{"id":1004603004,"date":"2022-09-16T07:26:52","date_gmt":"2022-09-16T15:26:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004603004"},"modified":"2023-03-22T22:48:08","modified_gmt":"2023-03-23T06:48:08","slug":"pccp-announces-72m-loan-for-houston-portfolio-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pccp-announces-72m-loan-for-houston-portfolio-buy\/","title":{"rendered":"PCCP Announces $72M Loan for Houston Portfolio Buy"},"content":{"rendered":"<div id=\"attachment_1004603002\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/16938-e1663269016132.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004603002\" data-attachment-id=\"1004603002\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pccp-announces-72m-loan-for-houston-portfolio-buy\/attachment\/16938\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/16938-e1663269016132.jpg\" data-orig-size=\"800,620\" 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;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"Corporate Park West.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Corporate Park West&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/16938-e1663269016132.jpg?w=800\" class=\"wp-image-1004603002 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/16938-e1663269016132.jpg?w=300\" alt=\"Corporate Park West.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/16938-e1663269016132.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/16938-e1663269016132.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/16938-e1663269016132.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004603002\" class=\"wp-caption-text\">Corporate Park West<\/p><\/div>\n<p>PCCP has provided a $72 million senior loan to <strong>Fort Capital<\/strong> for the purchase and lease-up of <a href=\"https:\/\/www.commercialsearch.com\/news\/fort-capital-buys-711-ksf-houston-industrial-portfolio\/\">a collection of 23 light industrial buildings<\/a> totaling 711,399 square feet in Greater Houston.<\/p>\n<p>The portfolio includes the following Class B multi-tenant properties:<\/p>\n<ul>\n<li>Westbelt Plaza, a three-building property built in 1978<\/li>\n<li>Corporate Park West, a four-building property built in 1999<\/li>\n<li>Brooklet Business Park, a three-building property built in 1986 and renovated in 2018<\/li>\n<li>Plaza Park, a one-building property built in 1982<\/li>\n<li>Stonecrest Business Center, a five-building property built in 1979 and 1980 and renovated in 2005 to 2022<\/li>\n<li>Main Park, a three-building property built in 1986<\/li>\n<li>Corporate Park Woodland, a four-building property building in 2000<\/li>\n<\/ul>\n<p>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\u2019s properties are situated within 15 miles of the I-610 and the Greater Houston metro, giving them convenient access to most of city\u2019s workforce, as well as its central trucking nodes.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/whats-driving-industrial-property-management-today\/\">What\u2019s Driving Industrial Property Management Today<\/a><\/p>\n<hr \/>\n<p>Putting the acquisition in context, PCCP Acquisitions Associate Sarina Strickland said in prepared remarks, this portfolio\u2019s 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.<\/p>\n<p>Houston\u2019s 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 <a href=\"https:\/\/www.commercialsearch.com\/news\/lineage-logistics-inks-full-building-lease-in-houston-cpe\/\">August 2022 report<\/a> from CommercialEdge.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fort Capital used the financing to acquire a 23-building collection of light industrial assets. <\/p>\n","protected":false},"author":3012,"featured_media":1004603002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1589,21748,21742],"tags":[50710,39105],"class_list":["post-1004603004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-houston","category-industrial","category-latest","tag-fort-capital","tag-pacific-coast-capital-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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