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SAVANNAH, GA-Perseus Realty Partners says it will develop the Interstate Center II industrial park in a three-way joint venture with TPA Realty Services and Resource Real Estate Partners. The 600,000-sf first phase represents the second deal this summer for the $200-million PRP II fund.

Interstate Center II, located 20 miles from the Port of Savannah at Interstate 16 and US 280, will be part of a planned port logistics center that will occupy more than 500 acres. The initial cross-dock warehouse will take up 54.5 acres at the site.

The JV partners are investing approximately $8.1 million equity into the Savannah project announced Thursday, along with $15 million financing from third-party debt. J. Brad Smith, principal of both the TPA and Resource segments, says demand for industrial space in the Savannah market is projected at up to three million sf per year.

Washington, DC-based Perseus manages PRP II, which is expected to deliver $800 million in purchasing power over the next 12 to 18 months and is focused on value-add opportunities in middle markets across all commercial real estate asset classes. GlobeSt.com reported in April that Loren Balsam, a 17-year industry veteran, was hired as the fund’s managing director.

“Debt financing was provided enthusiastically in recognition of both the strength of PRP II’s investment strategy and the vision we share for Interstate Center II with our esteemed joint venture partners,” Paul Dougherty, Perseus president, stated in a release. He pointed out the fund’s ability to access debt capital even though the broader real estate sector continues to be bogged down by difficult lending conditions.

In late June, PRP II completed its first deal in a JV with Hathaway Properties Inc. for Ansley at Princeton Lakes, a 306-unit apartment complex in Atlanta capitalized at approximately $30 million. A third deal is pending and will be announced next month, a Perseus spokeswoman said.

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