Transwestern’s Chicago office has brokered the sale of 1717 Park St. on behalf of Quarter Circle Capital LLC. The 114,016-square-foot, mid-rise office building is located in the Park Place of Naperville business park in Naperville and was purchased by Deen Investment LLC for $5.7 million.
The Class A property was 69 percent leased at the time of sale with significant rent roll exposure in the next two years.
“The combination of near-term contractual cash flow and a low investment basis was seen as an excellent opportunity by value-added investors pursuing lease-up plays,” said Gary Nussbaum, managing director at Transwestern. “The property is now well-positioned to offer favorable rents relative to its competitive building set.”
The seller was exclusively represented by Transwestern’s Nussbaum; Thomas Gorman, managing director; and David Matheis, senior associate. Transwestern marketed the property in conjunction with Auction.com. In July 2013, Transwestern brokered the sale of the nearby 1755 Park St., also on behalf of Quarter Circle Capital LLC, to Podolsky for $2.5 million.