5730 Warehouse<\/p><\/div>\n<p>A joint venture between PCCP LLC and Capital Partners LLP has acquired a seven-property industrial portfolio in and around the metro area of Minneapolis, Minn., from Artis. At the time of the sale, the 1.2 million-square-foot portfolio was 82 percent leased.<\/p>\n<p><em>\u201cVenturing with Capital Partners on this acquisition was a good fit and strategic investment for PCCP,\u201d <\/em>Brendan Shanahan, PCCP\u2019s vice president, said in a prepared release. <em>\u201cThis is a cash-flowing, well-located portfolio that we were able to acquire at an attractive basis. Additionally, this was a rare opportunity to acquire a portfolio of this size as it is the largest offering for multi-tenant industrial real estate in the Minneapolis<\/em><em>\u2010St. Paul metro since 2012.\u201d<\/em><\/p>\n<p>The portfolio consists of properties located within infill locations near freeways throughout the Minneapolis area. The\u00a0assets are situated within six\u00a0and 14 miles from downtown Minneapolis.<\/p>\n<p>The buildings\u00a0are a mix of bulk warehouse, light industrial and flex product types. The properties are:<\/p>\n<ul>\n<li>France Avenue Business Park in Brooklyn Center<\/li>\n<li>Northpoint Industrial Center in Fridley<\/li>\n<li>Eagan Industrial Warehouse in Eagan<\/li>\n<li>Corporate Square in Eagan<\/li>\n<li>Braemar Business Center in Bloomington<\/li>\n<li>Burnsville Business Center in Burnsville<\/li>\n<li>Round Lake Business Center in Arden Hills<\/li>\n<\/ul>\n<p><em>\u201cWith a market vacancy rate of just seven percent, at 82 percent leased, we see opportunity to add immediate value to this portfolio by actively leasing vacant spaces,\u201d<\/em> Shanahan said.<\/p>\n<h2><strong>A Strong Economic Presence<\/strong><\/h2>\n<p>According to PCCP research, the Minneapolis-St. Paul market represents 65 percent of Minnesota\u2019s total economic activity and 60 percent of its population, making it the second-largest economic center in the Midwest. Additionally, the city\u2019s diversified local economy offers one of the highest per capita Fortune 500 ratios and a significant local manufacturing base led by companies such as General Mills, Pillsbury, Genentech, Medtronic, 3M and Cargill.<\/p>\n<p>In 20 years, PCCP has successfully raised, invested and managed more than $14.8 billion of institutional capital through a series of investment vehicles. Capital Partners has a portfolio of more than two million square feet across multiple properties.<\/p>\n<p>In October, PCCP and TriStar Properties began construction of their fifth <a href=\"https:\/\/www.commercialsearch.com\/news\/pccp-tristar-to-develop-600ksf-industrial-facility\/\">speculative industrial project<\/a> located within Gateway Commerce Center in Edwardsville, Ill. PCCP has also recently entered another joint venture with LDK Ventures to\u00a0acquire an 843,248-square-foot\u00a0industrial property in Vacaville, Calif.\u00a0<\/p>\n<p><em>Photo courtesy of\u00a0PCCP<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The portfolio consists of properties located within infill locations near freeways throughout the metro. The buildings are a mix of bulk warehouse, light industrial and flex product types.<\/p>\n","protected":false},"author":451,"featured_media":1004202952,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,13,36076,21742],"tags":[38804,33053],"class_list":["post-1004202930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-midwest","category-minneapolis-st-paul","category-latest","tag-capital-partners-llp","tag-pccp-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PCCP, Capital Partners Acquire Minnesota Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pccp-capital-partners-acquire-minnesota-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PCCP, Capital Partners Acquire Minnesota Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"The portfolio consists of properties located within infill locations near freeways throughout the metro. 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