A large industrial project in Frederickson is making progress after receiving a sizable construction loan. PCCP, a leading real estate finance and investment firm, has recently extended $252.3 million in construction financing to a joint venture between Panattoni Development Company and a real estate fund advised by Crow Holdings Capital for the development of the project, FRED310.
This capital injection will support the construction of three state-of-the-art industrial buildings in Fredrickson, according to industry reports. Eastdil Secured arranged the financing on behalf of the borrowers. This financing marks the initial phase of development. When fully complete, FRED310 would encompass a 310-acre, five-building industrial complex aiming to provide a total of 3.7 million square feet of modern warehouse and distribution space.
The ambitious development project encompasses a vast 2.2 million square feet of cross-docked distribution space featuring 40-foot clear heights. Among the buildings, two are speculative in nature, with Building G covering 611,206 square feet and Building D offering 753,069 square feet. In addition, the development includes a build-to-suit Building E, spanning 782,875 square feet, which has already secured a commitment from national tool and equipment retailer Harbor Freight, according to a previous report from The Registry.
The warehouse and distribution facilities are expected to be completed and ready for occupancy by the summer of 2024, according to the project’s website. The development will be situated near the current Boeing fabrication facility, south of 176th Street E and east of Frederickson Industrial Park Road.
Panattoni Development Company, Inc. is a prominent player in the real estate development arena with an extensive international presence. Specializing in industrial, office and build-to-suit projects, Panattoni operates across 53 offices in the United States, Canada, Europe and Asia. The firm has developed over 578 million square feet of real estate, according to its LinkedIn page.
Crow Holdings Capital was founded in 1948 and is headquartered in Dallas, Texas. The real estate investment and development firm has a network of 20 offices across the United States and has an extensive portfolio including $30 billion in assets under management.