Qatar Investment Authority, PCCP JV invests in 1.3msf Washington, D.C. industrial park

Turnbridge Equities, and its co-development partner Manekin, has completed the capitalization of Phase I of the National Capital Business Park (NCBP) in the Washington, D.C. metro area.

The transaction included approximately $275 million of construction financing and joint venture equity for the recapitalization and development of Phase I of NCBP, consisting of five class A industrial warehouse buildings totaling 1.3 million square feet. The $165 million construction loan was provided by a fund managed by an affiliate of Apollo Global Management and a joint venture of the Qatar Investment Authority (QIA) and PCCP, LLC are partnering with Turnbridge and Manekin to provide approximately $110 million of equity to the project.

Phase I of NCBP consists of five class A industrial warehouse buildings that will range in size from approximately 160,000 square feet to 360,000 square feet across 94 acres. Strategically located east of Washington, D.C. in Prince George’s County,