PCCP Lends $126M on Madison Capital’s National Industrial Portfolio Acquisition

Madison Capital has landed $126 million of acquisition financing for its purchase of four  logistics assets in Tennessee, Arizona, Washington and Pennsylvania, Commercial Observer has learned.

PCCP supplied the loan for Madison Capital’s $230 million purchase of the 1.8 million-square-foot portfolio, structured as a sale-leaseback deal with specialty outdoor retailer REI Co-op. The properties are situated in the metropolitan statistical areas of Phoenix, Seattle and Nashville along with Bedford, Pa., which is around 100 miles from Pittsburgh.

“We have conviction in REI’s long-term growth as a leading outdoor lifestyle brand,” Bryan Lisser, managing director at Madison Capital, said in a statement. “Despite recent market volatility, we remain bullish on the long-term fundamentals driving demand for best-in-class logistics assets in high-growth submarkets.”

The acquisition adds to Madison Capital’s national industrial platform with more than $1 billion of logistics deals executed since 2020. 

The newly acquired properties are located at 1700 45th Street East in Sumner, Wash; 1400 Country Ridge Road in Bedford, Pa; 4877 North Cotton Lane in Goodyear, Ariz.; and 1400 Murfreesboro Road in Lebanon, Tenn. 

Officials at PCCP did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com