Mission Capital Advisors is marketing the Leslie Oaks Business Center, a 255,304-square-foot office and industrial complex located at 580-735 Tollgate Road in Elgin, Illinois. The eight buildings that make up the property were constructed between 1988 and 1999 on two neighboring, but non-contiguous, parcels within the Tollgate Industrial Park.
The Mission Capital team of Will Sledge, Kyle Kaminski and Rob Beyer is marketing the property on behalf of the seller, a CMBS special servicer. The property will be auctioned on the RealINSIGHT Marketplace platform, with the bidding window opening on November 12 and closing on November 14.
Close to 90 percent of the property’s square footage is office space, with the remaining space optimized for warehouse use. The complex has a diverse array of 14 national, regional and local tenants, including Staples, National Louis University, Zimmer Biomet and Clinical Computer (OBIX). The property is just over 43-percent occupied, providing buyers with room to add significant value for a fairly modest investment.
“We expect to receive a lot of interest from opportunistic, value-add buyers who recognize the favorable market dynamics,” said Kaminski. “With a strong foundation of in-place tenants, many who have been at the property long term, the complex will deliver immediate cash flow to the buyer. The property has an ideal location at the interchange of Route 31 and Interstate 90, and this excellent access should help a buyer tenant the property and in turn achieve outsized returns on their investment.”
The complex features ample parking, tenant-controlled HVAC and close proximity to local restaurants and hotels. The warehouse space features 12.5-foot clear heights, 13 drive-in doors and six dock-high loading entrances.
“Several major tenants recently signed lease renewals, underscoring the property’s significant attraction to office and industrial tenants,” said Kaminski. “With the combination of numerous long-term tenants and the opportunity to create additional value, this property will be a ‘can’t-miss’ investment for value-add buyers who know the local market and want to acquire an asset at an attractive basis.”
