GlenStar Properties (GlenStar) and its institutional capital partner have closed on Bannockburn Lakes, a 420,613-square-foot Class A office complex in Bannockburn, Illinois.
Bannockburn Lakes is comprised of four buildings located at 2333, 2345, 2355 and 2201 Waukegan Road. Previously held by two different entities, Wells Fargo Bank was the seller of record for Buildings I, II and IV while Lonestar was the seller of record for Building III.
The acquisition marks the first time all four buildings have been owned by the same entity in years.
To accomplish this, GlenStar will embark on a $10 million capital improvement campaign this winter. Planned improvements include renovating the common areas and restrooms; repaving the parking lots and driveways; adding new signage; enhancing landscaping; and reactivating the lakes, bridges and walking paths. GlenStar will also build a new amenity center that will feature food service as well as a tenant lounge, fitness center, conference center, and abundant outdoor amenity space.
In addition, construction on nine spec suites ranging in size from 2,000 to 10,000 square feet will commence immediately with completion expected in January 2016.