11/6/2008

Investment partnership secures $75 million credit line

by
Koll/PER - a partnership of a Newport Beach real estate management firm and the Public Employees Retirement System of Idaho (PERSI) - has secured a $75 million line of credit to finance the acquisitions of multi-tenant office and industrial properties.

The revolving line of credit was extended by a lending group led by KeyBank Real Estate Capital, which served as the key arranger, and US Bank.

Jay Spurgiasz, VP of Finance for The Koll Co., said the line of credit is a testament to the partnership's "long history of exceptional real estate investment performance" along with a proven strategy of acquiring a mix of properties in key markets in the central and western U.S.

The Koll Co. owns and manages more than 5.4 million square feet of light industrial and suburban office space and operates leasing offices in five states. PERSI provides retirement, disability retirement, survivor and account withdrawal benefits for more than 100,000 members. PERSI members include retirees and their families, and active public employees at some 700 employers across the state of Idaho.

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