CP Highlands Fund, LP, a Chicago area based commercial real estate investment fund, has closed on the acquisition of a 37,692-square-foot office building located within Naperville’s Park Place Office Complex.
The three-story building, located at 1755 Park St. in Naperville, is currently 80 percent leased, with eight tenants. It benefits from close proximity to I-88 and nearby amenities, and is attractive to small tenants looking for identity.
CP Highlands Fund has a capital improvement plan to update building automation systems, signage and other common spaces.
CP Highlands Fund purchased the asset from QCC Fund I, L.P., a fund originated and managed by Quarter Circle Capital LLC. QCC Fund I, L.P. was a fund whose strategy was to acquire distressed or defaulted first mortgage positions with a loan-to-own strategy, or to buy real estate assets that were REO as a result of defaulted first mortgage positions. The Naperville building was one of two remaining assets in the fund.
Podolsky|Circle CORFAC International advised CP Highlands in the acquisition and financing. Transwestern advised the seller. Podolsky|Circle CORFAC International will be engaged as the exclusive leasing and management agent for the property.
