PCCP, LLC Provides $5.7 Million Senior Loan to Alberta Development Partners to Acquire and Entitle Land for Mixed-Use Development in Tempe, Arizona
San Francisco, Calif., February 18, 2014 – PCCP, LLC announced today it has provided a $5.7 million senior loan to Alberta Development Partners to acquire and entitle a 1.86-acre mixed-use development land site in Tempe, AZ. The site is located on the northwest corner of University Drive and Ash Avenue within the Mill Avenue District of Downtown Tempe.
Alberta Development Partners has plans to entitle the site for 40,000-square-feet of ground floor retail and 187 high-rise apartments units. With a shortage of grocery retailers in downtown Tempe, Alberta is seeking a grocery tenant for the retail portion of the space. Currently, the nearest grocer is a Safeway two miles away.
“Both Alberta and PCCP look forward to further contributing to the vibrant Mill Avenue District and delivering the proposed mixed-use project to the market,” said Philip Russick, principal with PCCP. “There is a pent up demand in the area for the product they are seeking to entitle and we feel this will be an ideal fit for the area.”
The well-located parcel is walking distance to all of the Mill Avenue District amenities – including 75 restaurants, shops, nightlife spots, and bar and grill establishments – and Arizona State University which has an approximately 60,000 student and teacher population on the nearby campus.
Tempe is within the Phoenix metro market, which is currently experiencing the third best recovery among the top 100 metros across the U.S. Population growth within the Phoenix metro is predicted to increase annually by 94,220 during the next five years according to the Forecasting Project at the University of Arizona. Additionally, the Phoenix job base has grown by roughly 6 percent from recessionary levels, slightly outpacing the U.S. benchmark.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $9 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Alberta Development Partners: Alberta Development Partners is engaged in the acquisition, development and investment of retail and residential real estate opportunities located throughout the western United States. Alberta focuses its efforts on regional retail shopping centers, mixed-use commercial and residential projects and select build to suit opportunities that include grocery-anchored shopping centers and value added opportunities. In the past four years, Alberta has delivered $460 million worth of completed projects, making Alberta one of the most aggressive retail and mixed-use development firms in the marketplace. Further information is available at www.albdev.com.
Jessica Spaulding Thompson / Darcie Giacchetto
Spaulding Thompson & Associates, Inc.
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