OVERLAND PARK, KS-A $65 million loan has been arranged for the Overland Park Trade Center, a 660,000-sf office building, for refinancing and to help move out an existing tenant. Rubicon Investments, which owns the building, wants to move out Kansas City Gift Mart because it is paying only half the rent the other two tenants are paying, says Dave Karson, director of Sonnenblick Goldman. Karson’s firm advised Rubicon on the loan, which was provided by Nomura Credit and Capital.

Karson tells GlobeSt.com that Gift Mart is only paying about $7 per sf for its 230,000 sf, about half of the $14 per sf lease paid by the other two tenants, United Healthcare and MNI Bank. The health group takes up most of the rest of the building, with the bank taking 25,000 sf. “United is a key tenant,” Karson says. “It’s very likely that they would take some, if not all, of the space vacated by Gift Mart. If that happens, it would increase the building’s value by $25 million.”

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