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.

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