Providence Hill
Kansas City, MO
Providence Hill is a 25,000 square foot newly constructed industrial building located in St. Joseph’s MO in the metro Kansas City market. PPAF purchased the property from the original general contractor and Goodman/Daiken is on a 10-year lease for the entire building. Goodman is a subsidiary and leading brand for the worlds largest HVAC manufacturer. The building serves as a regional distribution and sales center.
Core 45 Industrial Park
Dallas, TX
PPAF has formed the lead for a GP co-investment to develop a 1,600,000 sf industrial complex in South Dallas. Our operating partner is the parent company of the design-build general contractor Threecore, LLC. Our institutional financing partners include Grandview Partners based in Greenwich, CT and an institutional lending partner. The expected duration is 18 months with an expected equity multiple of 2.0x.
BDL Supply
Belvidere, Illinois
PPAF II has made a JV equity investment in a 153,125 sf industrial portfolio of two, 100% leased, single-tenant manufacturing facilities located in Belvidere, Illinois. BDL Supply is a 52-year-old, full-service pallet and packaging company with 2020 revenues exceeding $225.1m and 4 key facilities around the country, including this property. Our operating partner is Hom Properties, who specializes in mid-market industrial property operations in the Midwest. Our JV entity acquired a 15.5% ownership stake in the investing entity which represents a 13.1% estimated cash on cash return for year one with a projected ten-year average of 12.1%.
Princeton
Princeton, Indiana
PPAF & PPAF II have made a JV equity investment in a 1,000,000 sf industrial portfolio anchored by Toyota Motor Manufacturing, Indiana, Inc. ("TMMI"), located in Princeton, Indiana. The industrial portfolio is a supporting complex for one of Toyota North America's eight US locations which has over 7,000 employees and has been in production since 1996. Our operating partner is Cardinal Industrial and Hom Properties, who specializes in mid-market industrial property operations in the Midwest. Our JV entity acquired a 40% ownership stake in the investing entity which represents a 14% average cash on cash return and a significant discount to market comparables and replacement cost.
Thermo-Tech
Minneapolis, MN
PPAF acquired an interest in a 191,173 SF single-tenant building located in the greater metropolitan market of Minneapolis. The property is 100% leased to Thermo-Tech, a subsidiary of Harvey Industries, a $500mm industrial conglomerate, with a 7.5 year net lease agreement. Current annual cash-on-cash returns are 15%, with additional benefits of accelerated depreciation, property appreciation, and low interest financing contribute to a strong cash flowing property. Minneapolis is a premier distribution market and highly sought after by both corporate occupiers and investors.
Park 100
Indianapolis, IN
Park 100 is a 425,000 sf Class A industrial building located along I-465 in the Northwest Indianapolis submarket. The property is in close proximity to downtown Indianapolis, Indianapolis International Airport, and surrounding areas. Park 100 was master-planned by Duke Realty with 35-40 million square feet of industrial space with a current occupancy of 98% and no proper vacant land for future developments. The property was purchased in partnership with Sansone Group and other institutional partners and lenders and is a value-add lease-up strategy.