SAN FRANCISCO - 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 & 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.”

Galovan added: “The property offers numerous competitive advantages for corporate users including a strategic location at the junction of two freeways, large floor plates and above-market parking.”

Corridors I & II are located adjacent to the East-West Tollway (Interstate 88) and North-South Tollway (Interstate 355) intersection, approximately 25 miles west of downtown Chicago. The five-story steel frame buildings were completed in 1998 and 1999 by Chicago-based Alter Group as part of the Corridors Office Park.

The property is situated within DuPage County. DuPage and neighboring Cook County, when combined, account for half of the state’s population. DuPage County provides a highly accessible geographic location due to its access to several modes of transportation. The county is served by two major airports – O’Hare International Airport and Midway International Airport. O’Hare International is located at the northeast corner of the county. Major corporate headquarters in the area include Navistar (adjacent to the property), McDonald’s Corporation,

Advocate Healthcare, Dominick’s, GTE Airfone, Swift-Eckridge Meats, Nalco Chemical, Ace Hardware, Service Master, and Federal Signal.

 

About PCCP, LLC: 

PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments.  PCCP has over $6 billion in assets under management on behalf of institutional investors.  With offices in New York, San Francisco, Sacramento and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements.  PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns.  PCCP has invested more than $6.5 billion throughout the United States and continues to seek investment opportunities with proven operators seeking fast and reliable capital.Learn more about PCCP at www.pccpllc.com.