WORLD PROPERTY CHANNEL ®

(LEWISVILLE, TX) -- PCCP LLC, formerly Pacific Coast Capital Partners of Los Angeles, has acquired 121 Lakepointe Crossing, a three-building, 1.2 million-square-foot class-A industrial property in Lewisville, TX for a bankruptcy court auction bid of $29 million.

121 Lakepointe Crossing, Lewisville, TX

The 65-percent-leased property was previously owned by Opus West.

The acquisition was made as part of PCCP's $746 million California Smart Growth Fund. PCCP funded and closed on the fee simple title within 48 hours of the court's approval.

PCCP funded the acquisition with $30 million of equity from its California Smart Growth Fund, IV, LLP Fund and will evaluate placing debt on the asset in the near future.

PCCP Partner Aaron Giovara notes that the increasing amount of distressed assets on the market has encouraged PCCP to actively evaluate investments in sub/non-performing loans, partnership recapitalizations, bankruptcy sales, and other distressed situations across the United States where PCCP can add value.

"We're looking for good real estate with undercapitalized ownership. This was an especially compelling asset given the nature of the sale and the quality of the property," Giovara says.

Aaron Giovara

This transaction  follows PCCP's purchase this year of a discounted note from the FDIC and United Bank. PCCP purchased and then foreclosed on a 25-acre failed housing development called Folsom Treehouse in Folsom, CA. 

PCCP will resume construction at the Folsom Treehouse master-planned community, located at Prairie City and Iron Point roads, in a partnership with Signature Properties. 

According to Phil Russick, principal at PCCP, the property's NW Dallas location is competitive with the NW Dallas submarket as well as the Dallas/Fort Worth Airport submarket.

"121 Lakepointe Crossing benefits from a recently completed major highway expansion. The tenants at the site are indicative of the local and national firms that will continue to benefit from this submarket and 121 Lakepointe Crossing's strong distribution location and premium highway exposure," Russick added.

Built in phases from 2004 to 2009, the property is currently leased to four tenants. Opus West completed the first 793,341-square-foot phase of the property in 2004 and completed the second 460,908-square-foot phase in 2009 for a total property square footage of 1,254,249. 

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