VALMEYER, IL-Admiral Parkway Inc. recently was acquired a $26.5million refinancing deal for the firm’s build-out work on anoffice/warehouse for the US National Archives and RecordsAdministration. The original loan was called due, so the Marcus& Millichap Capital Corp. set up the package with a lenderoffering bond financing.

The administration’s National Personnel Records Center issubleasing 400,000 square feet for 20 years in Admiral’ssix-million-square-foot Rock City property, which consists mostlyof underground caves. Joseph Koppies, president of Admiral, leasesthe caves from the city. The property, a former quarry, was turnedover to the private sector after the city was rebuilt following theGreat Mississippi River Flood of 1993.

The archives administration was planning on building two officebuildings in nearby St. Louis for military records storage.However, the General Services Administration decided to insteadbuild a $115 million, 500,000-square-foot office in St. Louis forpermanent military records storage, and to lease out the space herefor temporary records. “They’re called temporary because weeventually dispose of about 97% of the millions of records,” BryanMcGraw with the National Archives tells Constructionstarted last month on the St. Louis facility, and should becomplete by May 2011, McGraw says.

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