PCCP, which is headquartered in El Segundo, CA, paid for the asset with $30 million of equity from its California Smart Growth Fund IV LLP Fund. The company will evaluate the possibility of placing debt on the 65%-occupied property, which fronts State Highway 121 near Interstate 35, in the near future.

PCCP principal Phil Russick tells GlobeSt.com that PCCP went through 19 rounds of bids against the competition to snag the asset. Though this is the first time PCCP has bought an asset through this particular type of auction process, Russick says the company is no stranger to working with distressed properties. "We've purchased assets out of bankruptcy before and we're comfortable with that arena," he says.

Russick says PCCP is touching up the asset and is interviewing potential leasing teams. Lincoln Properties has been awarded the property management contract.

Opus West broke ground on the 65-acre development in 2003, completed the first 793,341-square-foot phase of the property in 2004 and the second 460,908-square-foot phase in 2009. The company filed for bankruptcy protectionin early July.

"This is a well-built product," Russick says about PCCP's latest acquisition. "It's well-located, in the north Dallas market and has not only a national tenant but a number of local tenants." Furthermore, he continues, the property has diversified product with one of the buildings being a large logistics center and the other two ideal for showroom space.