PCCP Provides $27.1M for Corridors Acq.

CHICAGO—PCCP, LLC recently provided a $27.1 million senior loan to a joint venture to acquire, re-position and lease-up Corridors I & II, a class A office park that has struggled with a high rate of vacancy. The 299,792-square-foot property is located at 2651 and 2655 Warrenville Rd., in Downers Grove, IL, within the East/West Corridor submarket of suburban Chicago about 25 miles west of downtown Chicago. The new owners, Transwestern Sponsorship Equity Partners I and Soundview Real Estate Partners, will use part of the loan to refurbish the building and hopefully boost its occupancy rate, currently at 50.9%.

The property was 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, PCCP officials say, but they believe the new owners can revive the five-story steel frame buildings, first completed in 1998 and 1999 by Chicago-based Alter Group.