Colliers International | Chicago senior vice presidents, John Homsher, CCIM and Alissa Adler, represented North Shore OpCo LLC in its sale of Bannockburn Office Court located at 2201-2231 Lakeside Drive in Bannockburn, Illinois. North Park Property Management LLC acquired the asset for $3.85 million.
Bannockburn Office Court is comprised of two 20,000-square-foot, single-story office buildings. It was built in 1981 but has recently undergone cosmetic renovations including new landscaping, parking lot and sidewalk repairs. The property is conveniently located at the intersection of I-294 and Illinois Route 22 with access to a highly skilled suburban workforce. It was 77 percent leased at sale.
“This building is located in the Lake County market which gives it a tax advantage over its competition in Cook County,” said Homsher. “New ownership can continue to improve the property and capture the value-add potential it offers.”