PCCP, LLC has provided a $42-million senior loan to a joint venture of Phelan Development and LaSalle Investment Management for the refinance of a 610,025-square-foot industrial building located at 18755 Business Park Ct. in Lathrop. The Class A cross-dock distribution building was built in December 2021 and is currently 50% leased to a third-party logistics company, and the remaining space is available.
The building is part of Lathrop Gateway, a 10-building, 175-acre site that is being built across three phases by the borrowers. The first two phases are complete.
“This loan provides PCCP with the opportunity to lend to experienced borrowers on a new construction, Class A asset,” said Dorian Farhang, SVP with PCCP. “We believe in the strength of Lathrop as a Northern California distribution market and that this facility will attract a user for its remaining space due to its quality and location.”
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).