Chicago’s CBRE office said Tuesday that the owners of Parkway Corporate Place, a single-story, three building, office campus in Schaumburg, Illinois, sold the property to Sperry Equities, LLC, for $12.75 million.
The property is currently 88 percent leased and sits on a 16.12-acre plot of land, with easy access to I-190 and I-90 for tenants. CBRE said Bill Novelli, a senior vice president with CBRE, and Derek Fohl, an associate with CBRE, represented the owner in the deal, in addition with leasing agents Robert Graham and Dan Bessey.
“Well-leased office properties in good suburban locations continue to attract investors,” Novelli said. “This activity should continue into next year as fundamentals remain positive.”
Located adjacent to Woodfield Mall, the property competes with nearby multi-story properties with quality finishes, low CAM costs associated with single-story office properties and common area corridors and washrooms.
“Parkway is a tremendous value add play with stable credit occupancy, below market rents and additional upside in leasing existing vacancy,” said Chris Mooney, senior vice president with Sperry Equities, LLC. “The purchase price represents approximately 40 percent of replacement costs, furthering the value add story to the deal.”