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3/09/22
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Lift Partners acquired a portfolio of 16 infill industrial assets totaling 511.3k sf of space across the west coast. PCCP LLC provided Lift Partners with two senior loans totaling $125 mil for the acquisition, renovation and stabilization of the portfolio.
The assets are within the San Francisco Bay Area, Los Angeles, and Puget Sound markets. Assembled from 16 individual sellers, the portfolio includes substantial leasable outdoor yard space, an attractive and necessary component for tenants who require materials or equipment storage, excess truck parking, or have outdoor operations.
Located in core infill industrial markets with low vacancy rates, strong tenant demand, and limited new supply, the properties primarily consist of 1960s- and 1970s-vintage warehouse buildings. The properties are in the California cities of Burlingame, Hayward, San Jose, Compton and Los Angeles, and the Washington cities of Kent, Renton, Woodinville, Seattle and Redmond.
“PCCP’s loans funded the property acquisitions and includes an allocation of approximately $18 mil for future capital improvements and leasing costs,” said Dorian Farhang, Senior Vice President with PCCP. “Lift Partners plans on making minor deferred maintenance improvements and completing value-add renovations while increasing revenue by bringing leases to market rates as they expire.”
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