Schaumburg-based Crossroads Development Partners has closed on the purchase of 990 and 1000 Grand Canyon Parkway in Hoffman Estates. Crossroads acquired the properties for $1.2 million from a subsidiary of Boston-based Admirals Bank, which had taken the property back from a private owner in a 2012 foreclosure transaction.
The two buildings, totaling more than 53,000 square feet, feature a variety of medical users and are situated off of heavily trafficked Higgins Road. Crossroads plans several capital improvements to complement an aggressive leasing campaign to stabilize the property. Crossroads closed the all-cash transaction four days after reaching an agreement with the seller.
“We are pleased to add to our suburban office holdings with the acquisition of the Medcoa Professional Buildings in Hoffman Estates,” said Lee Kotler, principal of Crossroads Development Partners. “Our organization is nimble and laser-focused on the task at hand, and as a result, we were able to move quickly for a successful closing and look forward to executing our business plan.”
Crossroads has been very successful in the suburban office market in recent years, Kotler said.
In 2009, the firm purchased 1300 E. Woodfield Road in Schaumburg, where it, and its affiliated management arm, SVN Crossroads Management, are now headquartered. At the time of the purchase, the building was approximately 30 percent occupied. Within four years, the firm has been able to achieve 97 percent occupancy for the property. Crossroads made several upgrades to the building’s interior, exterior and to the mechanical systems to make the property more energy efficient, which has attracted new tenants and resulted in higher occupancy.
In another of the firm’s suburban office holdings, the 180,000-square-foot 6400 Shafer Court in Rosemont, Crossroads has signed approximately 20,000 square feet of new leases, renewals and expansions in the last six months. Additionally, Crossroads has completed the retrofitting and replacement of the stairs for both the building’s entrances. This spring, Crossroads will embark on the installation of new finishes and fixtures in all the buildings restrooms. This renovation will not only refresh the look in each restroom, but also upgrade them to current accessibility compliance with local, state and national codes.
