Tuesday, October 14, 2014

PCCP, LLC Provides $28 Million Senior Loan to Xebec Realty Partners for Development of A State-of-the-Art Industrial Park in Azusa, CA


Jay Soni
Los Angeles, CA – PCCP, LLC announced today that it has provided a $28 million senior loan to an affiliate of Xebec Realty Partners for the development of 10th Street Center, a three-building 342,629-square-foot Class A industrial park located in Azusa, California. 

The 21.6-acre site was acquired in June 2013 by an affiliate of Xebec Realty Partners.  

The site has been successfully entitled for industrial use and construction will begin immediately on three speculative buildings.

The first building will total approximately 88,349 square feet, the second building will total approximately 75,278 square feet, and the third building will total approximately 179,002 square feet. 

The facilities will have state-of-the-art features that include a 32-foot clear height and ESFR sprinkler system. 

 “This is PCCP’s first loan with Xebec Realty Partners,” stated Ron Bonneau, vice president with PCCP, LLC. “Xebec has a successful 26-year track record for building more than seven million square feet of infill industrial product and we feel this quality project will help meet the market’s high demand for much-needed space.”  

10th Street Center is situated along the west side of Todd Avenue near the 210 and the 605 freeways, which provide access throughout all of Los Angeles County.

The property is located in the San Gabriel Valley area, which is one of Los Angeles’ tightest industrial submarkets, with 1.3 percent vacancy according to CBRE.

  Xebec, in partnership with PCCP, is addressing this pent-up demand for state-of-the-art Class A warehouse facilities in the area through the development of the new industrial park.

“We are thrilled to be forging a new relationship with PCCP through this deal,” added Jay Soni, vice president of acquisitions for Xebec. “We look forward to successfully developing the site in Azusa as well as continuing to grow our relationship with PCCP in the future.”

Bonneau added: “The majority of the existing inventory in the San Gabriel Valley is older product with compromised functionality, so new product is highly sought after by users and should command strong activity.”

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224


No comments: