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Cormac Co. Moves Forward with 1M-SF Retail

OVERLAND PARK, KS-The company secured $107.4 million in financing for its Corbin Park project, which will reportedly cost about $225 million. Construction begins this week.

By Cari Brokamp | Updated on October 09, 2008

OVERLAND PARK, KS-Omaha-based Cormac Co. is moving forward with its 1.1 million-sf retail development, Corbin Park, after it secured $107.4 million in construction financing for the project. Work will begin this week at the site, at 135th Street and Metcalf Avenue. The open-air retail project is being developed by Corbin Park LP, a joint venture of affiliates of Cormac Co. and an equity partner represented by Invesco Real Estate out of Dallas. Previous reports put the project’s cost at $225 million.

“Closing this financing in the midst of current credit-market conditions is a testament to a strong project in an excellent location, as well as to Cormac’s sponsorship, its partners, and a great group of lenders,” said Brian Diedrichsen, Cormac’s director of capital markets, in a statement. He said that the project will become a catalyst for further development within this quadrant of Johnson County.

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