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11/21/23
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A joint venture of Phelan Development and LaSalle Investment Management has refinanced a 610k sf industrial building in Lathrop with a new senior loan for $42 mil, provided by PCCP LLC. The facility sits on 26.3 acres at 18755 Business Park Ct, just east of I-5, about 15 miles south of Stockton.
The Class A, cross-dock distribution building was built in December 2021 and features 36 clear height, excess trailer parking (130 stalls), truck court depths of 175 180, and finished office space. The property 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.
The asset is well-located within the Central Valley industrial market proximate to the convergence of I-5 and I-205. The City of Lathrop features an established industrial node located approximately 58 miles from Sacramento, 62 miles from Oakland and the Port of Oakland, and 73 miles from San Francisco, and attracts institutional owners and tenants due to its location, affordable asking rents, and abundant labor.
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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