LOS ANGELES, CA - PCCP, LLC announced today it has provided a $17.5 million senior loan to refinance an existing loan as well as provide financing to complete construction of Beltway Crossing (top left photo), a warehouse/distribution complex in Missouri City, Texas, a submarket of Houston.
The property is located at 13323-13423 South Gessner Road and will total nearly 500,000 square feet in two phases upon completion. The first phase, which completed in 2009, includes two buildings. It totals 282,880 square feet and is fully leased to four tenants.
The second two-building phase, currently under construction, will total 208,000 square feet and is scheduled for completion in the third quarter of 2012. Beltway Crossing is owned by a joint venture between Thackeray Partners and Stream Realty Partners, L.P.
“The Thackeray/Stream venture demonstrated its ability to build and lease successfully in phase one. We are confident their stewardship will result in similar success in phase two,” said Greg Galusha (middle right photo), partner with PCCP, LLC.
His PCCP colleague, Jed Lassere, added, “This loan is another example of PCCP’s appetite to continue investing in Houston where demand for most product types is outpacing demand elsewhere.”
Situated in Missouri City on the southwest border of Houston, Beltway Crossing is located within a mile of the intersection of US Highway 90 and Beltway 8 (Sam Houston Tollway) providing ideal access to all major freeways within the metro area.
CoStar reports that the Houston industrial market absorbed 1.6 million square feet in the second quarter of 2011, pushing the vacancy rate down to 5.4 percent from 5.7 percent in the prior quarter. While there is 1.5 million square feet of industrial space under construction, 81 percent of this space is pre-leased.
“PCCP provided an incredible debt structure, in an environment where construction financing is extremely difficult to originate,” said Adam Jackson (middle left photo), vice president at Stream, who represented the joint venture in the transaction.
Justin Robinson (lower right photo), senior vice president at Stream, responsible for the leasing at Beltway Crossing added, “This project will appeal to a wide range of local businesses due to the strong demand for functional front-load and cross-dock distribution space, coupled with the project’s state-of-the-art design.
"With its strategic location in the southwest Houston submarket and its superior access to the population centers of greater Houston, this project will attract users from 20,000 square feet to as large as 208,000 square feet in the second phase.”
Thackeray and Stream have partnered on five projects and developed 929,000 square feet of industrial and office space in Houston, Austin, and San Antonio.
Thackeray is a real estate private equity fund that invests in warehouses, apartments and retail assets across the country
Learn more about PCCP at http://www.pccpllc.com/.
For more information, visit Stream’s website at http://www.streamrealty.com/.
.Contact: Darcie Giacchetto, Spaulding-Thompson & Associates, 949.278.6224
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