March 17, 2020
PCCP LLC formed a joint venture with Edina, MN-based Capital Partners for the acquisition of a 557,887-square-foot, five-property light industrial portfolio located in the Minneapolis-St. Paul metro. Terms weren’t disclosed.
The portfolio is currently 87% leased to a diversified tenant base with a weighted average lease term of more than seven years. The seller, Scannell Properties, developed three of the five buildings in the portfolio within the last year. PCCP and Capital Partners will focus on leasing the remaining vacancy, and then will actively manage the portfolio over the hold period.
“PCCP believes this acquisition is a compelling opportunity to invest in a portfolio of quality, well-located, light industrial product that is well positioned within the market and expected to provide long-term durable cash flow,” said Alexandra Schultz, VP with PCCP. The San Francisco-based company and Capital Partners previously JV’d on a 1.2-million-square-foot portfolio in 2017.
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