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Debt & Equity

Citigroup blows in with $48M for office portfolio purchase

JLL Capital Markets team completed a $48.68 million loan to finance the acquisition of a portfolio of nine office buildings, totaling more than one million square feet, in Tulsa, Oklahoma.

The group worked on behalf of Group RMC to place the loan with Citigroup Inc.

Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Sean Bastian led the team handling the debt assignment.

“This portfolio represented a significant opportunity to acquire a high-profile selection of quality office assets located in Tulsa’s affluent southern submarkets,” said Schwartz.

“Offering a combination of low-, mid- and high-rise office space, the buildings appeal to a broad array of tenants as an economic alternative to the area’s higher-priced office assets.”

The nine-building, 1.03 million-square-foot portfolio is entirely located in Tulsa.

The same JLL team completed a $52.5 million loan to finance the acquisition of Grand Oak Business Park, a 10-building, Class A business park in Eagan, Minn.

The group worked on behalf of Group RMC to place the loan with Morgan Stanley.

The 10-building Grand Oak Business Park is located on 83.5 acres of land and comprises eight office buildings and two retail properties totaling 550,224 square feet of space. The buildings were constructed between 1999 and 2007, and offer a variety of high quality Class A office finishes and creative open floorplan concepts.

The property is approximately 92 percent occupied, with a strong mix of regional and multinational tenants. The business park also features an above-market parking ratio, extensive grass lines, a recreational lakeside trail, outdoor grilling amenity areas and a practice putting green.

Grand Oak Business Park is situated on 83.5 acres surrounding O’Neill Lake and is located just minutes from downtown Minneapolis/St. Paul. It features prime freeway access and is located between I-35E, I-494, and Highways 55 and 149.

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