PCCP, LLC has formed a joint venture with Minneapolis-based Capital Partners for the acquisition of a 557,887-square-foot, five-property light industrial portfolio in the Minneapolis-St. Paul metropolitan area.
The portfolio is currently 87 percent 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.
The five-property portfolio is located across three submarkets in the Minneapolis-St. Paul MSA.
This will be the second joint venture between PCCP and Capital Partners following the purchase of 1.2 million square feet of industrial product in 2017.