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.
“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.”