PCCP JVs with Capital Partners on Twin Cities Industrial
PCCP LLC formed a joint venture with Edina, MN-based Capital Partners for the acquisition of a 557,887-square-foot, five-property light industrial portfolio located in the Minneapolis-St. Paul metro. Terms weren’t disclosed.
The portfolio is currently 87% leased to a diversified tenant base with a weighted average lease term of more than seven years. The seller, Scannell Properties, developed three of the five buildings in the portfolio within the last year. PCCP and Capital Partners will focus on leasing the remaining vacancy, and then will actively manage the portfolio over the hold period.
“PCCP believes this acquisition is a compelling opportunity to invest in a portfolio of quality, well-located, light industrial product that is well positioned within the market and expected to provide long-term durable cash flow,” said Alexandra Schultz, VP with PCCP. The San Francisco-based company and Capital Partners previously JV’d on a 1.2-million-square-foot portfolio in 2017.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).