Joint Venture of PCCP and Capital Partners acquires 6-building light-industrial portfolio in Minneapolis
A joint venture of PCCP and Capital Partners has acquired a six-building light-industrial portfolio totaling 690,742 square feet in Minneapolis. The properties are within a 10-mile radius of downtown Minneapolis, and adjacent to major transportation networks.
The portfolio was built from 2001 to 2014 and includes six multi- and single-tenant buildings that are 91 percent leased to 15 tenants with an average suite size of 38,400 square feet and a Weighted Average Lease Term of 6.3 years. The buildings feature clear heights of 20 feet to 32 feet and the portfolio has been well-maintained. The portfolio includes international, national and regional tenants.
“We are pleased to continue our partnership with Capital Partners, an experienced local sponsor,” said Alexandra Schultz, senior vice president at PCCP. “We believe this portfolio provides PCCP with the opportunity to acquire functional cash-flowing industrial assets with flexibility to cater to both single and m