Colliers International’s Chicago office capital markets team of Alissa Adler and John Homsher, CCIM, closed out 2020 with the signing of five deals totaling 200,000 square feet and valued at $14.0 million during the month of December.
The duo represented NJB Investments in the sale of 302 Saunders Road located in Saunders Woods Corporate Center (SWCC) in Riverwoods, Illinois. A private investor picked up the 18,865-square-foot building, which is 100 percent leased to three tenants.
They also advised Equitrust Life Insurance Corporation in the sale of Deerpath Office Center (DOC), 700-702 Deerpath Drive in Vernon Hills, Illinois to a private investor. The 45,325-square-foot building is also fully leased to three tenants.
Adler and Homsher then represented the buyer of SWCC and DOC in the acquisition of three additional local properties—two of which were off-market deals. Site selection to close took less than 90 days and all sellers were all private owners.
They were 1300 Remington Road, a 41,533-square-foot office-flex building located in Schaumburg, Illinois that is 92 percent leased; 281-339 Messner Drive in Wheeling, Illinois, a 35,000-square-foot office-flex building that is 100 percent leased and 1852-1908 Janke Drive, a 36,718-square-foot industrial-flex property in Northbrook, Illinois that is 100 percent leased.
The five deals capped off a busy year for the Colliers team, who, despite the pandemic, closed 12 sales in 2020.
“Like most of the professionals in our business, we had to do a major pivot when the pandemic hit in early 2020,” said Adler. “Just as first quarter deals were closing, the investment market came to a halt. We had to shift our focus as the market re-engaged.”
Buildings with controllable environments and easy access became investor priorities which meant single-story space quickly became the hot property type. Adler and Homsher adjusted quickly. Of the 12 deals the team completed in 2020, nine were single-story buildings.
“Being flexible was key to a good year,” said Homsher. “We are now back to underwriting both mid-rise and single-story office for sale. We believe that we will see our momentum carry over into 2021.”
Colliers was awarded the property management assignment for the portfolio.
