PCCP, LLC has provided a $42-million senior loan to a joint venture of Phelan Development and LaSalle Investment Management for the refinance of a 610,025-square-foot industrial building located at 18755 Business Park Ct. in Lathrop. The Class A cross-dock distribution building was built in December 2021 and is currently 50% leased to a third-party logistics company, and the remaining space is available.
The building is part of Lathrop Gateway, a 10-building, 175-acre site that is being built across three phases by the borrowers. The first two phases are complete.
“This loan provides PCCP with the opportunity to lend to experienced borrowers on a new construction, Class A asset,” said Dorian Farhang, SVP with PCCP. “We believe in the strength of Lathrop as a Northern California distribution market and that this facility will attract a user for its remaining space due to its quality and location.”
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Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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Read MoreConnect CREPCCP, LLC has provided a $42-million senior loan to a joint venture of Phelan Development and LaSalle Investment Management for the refinance of a 610,025-square-foot industrial building located at 18755 Business Park Ct. in Lathrop. The Class A cross-dock distribution building was built in December 2021 and is currently 50% leased to a third-party logistics …
The post PCCP Provides $42M Refi on Lathrop Industrial appeared first on Connect CRE.