Colliers International | Chicago’s senior vice presidents, John Homsher, CCIM and Alissa Adler, represented an institutional client in the sale of 385 Airport Road in Elgin, Illinois. Lee & Associates’ Ken Franzese and John Cassidy represented the purchaser, IHC Construction Companies in the transaction.
The a 31,320-square-foot, single-story office building is currently leased to three tenants. The purchaser, a 114-year-old general contracting business, will move its headquarters into approximately 11,000 square feet at the building after combining multiple suites to accommodate its office requirements.
“This was a terrific opportunity for our client to sell to a user-investor seeking a well-located asset significantly below replacement cost,” said Homsher.
Built in 1988 by Hamilton Partners, the multi-tenant Class B office building sits on 2.89 acres off the Route 31 exit at the I-90 four-way interchange with excellent visibility from the Interstate. It was 28 percent leased at the time of sale.
