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| Corridors I and Corridors II, Downers Grove, IL |
San Francisco, CA, July 29, 2013 - PCCP, LLC announced today
it has provided a $27.1 million senior loan to a joint venture between
Transwestern Sponsorship Equity Partners I and Soundview Real Estate Partners
to acquire, re-position and lease-up Corridors I and II, a 50.9
percent leased, two-building Class A office park totaling 299,792 square feet.
The property is located at 2651 and 2655 Warrenville Rd., in
Downers Grove, Illinois within the East/West Corridor submarket of suburban
Chicago.
The property had been bank-owned since November of 2011 and
over-encumbered by debt since its major tenant vacated the building several
years before that. This lack of capital
has hampered leasing efforts in recent years.
“This opportunity
fit well with PCCP’s business strategy,” said Jim Galovan, managing
director out of PCCP’s San Francisco office. “We are teaming with an
experienced operator and are financing a value-add, Class A asset that was
purchased at well below replacement cost.”
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
.
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