Fort Capital used the financing to acquire a 23-building collection of light industrial assets.
PCCP has provided a $72 million senior loan to Fort Capital for the purchase and lease-up of a collection of 23 light industrial buildings totaling 711,399 square feet in Greater Houston.
The portfolio includes the following Class B multi-tenant properties:
- Westbelt Plaza, a three-building property built in 1978
- Corporate Park West, a four-building property built in 1999
- Brooklet Business Park, a three-building property built in 1986 and renovated in 2018
- Plaza Park, a one-building property built in 1982
- Stonecrest Business Center, a five-building property built in 1979 and 1980 and renovated in 2005 to 2022
- Main Park, a three-building property built in 1986
- Corporate Park Woodland, a four-building property building in 2000
The buildings range from 883 to 24,439 square feet of space and were designed for a variety of uses, including office, warehousing, storage and retail. The portfolio is 76 percent leased to 125 tenants. The buildings themselves feature dock-high and semi-capable doors, in addition to deep truck courts and parking spaces. Most of the portfolio’s properties are situated within 15 miles of the I-610 and the Greater Houston metro, giving them convenient access to most of city’s workforce, as well as its central trucking nodes.
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Putting the acquisition in context, PCCP Acquisitions Associate Sarina Strickland said in prepared remarks, this portfolio’s infill locations are highly sought after by tenants and are within a strong industrial market that has been experiencing low vacancy and limited new infill supply.
Houston’s industrial market continues along its path of high-level construction and investment, with 18.5 million square feet of space in its pipeline, as well as $3 billion in total transactions, according to an August 2022 report from CommercialEdge.
