PCCP, LLC has provided a $42-million senior loan to a joint venture of Phelan Development and LaSalle Investment Management for the refinance of a 610,025-square-foot industrial building located at 18755 Business Park Ct. in Lathrop. The Class A cross-dock distribution building was built in December 2021 and is currently 50% leased to a third-party logistics company, and the remaining space is available.
The building is part of Lathrop Gateway, a 10-building, 175-acre site that is being built across three phases by the borrowers. The first two phases are complete.
Buy/sell, rent/lease residential &
commercials real estate properties.
“This loan provides PCCP with the opportunity to lend to experienced borrowers on a new construction, Class A asset,” said Dorian Farhang, SVP with PCCP. “We believe in the strength of Lathrop as a Northern California distribution market and that this facility will attract a user for its remaining space due to its quality and location.”