PCCP Provides $25M to CapRock for Puget Sound Industrial Acquisition
PCCP, LLC has provided a $25 million loan to CapRock Partners for the acquisition of The Reserve at Woodinville, a 100 percent leased, 159,869 square foot Class A industrial building in Woodinville, Washington.
JLL’s Capital Markets Debt Advisory team, led by Senior Managing Director Greg Brown and Senior Directors Peter Thompson and Kaden Eichmeier, worked on behalf of CapRock to secure the non-recourse loan.
Located at 15902 Woodinville-Redmond Rd NE, the property is within Puget Sound’s high barrier-to-entry, Eastside industrial market. Built in 2018 and situated on an 8.8-acre site, the single-loaded, Class A industrial building is fully occupied by four tenants.
“This institutional-quality asset was acquired at a discount to replacement cost and is located in the Eastside industrial market, which is currently the top-performing submarket within the Puget Sound industrial area in terms of lowest vacancy and highest asking rates,” said PCCP’s Managing Director Dorian Farhang.
Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.