United Properties and PCPP Form $165M Joint Venture Platform Partnership
CBRE has arranged a joint venture platform partnership between United Properties and investment manager PCPP on an 11-building industrial portfolio, to scale a development program focused on delivering top-quality industrial product in high growth markets. Phase I of the platform has a pipeline of eleven properties totaling 1,403,341 square feet and are located in the strategic logistic markets of Denver, Minneapolis and Austin. The JV partnership has the potential to carry into Phase II with development of an additional 18 buildings consisting of 2,286,404 square feet.
The Denver-area properties total 415,000 square feet and include: Trade @ 2534 #1 & #2 in Johnstown and Bolder Innovation 1 & 2 in Louisville.
The CBRE Minneapolis Institutional Properties team of Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith, and Tom Holtz, along with Gordon Reynolds, Brian Myers, Joe Lee from CBRE Capital Advisors arranged the partnership on behalf of their client, United Properties which is based in Minneapolis Minnesota.
“Establishing this platform partnership between United Properties and PCCP was a tremendous vehicle to allow United Properties to execute an expedited development plan while allowing PCCP to deploy capital in a streamlined process,” said Sonja Dusil, a senior vice president in CBRE’s Minneapolis office. “The tremendous growth in the industrial sector paved the way for this long-term partnership which allowed both parties to benefit from economies of scale.”
United Properties is a well-capitalized, market leading, vertically integrated development company with significant experience stewarding institutional capital, developing nearly four million square feet of industrial product since 2012. PCCP is an investment manager for a global investor with $12.8B in assets under management across 949 investments.