PCCP Funds $72M Loan for 1 MSF Warehouse Acquisition

PCCP has provided a $72.4 million loan to an affiliate of WPT Capital Advisors, of Minneapolis, for the latter’s acquisition of two fully leased Class A warehouse/distribution buildings totaling 1.1 million square feet at Elizabeth Creek Gateway in North Fort Worth, Texas.

LBA Realty, of Chicago, was the seller, according to information provided to Commercial Property Executive by CommercialEdge.

The two assets are Buildings D and E, at 16000 and 15716 Wolff Crossing, respectively. The assets were built in 2021. Both feature a 36-foot clear height, excess trailer parking, ESFR sprinklers and multiple points of ingress and egress.

They are fully occupied by three tenants, according to PCCP. Among these, information from CommercialEdge lists CEVA Logistics at 16000 Wolff Crossing and LBA Logistics at 15716 Wolff Crossing. A PCCP spokesperson was unable to provide additional information.

CEVA Logistics is one of the largest 3PLs and was purchased in 2019 by shipping titan CMA CGM, based in Marseille, France. The company’s headquarters building there was designed by renowned architect Zaha Hadid.

The AllianceTexas master plan

Elizabeth Creek Gateway is 20 miles north of downtown Fort Worth in the 27,000-acre AllianceTexas master-planned development. Features of use to warehouse/distribution tenants in AllianceTexas include two Class I rail lines (BNSF Railway and Union Pacific), a BNSF intermodal facility, a cargo airport (Perot Field Fort Worth Alliance Airport), FedEx and UPS sort hubs, and an Amazon air hub, as well as major thoroughfares connecting to the Greater DFW MSA and elsewhere.

In addition, Elizabeth Creek Gateway is 20 miles west of Dallas Fort Worth International Airport and 20 miles north of Fort Worth Meacham International Airport.

WPT Capital Advisors focuses on the U.S. industrial warehouse and distribution sector and currently manages about $3 billion of assets on behalf of various global investment partners.

Vacancy and rents both rise

Just last month, Alterra IOS grew its Metroplex industrial portfolio through the acquisition of four industrial outdoor storage properties totaling about 35 acres.

North Fort Worth, along with South Dallas, has been an active industrial space submarket within Dallas–Fort Worth, according to a fourth-quarter report from Marcus & Millichap. Together, the two areas added 25.5 million square feet over the 12 months through June 2024, boosting supply by 4.8 percent.

However, Marcus & Millichap reported that “nine of 10 submarkets had year-over-year vacancy increases, with the sharpest climbs recorded in North Fort Worth and DFW Airport.”

Still, of the six submarkets that have more than 100 million square feet of inventory, annual rent growth was the strongest in North Fort Worth and South Stemmons, also according to Marcus & Millichap.