PCCP provided a $180.5 million senior loan to a joint venture between AEW Capital Management and Trident Capital Group for the cash neutral refinance of Oakland Park, a 10-building, 2.1 million-square-foot industrial park in Highland Park, Michigan.
The portfolio sits in a high infill location within Detroit, proximate to major auto makers and freeway infrastructure. Built between 1997 and 2020, the properties are all institutional quality with 24’ to 32’ clear heights, efficient loading ratios, ample truck parking, and strong access to two major freeways.
The portfolio provides immediate proximity to OEMs, including the Stellantis Detroit Assembly Complex ten miles away, GM Factory Zero which is five miles away, as well as three major expressways within two miles. The Detroit MSA is home to 4.4 million people and is a major industrial hub, hosting the largest domestic auto manufacturing operations for Ford, GM, and Stellantis. The region has one of the country’s deepest blue-collar labor pools and benefits from proximity to waterways, interstates and railways.