Corporate Woods announces $230 million refinancing deal

10/16/2013 10:51 PM

10/16/2013 10:51 PM

The owners of Corporate Woods, a 22-building office park in the heart of Johnson County, have obtained a $230 million loan from Citibank to refinance the development.

The deal, announced Wednesday by real estate investment firm CBRE, arranged the refinancing for a joint venture between Stoltz Real Estate Partners’ Fund-Stoltz Real Estate Fund LP and an institutional client of CenterSquare Investment Management.

Stoltz Management Co., a real estate investment firm based in suburban Philadelphia, bought the 300-acre development at Interstate 435 and U.S. 69 for about $280 million in 2006.

CBRE said Corporate Woods’ 2.2 million square feet of office space was 92 percent leased. The mortgage will have a five-year term.

“Lenders were attracted to this asset because Corporate Woods is the premier suburban office park in metropolitan Kansas City and throughout the Midwest region,” Bernard Branca, senior vice president of CBRE, said in a statement.

Work on the sprawling complex in the heart of Overland Park began in 1973, when the first land purchase was completed.

The project initially was developed as a joint venture between Jones & Co., a local firm, and MetLife, a New York-based insurance giant. The first buildings opened in 1975.


Join the discussion

is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service