PCCP, LLC and TriStar Properties form Joint Venture for a Speculative Industrial Development in Pontoon Beach, Illinois
San Francisco, Calif., – July 18, 2014 – (RealEstateRama) — PCCP, LLC announced today it has formed a joint venture with TriStar Properties to acquire 45 acres of land for the development of a 673,000-square-foot industrial building in Pontoon Beach, IL, a Metro East submarket of greater St. Louis, MO.
Development of the Class A industrial warehouse building will commence immediately. The building will include a 32’ clear height, cross-docks, 172 trailer spaces, up to 264 car parking spaces, and an ESFR system. Anticipated completion is slated for February 2015. The site is within Gateway Commerce Center, a fully leased, 2,000-acre industrial park that includes major tenants such as P&G, Hershey’s and Unilever.
“PCCP sees this as a solid development opportunity with TriStar Properties, who is the master-developer of Gateway Commerce Center,” said Jim Galovan, managing director with PCCP, LLC. “The demand for large space requirements outweighs the availability in this market, and we believe this quality project will lease up quickly either to a single tenant or several users.”
Gateway Commerce Center is the submarket’s prime industrial park as it offers ease of access to road, rail, and water transportation. It is situated on the loop of 270/255, which provides access to the entire St. Louis metro area and connects easily with four major interstates, which include I-70, I-55, I-44 and I-64.
Over the past four years, the St. Louis industrial market fundamentals have been improving. The market includes approximately 234 million square feet and less than 10 availabilities larger than 100,000 square feet. The industrial market has proved to be a viable alternative to Chicago as St. Louis is less congested, has lower taxes, and offers favorable logistical access.
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separa te accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
