{"id":1004571338,"date":"2022-03-09T11:46:45","date_gmt":"2022-03-09T19:46:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004571338"},"modified":"2022-12-09T02:21:08","modified_gmt":"2022-12-09T10:21:08","slug":"pccp-provides-125m-for-west-coast-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pccp-provides-125m-for-west-coast-industrial-portfolio\/","title":{"rendered":"PCCP Provides $125M for West Coast Industrial Portfolio"},"content":{"rendered":"

PCCP LLC<\/strong> recently came through for Lift Partners<\/strong> with a financing package totaling $125 million for the acquisition of an approximately 511,300-square-foot industrial portfolio in the West Coast markets of the San Francisco Bay Area, Los Angeles and Washington’s Puget Sound. The two senior loans include enough funds for the borrower to renovate and stabilize the 16 properties, which were acquired from 16 different sellers.<\/p>\n

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READ ALSO<\/strong>: Top 5 Markets for Industrial Deliveries in 2021<\/a><\/p>\n

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Lift’s newly purchased collection of assets consists of facilities sited predominantly in core infill markets with high demand and low supply. The California cities include Burlingame, Hayward and San Jose in the San Francisco Bay Area, as well as Compton and Los Angeles. The remainder of the portfolio is located in Washington’s Puget Sound area in the cities of Kent, Renton, Woodinville, Redmond and Seattle, where Lift acquired 811 S. Massachusetts St., an approximately 35,000-square-foot property, from Qwest Corp. for $14.5 million.<\/p>\n

\"Lift<\/a>

Lift Partners’ West Coast Infill Portfolio. Image courtesy of PCCP LLC<\/p><\/div>\n

Lift will certainly need the extra funds provided in the loans for renovations\u2014$18 million is allocated for future capital improvements and leasing costs\u2014as the majority of the 16 buildings in the portfolio are vintage properties that first opened their doors in the 1960s and 1970s and are in need of upgrades to accommodate the requirements of today’s tenants. The property at 811 S. Massachusetts debuted in 1952.<\/p>\n

As Dorian Farhang<\/strong>, senior vice president with PCCP LLC, noted in a prepared statement, Lift plans on making minor deferred maintenance improvements and completing value-add renovations while increasing revenue by bringing leases to market rates as they expire.<\/p>\n

Flavor of the real estate cycle<\/h2>\n

The industrial sector continues to be a favorite<\/a> property type among both investors and lenders. Activity from last year appears to be spilling over into 2022.<\/p>\n

“Mirroring the investment sales markets, financing activity has remained bifurcated, with lenders favoring multifamily, industrial and office over hospitality and retail,” according to a fourth quarter 2021 capital markets report by Newmark<\/strong>. “With borrowing costs expected to increase each quarter in 2022 due to rising interest rates, landlords and investors will be incentivized to lock in financing in the first half of the year.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Lift Partners is using the financing to acquire and renovate properties in three key markets. <\/p>\n","protected":false},"author":969,"featured_media":1004571348,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21748,1594,21742,1609,15],"tags":[32914,50999,33053],"class_list":["post-1004571338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-industrial","category-los-angeles","category-latest","category-san-francisco","category-west","tag-e-commerce","tag-newmark","tag-pccp-llc"],"acf":[],"yoast_head":"\nPCCP Provides $125M for West Coast Industrial Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"PCCP LLC provided Lift Partners $125 million for the acquisition of an industrial portfolio in the Bay Area, Los Angeles and Puget Sound.\" \/>\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-provides-125m-for-west-coast-industrial-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PCCP Provides $125M for West Coast Industrial Portfolio\" \/>\n<meta property=\"og:description\" content=\"PCCP LLC provided Lift Partners $125 million for the acquisition of an industrial portfolio in the Bay Area, Los Angeles and Puget Sound.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pccp-provides-125m-for-west-coast-industrial-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-09T19:46:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:21:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Lift-Partners-Portfolio-811-S.-Massachusetts-St.-Seattle-featured.png\" \/>\n\t<meta property=\"og:image:width\" content=\"568\" \/>\n\t<meta property=\"og:image:height\" content=\"414\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pccp-provides-125m-for-west-coast-industrial-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pccp-provides-125m-for-west-coast-industrial-portfolio\/\",\"name\":\"PCCP Provides $125M for West Coast Industrial Portfolio - 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